The Natural Language Processing (NLP) in healthcare and life sciences market size is projected to grow from USD 1.5 billion in 2020 to USD 3.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 20.5% during the forecast period. The major growth factors of the NLP in healthcare and life sciences market include the growing demand for improving Electronic Health Records (EHRs) data usability to better patient care, and ability to analyze and extract meaning from narrative texts and non-related data sources.
Cloud deployment mode to grow at a rapid pace during the forecast period
Most vendors in the NLP in healthcare and life sciences market offer cloud-based NLP solutions to maximize profits and automate the equipment maintenance process, effectively. The adoption of cloud-based NLP solutions is expected to grow, owing to benefits, such as easy maintenance of generated data, cost-effectiveness, agility, flexibility, scalability, and effective management of these solutions. Companies prefer to adopt cloud-based NLP solutions, as these support their regional, cross-regional, or cross-country data recovery strategies. This enables organizations to ensure resilience in case of disasters.
Pattern and image recognition to grow at the highest CAGR during the forecast period
The NLP in healthcare and life sciences market by application is segmented into six categories: Interactive Voice Response (IVR), pattern and image recognition, auto coding, classification and categorization, text and speech analytics, and others (information extraction and report generation). The computer vision and Machine Learning (ML) algorithms detect precancerous lesions using the minutest details in tissue imagery, thus increasing the sensitivity and accuracy of cancer screening tests. In screening for skin cancer, for instance, Artificial Intelligence (AI) researchers have developed computer vision models that can analyze images and biopsy specimens of a person having cancer and how his/her skin changes much faster and more accurately than a doctor would.
Asia Pacific to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Healthcare companies in the region have started deploying NLP solutions that will help them generate statistical data and make faster patient care decisions. Countries such as China, India, and Japan further focus on enhancing their management of data to enable computer-aided diagnoses and enhance rapid improvements in the performance for diagnosing and prognosis-prediction. Growing digitalization, increasing adoption of AI, Machine Learning (ML), and deep learning by vendors in the region, and government regulations and initiatives are expected to drive the growth of the market in the APAC.
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the NLP in healthcare and life sciences market.
- By Company: Tier I: 32%, Tier II: 44%, and Tier III: 24%
- By Designation: C-Level Executives: 65%, Directors: 23%, and Others: 12%
- By Region: North America: 44%, Europe: 32%, APAC: 18%, MEA: 3%, and Latin America: 3%
The market study covers the NLP in healthcare and life sciences market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as component, NLP type, application, deployment mode, organization size, application, end user, and region. The study further includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall NLP in healthcare and life sciences market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report further helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.