PUBLISHER: The Business Research Company | PRODUCT CODE: 1428462
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428462
Natural Language Processing (NLP) in healthcare and life sciences is a domain of Artificial Intelligence (AI) focused on enabling machines to understand and communicate using human language. This technology is employed to identify data patterns and execute automated tasks within the healthcare and life sciences sectors.
NLP in healthcare and life sciences encompasses various types, including rule-based NLP, statistical NLP, and hybrid NLP. Rule-based NLP, also referred to as rule-based natural language processing, involves processing and comprehending human language through pre-established rules and patterns. The components of NLP include solutions and services catering to both large enterprises and small to midsize enterprises (SMEs). Applications of NLP in this context span sentiment analysis, drug discovery, clinical trial matching, risk and compliance management, dictation and EMR implication, automated registry reporting, AI chatbots and virtual scribe, among others. These applications find utility in sectors such as public health and government agencies, medical devices, healthcare insurance, pharmaceuticals, and more.
The NLP in healthcare and life sciences market research report is one of a series of new reports from The Business Research Company that provides NLP in healthcare and life sciences market statistics, including NLP in healthcare and life sciences industry global market size, regional shares, competitors with a NLP in healthcare and life sciences market share, detailed NLP in healthcare and life sciences market segments, market trends and opportunities, and any further data you may need to thrive in the NLP in healthcare and life sciences industry. This NLP in healthcare and life sciences market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 historical period can be attributed to the adoption of electronic health records (EHR), improvements in clinical documentation, mining of medical literature, the need for clinical decision support, and the escalation of 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 anticipated growth in the forecast period can be ascribed to the advancement of AI-driven personalized medicine, the widening scope of telemedicine, adherence to regulatory compliance and coding, the emergence of genomics and precision medicine, and the promotion of healthcare data interoperability. Notable trends expected during the forecast period include the integration of conversational AI in patient care, the implementation of semantic search and knowledge graphs, the ethical use of NLP, real-time clinical NLP, and the processing of narrative data.
The growth of NLP in the healthcare and life sciences market is being propelled by the increasing adoption of digital technology in the healthcare industry. Digital technology in healthcare involves the use of information and communication technologies to treat patients, mitigate health risks, and promote overall wellness. Natural Language Processing (NLP) serves as a crucial component of digital healthcare technology, enabling the analysis of unstructured data to extract valuable medical insights. For example, Accenture PLC reported that virtual consultation provider usage in the US surged from 7% in 2020 to 32% in 2021, accompanied by a 31% increase in the utilization of electronic health records in the same year. Additionally, the American Medical Association noted that the average number of digital tools adopted by physicians in the US increased to 3.8% in 2022. Thus, the increasing adoption of digital technology in the healthcare industry is anticipated to drive the growth of the NLP in the healthcare and life sciences market.
The growth of NLP in the healthcare and life sciences market is also fueled by the rising demand for personalized medicine. Personalized medicine tailors medical treatment to an individual's unique characteristics, such as genetic makeup or lifestyle, to achieve more effective and precise healthcare outcomes. The integration of Natural Language Processing (NLP) in the healthcare and life sciences market facilitates the extraction and analysis of extensive patient data, meeting the growing demand for personalized medicine by providing insights into individualized health profiles and treatment strategies. According to a report by The Personalized Medicine Coalition (PMC), personalized medicines accounted for 35% of newly approved New Molecular Entities (NMEs) in 2021, consistently representing over a quarter of new therapeutics approved since 2015. Over the past six years, personalized medicines have consistently comprised more than a third of new drug approvals. Hence, the increasing demand for personalized medicine is poised to drive the growth of NLP in the healthcare and life sciences market.
Technological advancements stand out as a prominent trend gaining traction in the NLP in the healthcare and life sciences market. Major companies in this sector are dedicated to pioneering innovative technologies, exemplified by the introduction of Mercury NLP. Melax Tech Inc., a US-based developer specializing in natural language processing technology, unveiled Mercury NLP in September 2021. This AI technology is uniquely crafted to enhance healthcare research by facilitating text extraction and normalization. Mercury NLP provides clinical NLP pipelines tailored to extract pertinent unstructured textual medical data, facilitating quantitative analytics in the medical and pharmaceutical sectors.
Companies at the forefront of the NLP in the healthcare and life sciences market are also directing their focus towards impactful product launches, such as the Generative AI-Powered Service. This service is designed to autonomously generate preliminary clinical documentation from patient-clinician conversations using generative AI technology. Amazon Web Services (AWS), a leading US-based provider of cloud computing services, introduced AWS HealthScribe in July 2023 as a prime example of this technology. AWS HealthScribe utilizes speech recognition and generative AI to automatically identify speaker roles, classify dialogues, extract medical terms, and generate comprehensive preliminary clinical transcripts. By streamlining documentation processes, this service enhances the efficiency of NLP applications in the healthcare and life sciences market. With its HIPAA-compliant automation of clinical documentation, AWS HealthScribe not only reduces documentation time for healthcare professionals but also elevates the overall quality of healthcare services through improved workflow efficiency and patient engagement.
In July 2022, ClaimLogiq, a US-based healthcare technology company specializing in payment integrity, successfully acquired SyTrue Inc. for an undisclosed amount. This strategic acquisition integrates SyTrue's NLP technology solution with ClaimLogiq's payment integrity platform, transforming how health plans address payment integrity, risk adjustment, and data management. SyTrue Inc., a US-based provider of healthcare natural language processing technology, brings valuable expertise to this collaborative effort.
Major companies operating in the natural language processing (nlp) in healthcare and life sciences market report are 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
North America was the largest region in the NLP in healthcare and life sciences market in 2023. The regions covered in the natural language processing (nlp) in healthcare and life sciences market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the natural language processing (nlp) in healthcare and life sciences market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The NLP in healthcare and life sciences market consists of revenues earned by entities by providing information extraction, streamline workflows, improve predictive analytics, and clinical decision support. The market value includes the value of related goods sold by the service provider or included within the service offering. The NLP in healthcare and life sciences market also includes sales of medical coder and EHRs (electronic health records). Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Natural Language Processing (NLP) In Healthcare And Life Sciences Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on natural language processing (nlp) in healthcare and life sciences market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for natural language processing (nlp) in healthcare and life sciences ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The natural language processing (nlp) in healthcare and life sciences market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.