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IN THE NEWSMay 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.
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.
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
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).
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.
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.
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.
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.
FREQUENTLY ASKED QUESTIONS
Rising trend of the utilization of connected devices in the healthcare industry, growing IT infrastructure and digitalization are some of the major factors that are driving the growth of the market.
The market is anticipated to attain a CAGR of around 24% over the forecast period, i.e. 2019-2027.
The market in Asia Pacific is anticipated to provide more business opportunities in the future.
The major players in the global NLP in healthcare and life sciences market are IBM, Linguamatics, 3M, Health Fidelity, Inc., Cerner Corporation, Dolbey, Apixio and Microsoft Corporation.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
The statistical based NLP segment, which is a sub-segment of the NLP type segment, held the largest market share of around 44% in the year 2018 is anticipated to show significant growth opportunity.
Growing concerns for the unavailability of proper infrastructure and the increasing incidences of cybercrime are the factors anticipated to act as a barrier towards the growth of the global NLP in healthcare and life sciences market.
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