About Natural Language Processing Nlp In Healthcare Life Sciences
Natural language processing (NLP) is the ability for computers to understand the latest human speech terms and text. The adoption of NLP is continuously increasing for drug discovery and patient analysis. NLP helps the pharmaceutical industry in language analysis, clinical trial analysis, etc. The increasing number of rare diseases has created the demand for advanced technologies that can help in drug discovery and development. However, patients hold a large amounts of valuable data, NLP enables healthcare providers and researchers to create, manage, and use semi-structured or unstructured data to extract information and sentiment analysis.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Natural Language Processing Nlp In Healthcare Life Sciences market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Linguamatics (United Kingdom), Microsoft Corporation (United States), 3M (United States), Hewlett-Packard (United States), Google (United States), IBM (United States), Dassault Systems (France), IQVIA (United States), Inovalon (United States), Cerner Corporation (United States), Lexalytics (United States), ForeSee Medical (United States) and Cognizant (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Natural Language Processing Nlp In Healthcare Life Sciences market by Type (Rule-Based Systems and Machine Learning Models), Application (Sentiment Analysis, Interactive Voice Response and Pattern and Image Recognition) and Region.
On the basis of geography, the market of Natural Language Processing Nlp In Healthcare Life Sciences has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Organization Size, the sub-segment i.e. Small and Medium will boost the Natural Language Processing Nlp In Healthcare Life Sciences market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-Users, the sub-segment i.e. Healthcare Providers will boost the Natural Language Processing Nlp In Healthcare Life Sciences market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment, the sub-segment i.e. Cloud will boost the Natural Language Processing Nlp In Healthcare Life Sciences market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Application of AI and Neural Network in Natural Language Processing
Market Growth Drivers:
Surging Demand for NLP in Pharmaceutical Industry for Rare Disease Drug Development and Clinical Trial Analysis and Growing Need for Improving EHR and Adoption of Speech Recognition Technologies
Challenges:
Lack of Research & Development and Contextual Words, Phrases, and Homonyms
Restraints:
Concern Regarding Data Privacy Due to Increasing Number of Cyber-attacks
Opportunities:
Increased Adoption of NLP by Healthcare Providers and Practitioners to Offer Patients More Comprehensive Care
Market Leaders and their expansionary development strategies
In April 2021, Microsoft Corporation acquired Nuance Communications to accelerate industry cloud strategy for the healthcare industry. Nuance is a leading AI-based speech-to-text recognition software provider. The acquisition will allow Microsoft to enhance its industry-focused cloud strategy by adding new AI capabilities across healthcare and other industries, and double the total addressable market (TAM) in the healthcare provider space.
In May 2023, Apollo Intelligence (Apollo), a leading provider of real-time global data and insights to the healthcare and life science industries, has launched of its next-generation market insights technology platform to support rapid insights and data collection in the healthcare and life science industries. The advanced platform is fueled by the company’s ongoing investments in its core technologies, propelled by machine learning (ML) and artificial intelligence (AI).
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Natural Language Processing Nlp in Healthcare Life Sciences Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.