Natural Language Processing (NLP) in Healthcare and Life Sciences Market size was valued at US$ 1,497.89 million in 2018, and is expected to witness a CAGR of 26.8% over the forecast period (2019 – 2026).

Natural Language Processing (NLP) In Healthcare And Life Sciences Market To Surpass US$ 21,347 Million By 2026 - Coherent Market Insights
Global Natural Language Processing (NLP) in Healthcare and Life Sciences Market, by Component Type (Technology (Interactive Voice Response, Pattern and Image Recognition, Text Analytics, and Speech Analytics) and Services), by Application (Predictive Risk Analytics, Machine Translation, Information Extraction, and Report Generation), by Deployment Mode (On-premise and Cloud), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), was valued at US$ 1,497.89 million in 2018 and is projected to exhibit a CAGR of 26.8% over the forecast period (2018 - 2026), as highlighted in a new report published by Coherent Market Insights.

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The rising demand for improved customer services in the healthcare and life sciences sector is a major factor driving growth of the natural language processing in healthcare and life sciences market. Key players are adopting strategies such as acquisition, which is contributing to the natural language processing in healthcare and life sciences market growth. For instance, in February 2019, 3M acquired M*Modal company. This acquisition was focused on expanding the capabilities of 3M’s Health Information Systems business. The total investment in this acquisition was around US$ 1.0 billion. Furthermore, in February 2015, Cerner acquired the Health Services business from Siemens AG, which offered a portfolio of enterprise level clinical and financial healthcare information technology solutions as well as departmental, connectivity, population health, and care coordination solutions, worldwide.

Major organizations are implementing big data analytics, as it provides insight from large data sets and improvise outcomes at low cost. Various diseases can be predicted and prevented by obtaining data of medical research and disease population. For instance, eClinicalWorks is expected to launch its electronic health record (EHR), which is expected to be available in February 2019. It will include different panels for pop Health (an open source reference implementation software tool to automate population health reporting), telemedicine, voice interactions, and machine learning-based clinical decision support.

Browse 34 Market Data Tables and 34 Figures spread through 176 Pages and in-depth TOC on "Natural Language Processing (NLP) in Healthcare and Life Sciences Market, by Component Type (Technology (Interactive Voice Response, Pattern and Image Recognition, Text Analytics, and Speech Analytics) and Services), by Application (Predictive Risk Analytics, Machine Translation, Information Extraction, and Report Generation), by Deployment Mode (On-premise and Cloud), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2026"

The rising adoption of smart devices for healthcare and clinical data management due to customer awareness about connected health is a major factor driving the natural language processing in healthcare and life sciences market growth. Technology enabled care involves m-health, digital health, and e-health services, which increase the productivity, information access, and communication. Rising usage of mobile and connected health devices has made implementation of NLP platform in healthcare systems easy.

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Key Takeaways of the Natural Language Processing (NLP) in Healthcare and Life Sciences Market:

• The global natural language processing (NLP) in healthcare and life sciences market is expected to witness a CAGR of 26.8% during the forecast period (2018–2026). This is attributed to rising focus of key players on improving customer services in the healthcare and life sciences sector.
• Among component type, the technology segment is expected to hold largest revenue share in 2026. This is owing to rising need to structure unstructured data using NLP for data extraction. For instance, according to a study published by Manchester Institute of Biotechnology in 2016, only 15% clinical data is structured and organized, and remaining 85% is unstructured or semi-structured information.
• Some of the key players operating in the global natural language processing (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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