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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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Report ID: 2289 | Published On: Feb 13, 2023
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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

2. Executive Summary- North America NLP in Healthcare and Life Sciences Market

3. Analysis of Market Dynamics

3.1. Drivers

3.2. Restraints

3.3. Opportunities

4. Recent Developments in NLP in Healthcare and Life Sciences Market

5. Study on the Usability of NLP in Radiology Applications

6. Assessment of Leading End-Users of NLP in Healthcare and Life Sciences

7. Assessment of Prevailing Technologies in the Market

8. 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)

9.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)

10. 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)

11. Competitive Structure

11. 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.


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


North America NLP In Healthcare And Life Sciences Market
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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 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.


NLP In Healthcare & Life Sciences Market
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Top Featured 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.


In The News

  • April 2022: IBSRELA the first and only NHE3 inhibitor for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults, has been made available by the biopharmaceutical company Ardelyx. The first Ardelyx product to receive approval from the US Food and Drug Administration is IBSRELA.
  • March 2022: Indegene a provider of technology-driven healthcare solutions, & meta Me Health, a maker of Regulora and a Prescription Digital Therapeutics (PDT) business, teamed up to offer Regulora as a remedy for irritable bowel syndrome-related stomach pain (IBS).

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

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