pune, Maharashtra -- (SBWIRE) -- 12/11/2023 -- The global NLP in Healthcare & Life Sciences Market size is projected to grow from USD 2.7 billion in 2023 to USD 11.8 billion by 2028, at a CAGR of 34.4% during the forecast period, according to research report by MarketsandMarkets™.

NLP transforms healthcare by decoding text data, empowering efficient patient care. It aids healthcare staff in decision-making, medication management, and precise record-keeping by smartly analyzing medical information. NLP fosters evidence-based practices and encourages patient involvement in their healthcare journey.

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Its growth signifies improved treatments, streamlined workflows for healthcare professionals, and a more informed patient community. This symbiotic relationship between technology and healthcare promises a brighter, more accessible future in the medical landscape.

Text Classification to hold the largest market size during the forecast period.

Text classification in NLP in Healthcare & Life sciences market categorizes medical data, organizing it into meaningful groups such as diagnoses, symptoms, or treatments. This systematic sorting enables swift data analysis, aiding in decision-making processes for healthcare professionals. It automates administrative tasks, swiftly flags critical information, and uncovers patterns crucial for predictive analytics and research insights. By efficiently structuring information, text classification optimizes workflows, enhances clinical decision support systems, and accelerates research efforts. This streamlined approach expedites diagnoses, treatments, and discoveries, serving as a catalyst for improved patient care and advancements in healthcare practices.

Solutions Segment to account for the largest market share during the forecast period.

NLP solutions in Healthcare & Life sciences revolutionize data management, diagnosis, and patient interaction. These solutions streamline clinical documentation, extracting insights from unstructured data such as patient records and medical literature. It aids in precision medicine by analyzing genetic data and identifying tailored treatments. NLP powers chatbots and virtual assistants, improving patient engagement and support. Additionally, it accelerates drug discovery processes by mining vast scientific literature for patterns and insights. Ethical considerations, including privacy and bias, remain focal points in deploying NLP solutions, ensuring responsible and effective integration into these critical sectors.

Asia Pacific to exhibit the highest CAGR during the forecast period.

The CAGR of Asia Pacific is estimated to be highest during the forecast period. The advanced and dynamic adoption of new technologies has made Asia Pacific the fastest-growing economic region. The healthcare industry in this region has gained momentum with increased AI and ML spending. Governments across this region are taking various initiatives to implement AI in businesses. The region is hence expected to witness a noticeable growth in the adoption of NLP technologies, enabling healthcare providers to automate administrative workflows, invest more time in inpatient care, and improve the patient experience using real-time data. By applying NLP technologies, healthcare organizations optimize the manual review of unstructured text within medical records to uncover clinical insights.

Key Player

Major vendors in the global NLP in Healthcare & Life sciences market are IBM (US), Microsoft (US), Google (US), AWS (US), IQVIA (US), Oracle Corporation (US), Inovalon(US), Dolbey and Company (US), Averbis (Germany), SAS Institute (US), 3M (US), Press Ganey (US), Ellipsis Health (US), Centene Corporation (US), Lexalytics (US), Caption Health (US), Clinithink (US), Hewlett Packard Enterprise (US), Oncora Medical (US), Flatiron Health (US), Apixio (US), Edifecs (US), John Snow Labs (US), ITRex Group (US), Forsee Medical (US), Gnani.ai (India), Notable (US), Biofourmis (US), Suki (US), Wave Health Technologies (US), Corti (Denmark), CloudMedx (US), MedlnReal (Netherlands), Emtelligent (Canada), Enlitic (US), and Deep 6 AI (US).

Key Dynamic Factors For NLP in Healthcare & Life Sciences Market:

Growing Number of Electronic Health Records (EHRs): As the healthcare sector digitises, the number of electronic health records (EHRs) is rising significantly. These records contain unstructured data that NLP can mine for insightful information that will assist medical professionals make better decisions and provide better care for their patients.

Clinical Documentation Improvement (CDI): By automatically extracting pertinent information from doctors' notes, NLP technologies are being used to improve clinical documentation. This reduces manual labour and increases the accuracy of patient records.

Data Standardisation and Interoperability: NLP facilitates interoperability by standardising and interpreting data across different healthcare systems. This is essential for the smooth transfer of data between various healthcare systems and providers.

Advanced Diagnostics and Imaging: Medical imaging reports, pathology reports, and diagnostic test results are analysed and interpreted using natural language processing. This helps medical practitioners diagnose patients more quickly and accurately, enabling them to treat patients effectively and promptly.

Drug Discovery and Development: To find possible drug candidates, anticipate drug interactions, and expedite the drug discovery and development process, NLP is used to mine enormous volumes of scientific literature and research data.

Clinical Trial Management and Recruitment: By examining medical literature and patient data, natural language processing (NLP) assists in finding qualified participants for clinical trials. In order to guarantee efficiency and compliance, it also aids in the management and monitoring of clinical trial data.

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Competitive and Segmentation Analysis:

As the healthcare and life sciences sectors realise the revolutionary potential of natural language processing technology, the NLP market is experiencing fierce rivalry. Important participants in this competitive environment are using natural language processing (NLP) to solve important problems and improve many facets of life sciences research and healthcare delivery. The industry is defined by the existence of both established firms providing all-inclusive NLP solutions and up-and-coming startups concentrating on specific applications in the healthcare domain.

The results of segmentation analysis show that NLP has several uses in the biological sciences and healthcare. Applications including clinical documentation, diagnostics, medication discovery, and patient involvement are used to segment the market. Businesses are vying to offer clinical documentation solutions that lessen the administrative strain on medical personnel by streamlining and enhancing the accuracy of medical record-keeping. NLP is being used in diagnostics to evaluate intricate pathology reports and medical imaging, enabling quicker and more accurate illness diagnosis. Another important market is drug development, where businesses are using natural language processing (NLP) to quickly identify possible drug candidates by sorting through massive volumes of scientific literature and data.

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