Research Nester has released a report titled “NLP in Healthcare and Life Sciences Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global NLP in healthcare and life sciences market in terms of market segmentation by NLP type, component, deployment, application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global NLP in healthcare and life sciences market is segmented by NLP type into statistical based NLP, rule based NLP and hybrid NLP, out of which, the statistical based NLP segment is anticipated to hold the largest market share by the end of 2027 and cross a value of around USD 13500 million by the end of 2027. The segment which held a market share of around 44% in the year 2018 is anticipated to grow with a CAGR of around 27% over the forecast period, i.e. 2019-2027. On the other hand, the rule based NLP segment is estimated to grow with a CAGR of around 23% over the forecast period.
The global NLP in healthcare and life sciences market is anticipated to achieve a CAGR of around 24% during the forecast period. Growing trends of the implementation of artificial intelligence in natural language processing in the healthcare industry and the rising utilization of NLP in machine translation and information extraction procedures are some of the factors anticipated to contribute significantly towards the growth of the global NLP in healthcare and life sciences market. The market which was valued at around USD 3800 million in the year 2018 is expected to garner a value of around USD 25000 million by the end of 2027 and further achieve an incremental $ opportunity of around USD 5200 million in the year 2027 as compared to the previous year.
Regionally, the global NLP in healthcare and life sciences market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is anticipated to hold the largest market share owing to the presence of nations, such as U.S. and Canada, where U.S. held the dominant market share of around 79% in the year 2018 owing to the increasing support of the government of U.S. to develop the healthcare infrastructure in the nation in the form of massive funding for R&D activities and adoption of advanced healthcare technologies. Apparently, the North America NLP in healthcare and life sciences market, which had a market share of around 34% in the year 2018 is anticipated to further cross a value of around USD 8300 million by the end of 2027 by growing at a growth rate of around 6.3x throughout the assessment period.
Growing Utilization of Connected Devices in Healthcare Industry
The utilization of connected devices, such as wearable devices, mobile phones and other medical devices in the healthcare industry has seen a multiplied growth over the years owing to the numerous benefits provided by these devices. These connected devices are known to provide critical health data of an individual which can be collected by a physician and can be converted into meaningful data by the help of NLP conversion. Growing trend of the utilization of such connected devices in the healthcare industry, added with the rising IT infrastructure across nations around the globe and the growing trend of digitalization are some of the factors anticipated to drive the growth of the global NLP in healthcare and life sciences market.
However, concerns regarding the growing incidences of cybercrime around the world along with the unavailability of proper infrastructure in several low and middle-income nations are some of the factors anticipated to limit the growth of the global NLP in healthcare and life sciences market.
This report also provides the existing competitive scenario of some of the key players of the global NLP in healthcare and life sciences market, which includes company profiling of IBM (NYSE: IBM), Linguamatics, 3M (NYSE: MMM), Health Fidelity, Inc., Cerner Corporation (NASDAQ: CERN), Dolbey, Apixio and Microsoft Corporation (NASDAQ: MSFT). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global NLP in healthcare and life sciences market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.