Natural Language Processing (NLP) in Healthcare and Life Sciences Market - Insights And Study Report 2020 - 2026 | 3M, Cerner Corporation, IBM Corporation, Microsoft Corporation

Global Natural Language Processing (NLP) in Healthcare and Life Sciences Market

Integrating the Natural Language Processing (NLP) platform helps both the customer and the service provider with easy workflow. Voice assistants and messaging platforms used by consumers help reduce the time required for different services, and moreover, facilitate patient documentation. NLP is the ability of a computer program to understand human languages and promote human-machine interaction. Increasing adoption of digital technology in the healthcare industry, coupled with rising customer demand for better healthcare services, is expected to drive the growth of the global natural language processing (NLP) in healthcare and life sciences market.

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The global natural language processing (NLP) in healthcare and life sciences market was assessed at US$ 1,497.89 million in 2018, and is expected to witness a magnificent CAGR of 26.8% over the forecast period (2019-2026).

Increasing data operations and growing use of smart devices to accelerate the global market growth

The healthcare and life sciences industry generates a large amount of data, which is driven by compliance & regulatory requirements, record-keeping, and patient care. The growing trend of digitization and data driven solutions to improve healthcare delivery system is driving growth of the market. Therefore, increasing data-driven operations and decision-making is a major factor driving growth of the market. For instance, in May 2018, Google AI collaborated with University of California, San Francisco, Stanford Medicine, and The University of Chicago Medical Center to integrate Machine Learning in Electronic Health Records (EHR) in order to achieve scalable and accurate results and develop a data processing pipeline for transforming the EHR files into a standardized format.

Furthermore, several physicians prefer voice notes instead of handwritten or typed ones. Therefore, the NLP platform can be utilized for the interpretation of speech and accurate updation of re.

Global Natural Language Processing (NLP) in Healthcare and Life Sciences Market Restraints

Implementation of NLP is poses a major challenge in the healthcare and life sciences industry, which is expected to hamper the market growth over the forecast period. Many countries have very little access to NLP, along with lack of healthcare expenditure, which is further expected to hamper the NLP in healthcare and life sciences market growth. For instance, according to April 2017 World Health Organization's (WHO) report, the ranking data reveals Malawi's health system as number 185 out of 190 due to absence of manpower, lack of skills and scarcity of appropriate equipment and technology.

Global Natural Language Processing (NLP) in Healthcare and Life Sciences Market - Regional Insights

North America is expected to hold a dominant position in the global Natural Language Processing (NLP) in healthcare and life sciences market during the forecast period, owing to the amplifying demand for NLP platforms for data extraction and generation in clinical research in the healthcare and life sciences sector of the region. For instance, in March 2017, Optra Systems announced the launch of its computational platform 'iMaven Knowledge Automation' for clinical genomics, using proprietary advanced NLP algorithms and Deep Machine Learning at the ACMG Clinical Genetics Annual Meeting in Arizona, U.S.

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Europe is expected to witness fast-paced growth in the Natural Language Processing (NLP) in healthcare and life sciences market. This is owing to increasing adoption of AI tools by healthcare providers in the region. For instance, according to Healthcare Information and Management Systems Society (HIMSS) Europe report of May 2018, around 16% of the healthcare facilities in Europe are use AI tools and it is expected to reach 21% by 2023.

Leading Players

The well-known players operating in the global NLP in healthcare and life sciences market include 3M, Cerner Corporation, IBM Corporation, Microsoft Corporation, Heath Fidelity, Linguamatics, Dolbey Systems Inc., and Apixio Inc.

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