Healthcare Natural Language Processing (NLP) Market : Clear Understanding of The Competitive Landscape and Key Product Segments
According to the research report, the global healthcare natural language processing market is expected to be worth US$4.3 bn by the end of 2024 as compared to US$936 mn in 2015. During the forecast years of 2016 and 2024, the global market is projected to rise at a CAGR of 18.8%.
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In terms of geography, the global healthcare natural language processing market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Out of these, North America is expected to lead the global market in the coming years due to growing technological advancements and a strong presence of NLP companies in the region. By the end of 2024, the global market is expected to acquire a share of 38.2% in the global market.
On the basis of technology, the global market is segmented into machine translation, automatic summarization, information extraction, and text and voice processing. Analysts state that the machine translation and information extraction collectively held a dominant share in the global market in 2016. However, in the forecast period, text and voice processing segments are projected to exhibit the fastest CAGR of 19.9%.
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The growing adoption of advanced technologies to simplify clinical solutions is anticipated to boost the overall market. The increasing usage of electronic mediums to maintain health records systems has created a humungous amount of raw data. This unstructured accumulation of crucial data about patient information pertaining to diseases, surgical procedures, medications, and other treatments has created a significant need for healthcare natural language processing technologies. The rising usage of electronic systems in public and private hospitals and amongst physicians is anticipated fuel the growth of this market. Healthcare NLP allows conversion of unstructured data into structured, making the documentation process meaningful.
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Streamlining of processes in the healthcare industry by adopting natural language processing technologies are anticipated to bring down the overall costs. The new methods have also eliminated the conventional ways of documentation processes, which, in turn, has made record keeping efficient and effective. Thus, the positive aspects of NLP and growing demand for automation are projected to drive the growth of the overall market. The growing focus of healthcare organizations to improve their clinical documentation by minimizing the chances of incidental errors to reduce financial losses and enhance patient care are estimated to encourage the uptake of healthcare natural language processing technologies.
The exhaustive medical vocabulary, medical concepts, and abbreviations, which are continuously increasing have created the biggest challenge for the global healthcare natural language processing market. Incorrect understanding of this vocabulary, wherein a same abbreviation can be used in multiple scenarios can lead to ambiguity and blunders. These challenges can complicate the processes of analyzing the data and thus hamper the performance of the NLP systems. The market is also facing retarded growth due to the slow penetration of electronic healthcare record systems, which are projected to have a direct impact on the demand for NLP technologies.
This review is based on Transparency Market Research’s report, titled “Healthcare Natural Language Processing (NLP) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
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