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NLP in Healthcare and Life Sciences Market Segmentation By NLP Type (Statistical Based, Rule Based and Hybrid); By Component (Technology and Services); By Deployment (Cloud and Premises) and By Application (Information Extraction, Predictive Risk Analytics, Machine Translation and Others) - Global Industry Demand Analysis and Opportunity Assessment 2018-2027

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Extensive insights into the Growth of NLP in Healthcare and Life Sciences Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • May 2018: IBM in association with Apollo Hospitals announced that Apollo adopted Watson for Oncology and Watson for Genomics and that the collaboration will help healthcare specialists to provide cancer patients with personalized and evidence-based care.

  • February 2020: Linguamatics announced a collaboration with the open partner ecosystem of Accenture for accelerating the drug discovery efforts so as to improve patient outcomes.

NLP in Healthcare and Life Sciences Overview

The growth of the global NLP in healthcare and life sciences market is thriving on the back of the growing trends of the implementation of artificial intelligence in natural language processing in the healthcare industry which helps to extract relevant information from reliable sources in real-time, thereby helping healthcare specialists to perform critical tasks, coupled with the growing utilization of natural language processing for machine translation and information extraction which offers a lucrative opportunity for the healthcare and life science industry in the near future. Machine translation assists physicians for effectively communicating with their patients by removing language barrier, which on the other hand helps the physician to clarify the patient’s health historical data on which the physician can review for a clinical diagnosis or recommend a treatment plan.

The global NLP in healthcare and life sciences market reached a value of around USD 3800 million in the year 2018 and is expected to garner a value of around USD 25000 million by the end of 2027 by registering a CAGR of around 24% across the globe over the forecast period 2019-2027. Further, the worldwide market of NLP in healthcare and life sciences is anticipated to achieve an incremental $ opportunity of around USD 5200 million in the year 2027 as compared to the previous year.

Growth Highlights based on Region during 2018-2027

The global NLP in healthcare and life sciences market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. Among these regions, the market of North America NLP in healthcare and life sciences is driven by U.S. and Canada, where U.S. held the dominant market share of around 79% in the year 2018. Backed by 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, the market of NLP in healthcare and life sciences in U.S. is anticipated to grow significantly over the coming years. Additionally, the NLP in healthcare and life sciences market in North America held the market share of around 34% in the year 2018 is expected to expand by observing the growth rate of around 6.3x throughout the assessment period and further cross a value of around USD 8300 million by the end of 2027.

Further, China, Japan, India, south Korea and Australia are some of the prominent countries that are driving the growth of the Asia Pacific NLP in healthcare and life sciences market, where China accounted for the largest market share of around 24% in the year 2018. The market in the nation is further anticipated to grow with a CAGR of around 31% over the forecast period and cross a value of around USD 3400 million by the end of 2027. CLICK TO DOWNLOAD SAMPLE REPORT

NLP-in-Healthcare

The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

Market Segmentation Synopsis

By NLP Type

The global NLP in healthcare and life sciences market has been segmented on the basis of NLP type into statistical based NLP, rule based NLP and hybrid NLP. The statistical based NLP segment with around 44% share in the year 2018, occupies the largest market of NLP in healthcare and life sciences across the globe. Additionally, the statistical based NLP segment is further anticipated to cross a value of around USD 13500 million by the end of 2027 by registering a CAGR of around 27% over the forecast period. Further, the rule based NLP segment is estimated to grow with a CAGR of around 23% over the forecast period.

NLP-in-Healthcare-and-Life-Sciences-Market

Market Drivers and Challenges

Growth Indicators

With advancement in healthcare technology and development of several connected devices, for instance wearable devices, mobile phones and other medical devices, the utilization of these connected devices over the years has observed a multiplied growth in the healthcare industry. As these devices are provided with the ability to collect critical health data of an individual, NLP acts as a connecting medium to convert these raw data to effective data for the healthcare specialists. The increasing trend of utilization of connected devices for healthcare systems, coupled with factors such as the rising trend of digitalization and the growing IT infrastructure around the world that provides data driven solutions to the healthcare industry and the potentiality of NLP in the healthcare sector owing to the numerous benefits associated with the technology are some of the factors anticipated to drive the growth of the global NLP in healthcare and life sciences market.

Barriers

Lack of proper infrastructure in several low and middle-income nations who doesn’t have a proper and updated healthcare infrastructure, along with increasing cases of cybercrime observed in the recent years are some of the factors anticipated to impact negatively towards the growth of the global NLP in healthcare and life sciences market.

Competitive Landscape

Some of the affluent industry leaders in the global NLP in healthcare and life sciences market are IBM, Linguamatics, 3M, Health Fidelity, Inc., Cerner Corporation, Dolbey,Apixio and Microsoft Corporation.

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Global NLP in Healthcare and Life Sciences Market
Table of Contents
1. Report Overview
1.1. Global NLP in Healthcare & Life Sciences Market Overview
1.2. Why You Should Read This Report
1.3. How This Report Delivers
1.4. Key Questions Answered by This Analytical Report Include:
1.5. Who is This Report For?
1.6. Methodology
1.6.1. Primary Research
1.6.2. Secondary Research
1.6.3. Market Evaluation & Forecasting Methodology
2. Introduction to the NLP in Healthcare & Life Sciences Market
2.1. NLP in Healthcare & Life Sciences Market Structure
2.2. NLP in Healthcare & Life Sciences Market Definition
2.3. Global NLP in Healthcare & Life Sciences Market Taxonomy
2.4. Global NLP in Healthcare & Life Sciences Market Snapshot
2.5. Global NLP in Healthcare & Life Sciences Market Dynamics
2.5.1. Global NLP in Healthcare & Life Sciences Market: Driver
Increasing Applications of Connected Device
Growing Trend of Digitalization
High Potential Application of NLP in Healthcare
2.5.2. Global NLP in Healthcare & Life Sciences Market: Restraints
Issues Related to NLP Implementation
Increasing Cybercrime
2.5.1. Global NLP in Healthcare & Life Sciences Market: Trends
Use of Artificial Intelligence in NLP
2.5.1. Global NLP in Healthcare & Life Sciences Market: Opportunities
Implementation of Machine Translation and Information Extraction Technology
3. Global NLP in Healthcare & Life Sciences Market, By Deployment, 2019-2027
3.1. Introduction
3.2. Global NLP in Healthcare & Life Sciences Market Size and Forecast, By Deployment
3.2.1. Cloud Segment
3.2.2. Premises Segment
4. Global NLP in Healthcare & Life Sciences Market, By Component, 2019-2027
4.1. Introduction
4.2. Global NLP in Healthcare & Life Sciences Market Size and Forecast, By Component
4.2.1. Technology Segment
4.2.2. Services Segment
5. Global NLP in Healthcare & Life Sciences Market, By Type, 2019-2027
5.1. Introduction
5.2. Global NLP in Healthcare & Life Sciences Market Size and Forecast, By Type
5.2.1. Statistical Based NLP Segment
5.2.2. Rule Based NLP Segment
5.2.3. Hybrid NLP Segment
6. Global NLP in Healthcare & Life Sciences Market, By Application, 2019-2027
6.1. Introduction
6.2. Global NLP in Healthcare & Life Sciences Market Size and Forecast, By Application
6.2.1. Information Extraction Segment
6.2.2. Predictive Risk Analytics Segment
6.2.3. Machine Translation Segment
6.2.4. Report Generation Segment
6.2.5. Others Segment
7. Global NLP in Healthcare & Life Sciences Market, By Region, 2019-2027
7.1. Introduction
7.2. Global NLP in Healthcare & Life Sciences Market Size and Forecast, By Region
7.2.1. North America
7.2.2. Latin America
7.2.3. Europe
7.2.4. Asia Pacific
7.2.5. Middle East and Africa
8. North America NLP in Healthcare & Life Sciences Market Analysis and Forecast, 2019-2027
8.1. Introduction
8.1.1. North America
8.2. North America NLP in Healthcare & Life Sciences Market Forecast, By Country, 2019-2027
8.3. North America NLP in Healthcare & Life Sciences Market Forecast, By Deployment, 2019-2027
8.4. North America NLP in Healthcare & Life Sciences Market Forecast, By Component, 2019-2027
8.5. North America NLP in Healthcare & Life Sciences Market Forecast, By Type, 2019-2027
8.6. North America NLP in Healthcare & Life Sciences Market Forecast, By Application, 2019-2027
9. Latin America NLP in Healthcare & Life Sciences Market Analysis and Forecast, 2019-2027
9.1. Introduction
9.1.1. Latin America
9.2. Latin America NLP in Healthcare & Life Sciences Market Forecast, By Country, 2019-2027
9.1. Latin America NLP in Healthcare & Life Sciences Market Forecast, By Deployment, 2019-2027
9.2. Latin America NLP in Healthcare & Life Sciences Market Forecast, By Component, 2019-2027
9.3. Latin America NLP in Healthcare & Life Sciences Market Forecast, By Type, 2019-2027
9.4. Latin America NLP in Healthcare & Life Sciences Market Forecast, By Application, 2019-2027
10. Europe NLP in Healthcare & Life Sciences Market Analysis and Forecast, 2019-2027
10.1. Introduction
10.1.1. Europe 
10.2. Europe NLP in Healthcare & Life Sciences Market Forecast, By Country, 2019-2027
10.3. Europe NLP in Healthcare & Life Sciences Market Forecast, By Deployment, 2019-2027
10.4. Europe NLP in Healthcare & Life Sciences Market Forecast, By Component, 2019-2027
10.5. Europe NLP in Healthcare & Life Sciences Market Forecast, By Type, 2019-2027
10.6. Europe NLP in Healthcare & Life Sciences Market Forecast, By Application, 2019-2027
11. Asia Pacific NLP in Healthcare & Life Sciences Market Analysis and Forecast, 2019-2027
11.1. Introduction
11.1.1. Asia Pacific
11.2. Asia Pacific NLP in Healthcare & Life Sciences Market Forecast, By Country, 2019-2027
11.3. Asia Pacific NLP in Healthcare & Life Sciences Market Forecast, By Deployment, 2019-2027
11.4. Asia Pacific NLP in Healthcare & Life Sciences Market Forecast, By Component, 2019-2027
11.5. Asia Pacific NLP in Healthcare & Life Sciences Market Forecast, By Type, 2019-2027
11.6. Asia Pacific NLP in Healthcare & Life Sciences Market Forecast, By Application, 2019-2027
12. Middle East & Africa NLP in Healthcare & Life Sciences Market Analysis and Forecast, 2019-2027
12.1. Introduction
12.1.1. MEA
12.2. MEA NLP in Healthcare & Life Sciences Market Forecast, By Country, 2019-2027
12.3. MEA NLP in Healthcare & Life Sciences Market Forecast, By Deployment, 2019-2027
12.4. MEA NLP in Healthcare & Life Sciences Market Forecast, By Component, 2019-2027
12.5. MEA NLP in Healthcare & Life Sciences Market Forecast, By Type, 2019-2027
12.6. MEA NLP in Healthcare & Life Sciences Market Forecast, By Application, 2019-2027
13. Company Profile
13.1. 3M
13.1.1. Overview
13.1.2. Product Type/Service Offerings
13.1.3. SWOT Analysis
13.2. IBM CORPORATION
13.2.1. Overview
13.2.2. Product Type/Service Offerings
13.2.3. Key Developments
13.2.4. SWOT Analysis
13.3. LINGUAMATICS
13.3.1. Overview
13.3.2. Product Type/Service Offerings
13.3.3. Key Developments
13.3.4. SWOT Analysis
13.4. HEATH FIDELITY
13.4.1. Overview
13.4.2. Product Type/Service Offerings
13.4.3. Key Developments
13.4.4. SWOT Analysis
13.5. CERNER CORPORATION
13.5.1. Overview
13.5.2. Product Type/Service Offerings
13.5.3. Key Developments
13.5.4. SWOT Analysis
13.6. DOLBEY SYSTEMS, INC
13.6.1. Overview
13.6.2. Product Type/Service Offerings
13.6.3. Key Developments
13.6.4. SWOT Analysis
13.7. APIXIO INC
13.7.1. Overview
13.7.2. Product Type/Service Offerings
13.7.3. Key Developments
13.7.4. SWOT Analysis
13.8. MICROSOFT CORPORATION
13.8.1. Overview
13.8.2. Product Type/Service Offerings
13.8.3. Key Developments
13.8.4. SWOT Analysis
14. Acronyms

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