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.
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).
NLP in Healthcare and Life Sciences 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 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.
Top Featured 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.
