Advancements in the healthcare industry has seen rapid growth over the years. Increasing adoption of technology has overall topped up the quality of services in the healthcare sector. As such, in the recent years, massive growth has been observed in the utilization of connected devices, such as wearable devices, mobile phones and other medical devices as these devices are known to provide numerous benefits to healthcare specialists by providing critical health data of an individual, which are then used by a physician to convert the data into meaningful data by the help of NLP conversion technology.
Research Nester has released a report titled “NLP in Healthcare and Life Sciences Market – Global Demand Analysis & Opportunity Outlook 2027” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis, and Porter’s five force model.
The rising trend of the utilization of such connected devices in the healthcare industry, followed by the growing IT infrastructure across nations around the globe and the rising trend of digitalization are some of the factors anticipated to drive the growth of the global NLP in healthcare and life sciences market.
The global NLP in healthcare and life sciences market is anticipated to achieve a CAGR of around 24% during the forecast period, i.e. 2019-2027. The market is thriving on account of the rising trend of the implementation of artificial intelligence in natural language processing in the healthcare industry and the growing trend in the utilization of NLP in machine translation and information extraction procedures. Additionally, the global NLP in healthcare and life sciences market is anticipated to garner a value of around USD 25000 million by the end of 2027 from a value of around USD 3800 million in the year 2018 and further achieve an incremental $ opportunity of around USD 5200 million in the year 2027 as compared to the previous year.
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The global NLP in healthcare and life sciences market is segmented by NLP type into statistical-based NLP, rule based NLP and hybrid NLP. Among these segments, statistical based NLP segment is anticipated to grow with a CAGR of around 27% over the forecast period and cross a value of around USD 13500 million by the end of 2027. The segment which held a market share of around 44% in the year 2018 is anticipated to hold the largest market share by the end of 2027. Apparently, the rule based NLP segment is estimated to grow with a CAGR of around 23% over the forecast period.
Geographically, the global NLP in healthcare and life sciences market is segmented by five major regions into North America, Europe, Middle East & Africa, Asia-Pacific and Latin America region, out of which, North America, which held the largest market share of around 34% in the year 2018, is anticipated to grow at a 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. The market is driven by nations, such as U.S. and Canada, where U.S. held the dominant market share of around 79% in the year 2018 on account of 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.
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However, concerns for the unavailability of proper infrastructure in several low and middle-income nations and the increasing incidences of cybercrime around the world are some of the factors estimated to act as a barrier to the growth of the global NLP in healthcare and life sciences market.
This report also studies existing competitive scenario of some of the key players of the global NLP in healthcare and life sciences market, which includes profiling of IBM (NYSE: IBM), Linguamatics, 3M (NYSE: MMM), Health Fidelity, Inc., Cerner Corporation (NASDAQ: CERN), Dolbey, Apixio and Microsoft Corporation (NASDAQ: MSFT).
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “NLP in Healthcare and Life Sciences Market – Global Demand Analysis & Opportunity Outlook 2027”, analyses the overall NLP in healthcare and life sciences industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global NLP in healthcare and life sciences market in the near future.
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