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HEALTHCARE & PHARMACEUTICAL

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

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Extensive insights into the Growth of North America 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
  • On July 9, 2019, IBM completed the acquisition of Red Hat for USD 34 Billion. This prominent acquisition will expand IBM and impact the competitive dynamics of NLP solutions with a major impact on the North American Market
  • On February 1, 2019, 3M announced that it completed the acquisition of M*Modal’s technology business for USD 1 Billion. M*Modal operates in the healthcare industry and provides cloud-based healthcare technology and conversational artificial intelligence powered systems such as NLP technology solutions that allow physicians to efficiently improve the condition of patients.

Market Overview and Growth Highlights – 2018-2027

Natural Language Processing (NLP) is used to process and analyze unstructured data into structured and standardized format with the help of various computer programs and through artificial intelligence. It allows the interaction between human languages and computers. In order to generate relevant data, various voice and text inputs are used to provide information through advanced systems. NLP has a wide range of applications in the life sciences and healthcare industry, mainly for the generation of important data, remedial checkup, prescription analysis and other medical and research processes. The market for NLP in healthcare and life sciences is anticipated to record a CAGR of 23.60% over the forecast period, i.e., 2019-2027.

NLP in Healthcare and Life Sciences Market to Expand in the U.S. as Population Rises

NLP in healthcare and life sciences market in North America includes the markets in the United States and Canada. The market in the U.S. is predicted to hold the largest share throughout the upcoming years, however, the market in Canada is anticipated to grow at the highest CAGR of 25.92% during the forecast period. According to statistics presented by the Administration of Community Living, the percentage of Americans aged 65 and above has almost tripled from 4.1% in 1900 to 15.2% in 2016. The maintenance and track of health-related documents of a large number of people requires advanced services such as NLP. The growing technological advancements in this field allow maintenance of data in a structured format which can be made easily available. As a result of this, the market in the United States was estimated to hold a share of 83.26% in North America in the year 2018. CLICK TO DOWNLOAD SAMPLE REPORT

Market Segmentation Synopsis

By Component

Based on component, the market is segmented into technology and services. The technology segment is further segmented into speech recognition, text mining, cognitive analytics and others; while the services segment is further bifurcated into professional services and managed services. Out of these, the speech recognition segment is estimated to hold the leading share in the market as a result of availability of large amounts of data that is generated in the form of voice and used in the analysis of remedies and for research purposes.

North America NLP In Healthcare And Life Sciences Market

By Type

On the basis of type, the market is segmented into statistical-based NLP, rule-based NLP and hybrid NLP. The segment for rule-based NLP currently holds the largest share in the market in North America, which can be attributed to the risk of errors that might occur through alternative approaches in other forms of NLP. For the year 2019, the estimated market value for rule-based NLP was USD 415.93 million. On the other hand, the hybrid NLP solutions segment is gaining popularity in the region as these solutions provide statistical as well as rule-based approaches.

By Application

NLP can be used for various applications in the healthcare and life sciences industry, as a result of which the market can be segmented into information extraction, predictive risk analytics, machine translation, report generation and others. The segment for machine translation is anticipated to hold the largest share in the market and observe the highest growth rate during the forecast period. This can be attributed to the rising use of cognitive analytics in machine translation in the upcoming years.

By Deployment

Based on deployment, NLP in healthcare and life sciences market can be bifurcated into cloud and on-premises. The prevalence of on-premises solutions in North America is significantly high as a result of which the market value for this segment is predicted to reach a value of USD 2,823.61 million by 2027. However, the usage of cloud based NLP solutions in the healthcare industry is growing at a considerably high rate on account of the increasing installation of connectivity of cloud in the region.

NLP In Healthcare & Life Sciences Market

Market Drivers and Challenges

Growth Indicators

The market for NLP in healthcare and life sciences is anticipated to grow on the back of digital transformations in healthcare along with rising usage of patient health record systems. The NLP technology supports value-based care and health management, which is a major factor estimated to drive the market growth in the next few years. Machine learning and NLP based advanced systems manage patient health records and provide managed care, PHM applications, analytics and reporting. Further, growing unstructured information at healthcare organizations can be efficiently structured through NLP. Machine learning and NLP enabled tools have the capacity to detect patients with complex health conditions and can be used to improve coordination among patients with behavioral health conditions. Despite routine checkups, healthcare professionals as well as patients can receive help through informative by-products that interpret data with the help of computer vision, text and sound recognition along with NLP.

Barriers

Complex regulations and compliances associated with cyber security is one of the major challenges faced by the NLP in healthcare and life sciences market. As a result of these, the adoption rate of text analytics in these industries has been slowed down to a significant extent. Additionally, the online services and software are highly prone to cyber-attacks, through which the personal information of patients can be stolen. The government has implemented regulations for the protection of personal health information which can result in litigation and heavy penalties from the regulatory bodies in cases of violations in privacy regulations.

Competitive Landscape

Some of the affluent industry leaders in the North America NLP in healthcare and life sciences market are IBM, 3M, Microsoft, Cerner Corporation, Health Fidelity, Inc., Linguamatics, Dolbey and Apixio. Moreover, other key and niche players are working towards bringing improved and efficient technologies for carrying out effective collection and storage of patient health data in the market along with investing in the development of better NLP technologies in order to gain competitive edge in the North America NLP in healthcare and life sciences market.

NORTH AMERICA NLP IN HEALTHCARE AND LIFE SCIENCES MARKET

  1. Introduction

1.1. Market Definition

1.2. Market Segmentation

1.3. Product Overview

1.4. Assumptions And Acronyms

1.5. Research Methodology

    1.5.1. Variables (Dependent And Independent)

    1.5.2. Multi Factor Based Sensitivity Model

  1. Executive Summary- North America NLP in Healthcare and Life Sciences Market
  2. Analysis of Market Dynamics

          3.1. Drivers

          3.2. Restraints

          3.3. Opportunities

  1. Recent Developments in NLP in Healthcare and Life Sciences Market
  2. Study on the Usability of NLP in Radiology Applications
  3. Assessment of Leading End-Users of NLP in Healthcare and Life Sciences
  4. Assessment of Prevailing Technologies in the Market
  5. North America NLP in Healthcare and Life Sciences Market Outlook

8.1. Market Size and Forecast, 2018-2027

    8.1.1. By Value (USD Million)

8.2. North America NLP in Healthcare and Life Sciences Market Segmentation, 2018-2027

    8.2.1. By Deployment

         8.2.1.1. Cloud, 2018-2027F (USD Million)

          8.2.1.2. On-Premises, 2018-2027F (USD Million)

     8.2.2. By Component

           8.2.2.1. Technology, 2018-2027F (USD Million)

                    8.2.2.1.1.  Speech Recognition, 2018-2027F (USD Million)

                    8.2.2.1.2.  Text Mining, 2018-2027F (USD Million)

                    8.2.2.1.3.  Cognitive Analytics, 2018-2027F (USD Million)

                    8.2.2.1.4.  Others, 2018-2027F (USD Million)

               8.2.2.2. Services, 2018-2027F (USD Million)

                    8.2.2.2.1. Professional Services, 2018-2027F (USD Million)

                    8.2.2.2.2. Managed Services, 2018-2027F (USD Million)

        8.2.3. By Type

                8.2.3.1. Statistical NLP, 2018-2027F (USD Million)

                8.2.3.2. Rule Based NLP, 2018-2027F (USD Million)

                8.2.3.3. Hybrid NLP, 2018-2027F (USD Million)

        8.2.4. By Application

              8.2.4.1. Information Extraction, 2018-2027F (USD Million)

              8.2.4.2. Predictive Risk Analytics, 2018-2027F (USD Million)

              8.2.4.3. Machine Translation, 2018-2027F (USD Million)

              8.2.4.4. Report Generation, 2018-2027F (USD Million)

              8.2.4.5. Others, 2018-2027F (USD Million)

  1. U.S. NLP in Healthcare and Life Sciences Market Outlook

9.1. Market Size and Forecast, 2018-2027

    9.1.1. By Value (USD Million)

9.2. U.S. NLP in Healthcare and Life Sciences Market Segmentation, 2018-2027

    9.2.1. By Deployment

         9.2.1.1. Cloud, 2018-2027F (USD Million)

          9.2.1.2. On-Premises, 2018-2027F (USD Million)

     9.2.2. By Component

           9.2.2.1. Technology, 2018-2027f (USD Million)

                    9.2.2.1.1. Speech Recognition, 2018-2027F (USD Million)

                    9.2.2.1.2. Text Mining, 2018-2027F (USD Million)

                    9.2.2.1.3. Cognitive Analytics, 2018-2027F (USD Million)

                    9.2.2.1.4. Others, 2018-2027F (USD Million)

               9.2.2.2. Services, 2018-2027F (USD Million)

                    9.2.2.2.1. Professional Services, 2018-2027F (USD Million)

                    9.2.2.2.2. Managed Services, 2018-2027F (USD Million)

        9.2.3. By Type

                9.2.3.1. Statistical NLP, 2018-2027F (USD Million)

                9.2.3.2. Rule-Based NLP, 2018-2027F (USD Million)

                9.2.3.3. Hybrid NLP, 2018-2027F (USD Million)

        9.2.4. By Application

              9.2.4.1. Information Extraction, 2018-2027F (USD Million)

              9.2.4.2. Predictive Risk Analytics, 2018-2027F (USD Million)

              9.2.4.3. Machine Translation, 2018-2027F (USD Million)

              9.2.4.4. Report Generation, 2018-2027F (USD Million)

              9.2.4.5. Others, 2018-2027F (USD Million)

  1. Canada NLP in Healthcare and Life Sciences Market Outlook

10.1. Market Size and Forecast, 2018-2027

    10.1.1. By Value (USD Million)

10.2. Canada NLP in Healthcare and Life Sciences Market Segmentation, 2018-2027

    10.2.1. By Deployment

         10.2.1.1. Cloud, 2018-2027F (USD Million)

          10.2.1.2. On-Premises, 2018-2027F (USD Million)

     10.2.2. By Component

           10.2.2.1. Technology, 2018-2027F (USD Million)

                    10.2.2.1.1. Speech Recognition, 2018-2027F (USD Million)

                    10.2.2.1.2. Text Mining, 2018-2027F (USD Million)

                    10.2.2.1.3.  Cognitive Analytics, 2018-2027F (USD Million)

                    10.2.2.1.4.  Others, 2018-2027F (USD Million)

               10.2.2.2. Services, 2018-2027f (USD Million)

                    10.2.2.2.1. Professional Services, 2018-2027F (USD Million)

                    10.2.2.2.2. Managed Services, 2018-2027F (USD Million)

        10.2.3. By Type

                10.2.3.1. Statistical NLP, 2018-2027F (USD Million)

                10.2.3.2. Rule Based NLP, 2018-2027F (USD Million)

                10.2.3.3. Hybrid NLP, 2018-2027F (USD Million)

        10.2.4. By Application

              10.2.4.1. Information Extraction, 2018-2027F (USD Million)

              10.2.4.2. Predictive Risk Analytics, 2018-2027F (USD Million)

              10.2.4.3. Machine Translation, 2018-2027F (USD Million)

              10.2.4.4. Report Generation, 2018-2027F (USD Million)

              10.2.4.5. Others, 2018-2027F (USD Million)

  1. Competitive Structure
  2. 1. Detailed Overview

                            11.2. Assessment Of Key Product Offerings

                            11.3. Analysis Of Growth Strategies 

                            11.4. Exhaustive Analysis On Key Financial Indicators

                            11.5. SWOT Analysis

                            11.6. Market Shares Of Leading Companies In NLP In Healthcare And Life Sciences Market

                            11.7. Company Profiles

                                   11.7.1. IBM Corporation

                                   11.7.2. 3M

                                   11.7.3. Microsoft Corporation

                                   11.7.4. Cerner Corporation

          11.7.5. Health Fidelity, Inc.

          11.7.6. Linguamatics

          11.7.7. Dolbey Systems, Inc.

           11.7.8. Apixio Inc.


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