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Natural Language Processing (NLP) In Healthcare And Life Sciences Market Insights, Competitive Analysis, Latest Trends, And Forecast To 2033
Natural Language Processing (NLP) In Healthcare And Life Sciences Market Insights
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According to The Business Research Company's, The natural language processing (nlp) in healthcare and life sciences market size has grown exponentially in recent years. It will grow from $2.56 billion in 2023 to $3.13 billion in 2024 at a compound annual growth rate (CAGR) of 22.4%. The growth in the historic period can be attributed to electronic health records (ehr) adoption, clinical documentation improvement, medical literature mining, demand for clinical decision support, rising healthcare costs.
The natural language processing (nlp) in healthcare and life sciences market size is expected to see exponential growth in the next few years. It will grow to $7.02 billion in 2028 at a compound annual growth rate (CAGR) of 22.3%. The growth in the forecast period can be attributed to ai-driven personalized medicine, expanding telemedicine, regulatory compliance and coding, genomics and precision medicine, healthcare data interoperability. Major trends in the forecast period include conversational ai in patient care, semantic search and knowledge graphs, ethical nlp use, real-time clinical nlp, narrative data processing.
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Market Drivers and Trends:
The increasing adoption of digital technology in the healthcare industry is driving the growth of NLP in the healthcare and life sciences market. Digital technology in healthcare refers to using information and communication technologies in medicine and other health professions to treat patients, reduce health risks, and promote wellness. Natural language processing (NLP) is used as digital healthcare technology to analyze unstructured data and derive valuable medical insights. For instance, in August 2021, according to , a US-based provider of innovative and comprehensive services and solutions, the US virtual consultation provider increased from 7% in 2020 to 32% in 2021, and there was an increase of 31% in the use of electronic health records in 2021. Further, in September 2022, according to American Medical Association, a US-based professional association organized into local and regional societies, the adoption of the average number of digital tools by physicians increased to 3.8% in 2022 in the US. Therefore, the increasing adoption of digital technology in the healthcare industry is expected to propel the growth of the NLP in the healthcare and life sciences market.
Technological advancements are a key trend gaining popularity in the NLP in the healthcare and life sciences market. Major companies operating in the NLP in the healthcare and life sciences market are concentrating their efforts on creating innovative technologies such as Mercury NLP. For instance, in September 2021, Melax Tech Inc., a US-based natural language processing technology developer, launched Mercury NLP, an AI technology to improve healthcare research through text extraction and normalization. It is uniquely designed to provide clinical NLP pipelines to extract relevant unstructured textual medical data to facilitate quantitative analytics in the medical and pharmaceutical industries.
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Major Key Players of the Market:
Google LLC, Microsoft Corporation, Optum Inc., Amazon Web Services Inc., International Business Machines Corporation, 3M Company, IQVIA Holdings Inc., Cerner Corporation, Inovalon Holdings Inc., NextGen Healthcare Inc., Welltok Inc., SparkCognition Inc., HealthFusion Inc., Syapse Inc., Apixio Inc., Conversica Inc., Infermedica, Rasa Technologies, Health Fidelity Inc., Linguamatics Ltd., Dolbey Systems Inc., SparkBeyond, Lexalytics Inc., Clinithink Ltd., Semedy AG, Sentient Technologies LLC, Zyla Health, Anumana Inc., Heath Fidelity Inc., Averbis GmbH
Natural Language Processing (NLP) In Healthcare And Life Sciences Market 2024 Key Insights:
• The natural language processing (nlp) in healthcare and life sciences market size is expected to see exponential growth in the next few years. It will grow to $7.02 billion in 2028 at a compound annual growth rate (CAGR) of 22.3%.
• Surge In Virtual Consultations And Electronic Health Records
• Rising Popularity Of Technological Advancements In Nlp For Healthcare
• North America was the largest region in the NLP in healthcare and life sciences market in 2023
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