What is Natural Language Processing Nlp In Healthcare Life Sciences Market?
Natural language processing (NLP) is the ability for computers to understand the latest human speech terms and text. The adoption of NLP is continuously increasing for drug discovery and patient analysis. NLP helps the pharmaceutical industry in language analysis, clinical trial analysis, etc. The increasing number of rare diseases has created the demand for advanced technologies that can help in drug discovery and development. However, patients hold a large amounts of valuable data, NLP enables healthcare providers and researchers to create, manage, and use semi-structured or unstructured data to extract information and sentiment analysis.
Highlights from Natural Language Processing Nlp In Healthcare Life Sciences Market Study
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Linguamatics (United Kingdom), Microsoft Corporation (United States), 3M (United States), Hewlett-Packard (United States), Google (United States), IBM (United States), Dassault Systems (France), IQVIA (United States), Inovalon (United States), Cerner Corporation (United States), Lexalytics (United States), ForeSee Medical (United States) and Cognizant (United States) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Natural Language Processing Nlp In Healthcare Life Sciences market throughout the forecasted period.
Linguamatics (United Kingdom), Microsoft Corporation (United States), 3M (United States), Hewlett-Packard (United States), Google (United States), IBM (United States), Dassault Systems (France), IQVIA (United States), Inovalon (United States), Cerner Corporation (United States), Lexalytics (United States), ForeSee Medical (United States) and Cognizant (United States) are some of the key players profiled in the study. Natural Language Processing Nlp In Healthcare Life Sciences Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Sentiment Analysis, Interactive Voice Response and Pattern and Image Recognition |
Type | Rule-Based Systems and Machine Learning Models |
Organization Size | Small and Medium,Large |
End-Users | Healthcare Providers,Pharmaceuticals,Researchers |
Deployment | Cloud,On-premises |
On the basis of geography, the market of Natural Language Processing Nlp In Healthcare Life Sciences has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Application of AI and Neural Network in Natural Language Processing
Market Growth Drivers:
Surging Demand for NLP in Pharmaceutical Industry for Rare Disease Drug Development and Clinical Trial Analysis and Growing Need for Improving EHR and Adoption of Speech Recognition Technologies
Challenges:
Lack of Research & Development and Contextual Words, Phrases, and Homonyms
Restraints:
Concern Regarding Data Privacy Due to Increasing Number of Cyber-attacks
Opportunities:
Increased Adoption of NLP by Healthcare Providers and Practitioners to Offer Patients More Comprehensive Care
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Natural Language Processing Nlp in Healthcare Life Sciences Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-Users and Others
Market Leaders & Development Strategies
In April 2021, Microsoft Corporation acquired Nuance Communications to accelerate industry cloud strategy for the healthcare industry. Nuance is a leading AI-based speech-to-text recognition software provider. The acquisition will allow Microsoft to enhance its industry-focused cloud strategy by adding new AI capabilities across healthcare and other industries, and double the total addressable market (TAM) in the healthcare provider space.