Natural Language Processing (NLP) in Healthcare and Life Sciences Market Size & Share to 2027

Natural Language Processing (NLP) in Healthcare and Life Sciences Market Size & Share to 2027

Natural Language Processing (NLP) in Healthcare and Life Sciences Market Size, Trends & Growth Opportunity, By Type (Statistical, Rule-Based, and Hybrid), By Component (Technology, and Services (Managed Services, Professional Services, Support & Maintenance Services, and Consulting Services)),By Deployment type (Cloud & On Premise), By Application, By Region and Forecast till 2027

Natural Language Processing (NLP) in Healthcare and Life Sciences Market

Natural processing language processing (NLP) platform is used in the specific areas of healthcare and life sciences sector which includes clinical documentation, electrical health records, risk management. This platform helps both consumer and service provider to easy workflow. Rise in adoption of digital technology in healthcare industry and customer preference for better healthcare services is expected to boost the market growth over the forecast Period.

Market Drivers

Rise in data operations and use of smart devices is expected to propel the natural language processing (NLP) in healthcare and life sciences market growth. Healthcare and life sciences sector generates large amount of data that is driven by compliance and regulatory requirements, patient care, and record keeping. Increase in trend of digitalization and data driven solutions to improve healthcare delivery system is expected to fuel the market growth. Therefore, increase data driven operations and decision making is major driving factor which is expected to drive the market growth. Moreover, many physicians prefer voice notes instead of handwritten of typed ones. Therefore natural language processing platform can be used to easily interpret speech and update patient records.

Market Restraints

Natural language processing (NLP) platform implementation is a major challenge in healthcare and life sciences industry, which is expected to hinder the market growth during this forecast timeline. There are many countries across the globe where healthcare facilities have very little access for general population. Also, lack of healthcare expenditure will hamper the growth of global natural language processing in healthcare and life sciences market.

Market Segmentation

Natural Language Processing (NLP) in Healthcare and Life Sciences Market is segmented into type such as Statistical, Rule-Based, and Hybrid, by component such as Technology, and Services (Managed Services, Professional Services, Support & Maintenance Services, and Consulting Services), by deployment type such as Cloud, and On-Premises. Further, market is segmented into application such as Machine Translation, Question Answering, Automated Information Extraction, Email Filtering, Spelling Correction, and Predictive Risk Analytics.

Also, Natural Language Processing (NLP) in Healthcare and Life Sciences Market is segmented various regions including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Market Key Players

Some of the key players operating in the Natural Language Processing (NLP) in Healthcare and Life Sciences Market report including 3M, MICROSOFT, CERNER, DOLBEY, NUANCE, IBM, APIXIO, AVERBIS, AWS, GOOGLE

Market Taxonomy

By Type

• Statistical
• Rule-Based
• Hybrid

By Component

• Technology
• Services

 Managed Services

 Professional Services

 Support & Maintenance Services

 Consulting Services

By Deployment Type

• Cloud
• On-Premises

By Application

• Machine Translation
• Question Answering
• Automated Information Extraction
• Email Filtering
• Spelling Correction
• Predictive Risk Analytics

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

Key Questions Addressed by the Report

• What are the Key Opportunities in Natural Language Processing (NLP) in Healthcare and Life Sciences Market?
• What will be the growth rate from 2019 to 2027?
• Which segment/region will have highest growth?
• What are the factors that will impact/drive the Market?
• What is the competitive Landscape in the Industry?
• What is the role of key players in the value chain?
• What are the strategies adopted by key players?