Press release
Healthcare Sector Sees Surge in Investment in Natural Language Processing (NLP) Technology
NLP in Healthcare and Life Sciences Market
The COVID-19 pandemic has accelerated the adoption of virtual care and telemedicine, leading to a greater demand for NLP-powered virtual health assistants and chatbots. These tools streamline patient interactions by handling appointment scheduling, answering basic medical questions, and supporting patient engagement. Reports indicate that 80% of individuals have utilized telemedicine services at least once, driving the adoption of NLP to enhance efficiency and accessibility within the healthcare sector.
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Market Drivers
Digitalization of the Healthcare Sector: The adoption of electronic health records (EHRs), telemedicine services, smart wearable health devices, and remote patient monitoring systems is generating a significant amount of data. The healthcare industry generates around 30% of global data volume, making it one of the largest data-producing industries worldwide. NLP technology supports healthcare providers by extracting meaningful data from unstructured data, automating clinical documentation, supporting diagnostics, and improving patient care.
Market Restraints
High Implementation and Maintenance Costs: The high cost of implementing and maintaining NLP systems is a significant factor restraining market growth. This includes the initial cost of purchasing the technology and the cost of educating employees on its proper usage. Additionally, NLP models require continuous updates to keep up with evolving medical terminologies, new treatments, and changing healthcare practices. For small to mid-sized healthcare providers, these costs can be prohibitive.
Market Segmentation Insights
The NLP in Healthcare and Life Science market is segmented by application into various categories, including drug discovery and development, clinical trial matching, EHR search and retrieval, healthcare chatbots and virtual assistants, clinical documentation processing, and medical imaging. The EHR Search and Retrieval segment currently dominates the market, driven by the increasing volume of electronic health records and the need for efficient and accurate information extraction.
Conversely, the Drug Discovery and Development segment is poised for significant growth. NLP can analyze vast amounts of biomedical literature, identify drug targets, and predict drug interactions, which can accelerate clinical trials and identify potential trial participants. With the pharmaceutical industry's continued investment in research and development, the demand for NLP solutions in drug discovery and development is expected to increase.
NLP in Healthcare and Life Science Top Companies and Competitive Landscape
The NLP in healthcare and life sciences market is witnessing robust growth due to its transformative potential in improving patient care, optimizing operational efficiency, and advancing research. Leveraging natural language processing, this industry enables accurate analysis of unstructured medical data, including clinical notes, patient records, and research articles, to derive actionable insights. Applications such as predictive analytics, virtual health assistants, and automated coding streamline workflows, reduce errors, and enhance decision-making. With increasing adoption driven by advancements in AI technologies, regulatory compliance needs, and the rise of telemedicine, NLP continues to play a pivotal role in reshaping the healthcare and life sciences landscape.
In October 2023, Inovalon collaborated with AWS to develop AI/ML solutions for the healthcare industry. The initial focus was on risk adjustment, with plans to expand into areas such as disease management, population health, and clinical decision support. The collaboration aimed to improve patient outcomes while reducing costs.
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Some of the key companies in the global NLP in Healthcare and Life Science market include:
IBM Corporation
Microsoft Corporation
Google LLC
Amazon Web Services (AWS)
IQVIA Holdings Inc.
Oracle Corporation
Inovalon Inc.
Dolbey and Company Inc.
Averbis GmbH
SAS Institute Inc.
NLP in Healthcare and Life Science Latest Industry Updates
In September 2023, Apollo Hospitals extended its partnership with Google Cloud to make healthcare more accessible across India through its digital platform, Apollo 24|7. The partnership involved the development of a Clinical Intelligence Engine (CIE) using Google Cloud's Vertex AI and generative AI models. Apollo Hospitals also considered the use of Med-PaLM 2, a Google-developed large language model (LLM) capable of responding to medical queries and generating clinical summaries, further enhancing healthcare services.
In August 2023, Oracle partnered with TeleVox to provide cloud-based patient engagement solutions to healthcare organizations. This partnership combined TeleVox's expertise in patient engagement with Oracle Cloud Infrastructure's (OCI) scalability, security, and reliability.,
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NLP in Healthcare and Life Science Market Segmentation Analysis
By Offering Outlook (Revenue, USD Million; 2020-2033)
Solution
Type
Software
Platforms
Deployment Mode
On-premise
Cloud
Services
Professional Services
Training & Consulting
System Integration & Implementation
Managed Services
By NLP Type Outlook (Revenue, USD Million; 2020-2033)
Rule-Based
Statistical
Neural
Hybrid
By NLP Technique Outlook (Revenue, USD Million; 2020-2033)
Optical Character Recognition
Name Entity Recognition
Sentiment Analysis
Text Classification
Topic Modelling
Image & Pattern Recognition
Other NLP Techniques
By Application Outlook (Revenue, USD Million; 2020-2033)
Clinical Decision & Diagnosis
Drug Discovery & Development
Clinical Trail Matching
Electronic Health Record Search & Retrieval
Healthcare Chatbots & Virtual Assistants
Clinical Documentation Processing
Medical Imaging
Other Applications
By End Users Outlook (Revenue, USD Million; 2020-2033)
Clinical Practitioners
Healthcare Researchers
Healthcare Administrators
Health Insurance & Payer Professionals
Pharmaceutical & Biotech Companies
Other End Users
By Regional Outlook (Revenue, USD Million; 2020-2033)
North America
United States
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Spain
Benelux
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Rest of Latin America
Middle East and Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of MEA
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Latest Published Reports by Emergen Research:
NLP in Healthcare and Life Sciences Market Size @ https://www.emergenresearch.com/industry-report/nlp-in-healthcare-and-life-sciences-market/market-size
NLP in Healthcare and Life Sciences Market Share @ https://www.emergenresearch.com/industry-report/nlp-in-healthcare-and-life-sciences-market/market-share
NLP in Healthcare and Life Sciences Market Trends @ https://www.emergenresearch.com/industry-report/nlp-in-healthcare-and-life-sciences-market/market-trends
NLP in Healthcare and Life Sciences Regional Market Demand @ https://www.emergenresearch.com/industry-report/nlp-in-healthcare-and-life-sciences-market/regional-market-demand
NLP in Healthcare and Life Sciences Market Analysis @ https://www.emergenresearch.com/industry-report/nlp-in-healthcare-and-life-sciences-market/market-analysis
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