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NLP in Healthcare and Life Sciences Market: Segmented: By Component {Standalone Solutions and Services (Support & Maintenance, Professional Services)}; By Application {Interactive Voice Response, Pattern & Image Recognition, Auto Coding, Classification & Categorization, Text & Speech Analytics and Others (Information Extraction, Report Generation)}; By Deployment Mode (On-premises and Cloud); By End-users (NLP for Physicians, NLP for Researchers, NLP for Patients and NLP for Clinical Operators); and Region- Analysis of Market Size, Share & Trends Forecast To 2019-2030
NLP in healthcare and life sciences is projected to exceed USD 5,614 million by 2030 from 1,442 million in 2019, at a CAGR of 20.81% throughout the forecast period i.e. 2020-2030.
NLP is a field in computer science, artificial intelligence, and computational linguistics for healthcare and life sciences that gives computers the ability to understand human speech as it is spoken. This allows for the development, management, and use of a wide range of semi-structured and unstructured textual documents by the clinical and research medical community. Applications of NLP for healthcare and life sciences include the processing of enormous amounts of data by utilizing high-end NLP technologies for information extraction, automatic speech recognition, machine translation, and dialogue systems.
NLP in healthcare and life sciences Market is expected to project a CAGR of 20.81% during the forecast period, 2020-2030
The market is anticipated to grow on the back of the growing adoption of EHR. The proliferation of data amounting in healthcare companies has forced vendors to adopt NLP solutions and help clinicians, researchers, and physicians to simplify and manage their decision-making process. NLP solutions enable healthcare providers to gain access to social media data from clinical reports, search engines, and sites, such as Facebook, and Twitter that enable organizations to fine-tune their service experiences for patients.
Services segment to surge at the highest CAGR of xx% during 2020-2030
The global market for NLP in healthcare and life sciences is segmented by component into Standalone Solutions and Services (Support & Maintenance, Professional Services). Among these, the services segment is estimated to hold the largest market share of xx% in the year 2019.
Pattern & Image Recognition segment to grow with the highest CAGR of xx% during 2020-2030
Global NLP in the healthcare and life sciences market is divided by application into Interactive Voice Response, Pattern & Image Recognition, Auto Coding, Classification & Categorization, Text & Speech Analytics, and Others (Information Extraction, Report Generation). Among these, the pattern & image recognition segment is observed to hold the largest market share of xx% in 2019.
Cloud segment to surge at the highest CAGR of xx% during 2020-2030
Global NLP in the healthcare and life sciences market is categorized by the deployment model into On-premises and Cloud. Among these, the cloud segment is estimated to hold the maximum market share of xx% in the year 2019 owing to benefits such as easy maintenance of generated data, cost-effectiveness, agility, flexibility, scalability, and effective management of these solutions.
NLP for Researchers segment to boost with the highest CAGR of xx% during 2020-2030
The market for NLP in the healthcare and life sciences market is segmented by end-users into NLP for Physicians, NLP for Researchers, NLP for Patients, and NLP for Clinical Operators. Among these, NLP for the Researchers segment is witnessed to capture the maximum market share of xx% in 2019. The NLP for Researchers segment is the most affected by Artificial Intelligence (AI) trends and possibilities due to the nature and amount of data that is produced by healthcare companies.
Growing Adoption of EHR
Global NLP in the healthcare and life sciences market across the globe is mainly driven by a considerable rise in terms of volume of unorganized clinical information. Growing adoption of the Electronic Health Records (EHR) systems in the healthcare industry is leading to the creation of vast amounts of clinical data that comprises patient details and their diagnosis procedures along with other relevant information such as the details of their medication. In addition to this, the integration of NLP technology with computer apps helps these healthcare service providers to improve patient and family engagement experience. It also helps them in cutting down the operational costs by removing the need for paper-based clinical documentation procedures.
Hampering Market Growth in the Coming Years
NLP implementation is a major challenge in the healthcare and life sciences sector, which is expected to hamper the market growth over the forecast period. There are many regions in the world where healthcare facilities have very little access to the general population along with a lack of healthcare expenditure expected to hamper the NLP in the healthcare and life sciences market.
Region-wise, the market for NLP in the healthcare and life sciences market is segmented into North America, Latin America, Europe, the Middle East & Africa, and the Asia Pacific. Among these, North America is witnessed to hold the largest market share of xx% in the year 2019 owing to the significant developments in NLP in the healthcare and life sciences market.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The NLP In Healthcare and Life Sciences Market size was estimated at USD 1,442 million in 2019 and is expected to reach USD 5,614 million by 2030
IBM Corporation, Health Fidelity, Wave Health Technologies, Lexalytics, Microsoft, Inovalon, AWS, Google, Dolby, and Cerner.
Services segment and Pattern & Image Recognition segmentare anticipated to hold the NLP In Healthcare and Life Sciences Market
Drivers Growing Adoption of EHR
NLP is a field in computer science, artificial intelligence, and computational linguistics for healthcare and life sciences that gives computers the ability to understand human speech as it is spoken. This allows for the development, management, and use of a wide range of semi-structured and unstructured textual documents by the clinical and research medical community.
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