Healthcare Natural Language Processing Market to Exhibit 18.8% CAGR
Albany, NY -- (SBWIRE) -- 04/19/2018 -- Featuring a largely consolidated nature, the vendor landscape of the global healthcare natural language processing (NLP) market is dominated by a leading few companies that are known for their tight hold on technology and are focused on innovation and technologically advanced NLP solutions, observes Transparency Market Research in a recent report. The leading three companies in the market, namely Apple, Inc., IBM Corporation, and Microsoft Corporation collectively held nearly 41% of the overall market in 2015. So as to improve their standing in the market and compete against technology giants, companies are expected to put more emphasis on expansion across new application areas and emerging markets.
According to the report, the global healthcare natural language processing market is likely to exhibit an impressive CAGR of 18.8% over the period between 2016 and 2024, rising from a valuation of US$936 mn in 2015 to US$4.3 bn by the end of 2024.
North America to Dominate owing to Technologically Advanced Healthcare Infrastructure
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Geographically, the report states that the market in North America accounted for the dominant share in the global market in 2016 and is likely to remain the dominant force owing to the rapid adoption of technologically advanced medical solution, a technologically well-developed healthcare industry, and the strong presence of several leading NLP companies in the region. Based on technology, the market acquired its dominant share in revenue collectively from the information extraction and machine translation segments in 2016. Over the forecast period, the segment of text and voice processing is likely to expand at a CAGR of 19.9% over the forecast period.
Rising Need to Effectively Process Mounting Volumes of Healthcare Data to Drive Market
The vast rise in adoption of advanced technologies with the view of simplifying clinical solutions is expected to emerge as the key factor driving the global healthcare NLP market. The rising usage of electronic systems for the maintenance and processing of health records is leading to the generation of vast volumes of raw data. For the effective processing of this data and to streamline processes in the healthcare industry, the use of NLP solutions has increased. This trend is likely to have a major impact on the overall development of the global healthcare NLP market over the report's forecast period.
However, the vast medical vocabulary, abbreviations, and a host of complex medical concepts are a major challenge for the market. The incorrect processing of these concepts and vocabulary, especially in cases when the same abbreviation applies to a number of scenarios, can result in medical errors and ambiguity. The scenario thus makes the analysis of healthcare data a highly complex and complicated process, thus hampering the application of NLP systems for processing it. The slow rate of adoption of electronic healthcare records and the necessary processing systems is also hampering the growth prospects of the market to a certain extent.
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