The increasing amount of clinical data and the elevated demand for effective communication between care users and care providers are some of the factors boosting Natural Language Processing (NLP) in Healthcare and Life Sciences Market.
New York, NY -- (SBWIRE) -- 04/26/2021 -- Natural Language Processing (NLP) in Healthcare and Life Sciences Market Size – USD 1.38 Billion in 2018, Market Growth - CAGR of 13.5%, Market Trends – The increasing use of connected devices in the healthcare sector.
The Global NLP in healthcare and life sciences market is forecast to reach USD 3.81 Billion by 2026, according to a new report by Reports and Data. NLP can be referred to as a discipline of computer science that requires skills in computational linguistics, artificial intelligence, and other machine learning disciplines. The NLP in healthcare and life sciences market is projected to witness significant growth during the forecast period, which is resultant of the combination of different market factors. One of the significant factors in this regards is the diverse applications of this technology in the health sector. As an instance, it contributes to the enhancement of patient health literacy, along with minimizing the issues of EHR processing on the part of care providers. NLP tools may contribute to effective interactions between care users and health IT tools.
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Leading Players Profiled in the Report Include:
Cerner Corporation, 3M, Nuance Communications, Inc., IBM Corporation, Heath Fidelity, Microsoft Corporation, Linguamatics, Apixio, Clinithink Inc., and Mmodal IP PLC.
The mentioned effectiveness of interactions between health IT tools and care users would allow them to access health data and make informed decisions easily. Another essential benefit of NLP tools for healthcare organizations is that it contributes to improving the quality of care as these tools offer effective ways to assess the quality of care and develop it accordingly. In regards to region, Europe occupies a prominent market position. The market position held by Europe is resultant of the growing healthcare sector, increasing geriatric population, and resultant elevated demand for NLP tools.
Further key findings from the report suggest
The NLP in healthcare and life sciences market held a market share of USD 1.38 Billion in the year 2018 and forecasted to witness a CAGR of 13.5% during the forecast period.
In context to Component, the Technology segment generated a higher revenue of USD 0.91 Billion in 2018, with a faster CAGR of 13.9% during the forecast period. High demand for Optical Character Recognition, Interactive Voice Response, Text Analytics technologies among care providing organizations for enhancing their EHR processing contributes to the revenue generated by the Technology segment.
In regards to Type, the Rule-Based NLP segment generated the highest revenue of USD 0.67 Billion in 2018, with second-highest CAGR of 13.8% during the forecast period. This type of NLP focuses on pattern-matching, a trait beneficial for the healthcare sector in enhancing the EHR process by assisting in finding arbitrary words and increase the efficiency of data maintenance that results in its increased demand, which contributes to the revenue generated by the Rule-Based NLP segment.
In context to Application, the Machine Translation [MT] segment held the largest market share of 40.0% in 2018, with a CAGR of 13.7% during the forecast period. The market share occupied by the MT segment is attributed to its extensive application in the healthcare sector for translating source content into target languages and help patients make informed decisions.
In regards to region, Asia Pacific is forecasted to witness the fastest growth rate of 14.6% during the forecast period, which occupied 24.0% of the market in 2018. The increasing expenditure in the healthcare sector and technological advancements contributes to the growth of the market in this region.
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For the purpose of this report, global NLP in healthcare and life sciences market according to Component, Type, Deployment Mode, Application, and Region:
Component Type Outlook (Revenue, USD Billion; 2016-2026)
Service
Support and Maintenance Services
Professional Services
Technology
Optical Character Recognition
Auto Coding
Interactive Voice Response
Pattern and Image Recognition
Text Analytics
Classification and Categorization
Speech Analytics
Type Outlook (Revenue, USD Billion; 2016-2026)
Statistical NLP
Rule-Based NLP
Hybrid NLP
Deployment Mode Type Outlook (Revenue, USD Billion; 2016-2026)
On-Premise
Cloud
Application Type Outlook (Revenue, USD Billion; 2016-2026)
Machine Translation
Predictive Risk Analytics
Report Generation
Automated Information Extraction
Others
Regional Outlook (Revenue, USD Billion; 2016-2026)
North America
U.S
Europe
U.K
France
Asia Pacific
China
India
Japan
MEA
Latin America
Brazil
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Table of contents
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technology
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2026
Chapter 3. Indicative Metrics
Chapter 4. Natural Language Processing (NLP) in Healthcare and Life Sciences Market Segmentation & Impact Analysis
4.1. Natural Language Processing (NLP) in Healthcare and Life Sciences Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. The increasing use of connected devices in the healthcare sector
4.2.2.2. The rising amount of clinical data
4.2.2.3. The elevated demand for effective communication between care user and care providers
4.2.3. Market restraints analysis
4.2.3.1. Limited institutional commitment
4.2.3.2. Lack of access to clinical data
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter's Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price Trend Analysis
…………..
Chapter 10. Competitive Landscape
10.1. Market Revenue Share By Manufacturers
10.2. Manufacturing Cost Breakdown Analysis
10.3. Mergers & Acquisitions
10.4. Market positioning
10.5. Strategy Benchmarking
10.6. Vendor Landscape
Chapter 11. Company Profiles
11.1. Cerner Corporation
11.1.1. Company Overview
11.1.2. Financial Performance
11.1.3. Technology Insights
11.1.4. Strategic Initiatives
11.2. 3M
11.2.1. Company Overview
11.2.2. Financial Performance
11.2.3. Technology Insights
11.2.4. Strategic Initiatives
Continued………
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