The global NLP in healthcare and life sciences market size to grow from USD 1.8 billion in 2021 to USD 4.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.0% during the forecast period. Factors such as growing need to analyze and extract insights from narrative text and huge amount of clinical data, increasing demand for improving EHR data usability to improve healthcare delivery and outcomes and the rising urge of predictive analytics technology to reduce risks and improve significant health concerns are driving the adoption of the NLP in healthcare and life sciences market across the globe.
The services segment to hold higher CAGR during the forecast period
Based on components, the NLP in healthcare and life sciences market is segmented into solutions and services. The services segment has been further divided into professional and managed services. These services play a vital role in the functioning of NLP in healthcare and life sciences, as well as ensure faster and smoother implementation that maximizes the value of the enterprise investments. The growing adoption of NLP technology is expected to boost the adoption of professional and managed services. Professional service providers have deep knowledge related to the products and enable customers to focus on the core business, while MSPs help healthcare firms to improve their business operations and reduce overall expenses.
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The cloud segment to hold the larger market size during the forecast period
Deployment mode segment for the NLP in healthcare and life sciences market are segmented into cloud and on-premises. Cloud deployment mode segment to hold larger market share during the forecast period, owing to the rising availability of ease in deployment options and minimal requirements of capital and time. Cloud-based solutions enable various healthcare workers to access the Internet to share clinical data. Healthcare organizations are moving quickly towards cloud-based NLP solutions owing to its various advantages, including optimization, expense-effectiveness, user-friendliness, and streamlined access of vital patient data.
According to ForeSee Medical, NLP is the ability of computers to understand the latest human speech terms and text. It is used in current technology to support spam email privacy, personal voice assistants, and language translation applications. The adoption of NLP in healthcare and life sciences is rising because of its recognized potential to search, analyze, and interpret a mammoth amount of patient datasets. Using advanced NLP-based algorithms, healthcare and life sciences firms harness the relevant insights and concepts from the clinical data that was previously considered buried in the text form.
Some of the key players operating in the NLP in healthcare and life sciences market include Microsoft (US), Google (US), IBM (US), Cerner (US), 3M (US), AWS (US), Inovalon (US), Dolbey (US), Averbis (Germany), Linguamatics (an IQVIA Company) (UK), Apixio (US), Clinithink (US), Lexalytics (US), Apixio (US), Clinithink (US), Lexalytics (US), Health Fidelty (US), Wave Health Technologies (US), Corti (US), CloudMedx (US), Oncora Medical (US), Caption Health (US), ForeSee Medical (US), Press Ganey (US), Gnani.ai (India), Notable (US), Biofourmis (US), Babylon (UK), Flatiron (US), and Suki (US). These NLP in healthcare and life sciences vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global NLP in healthcare and life sciences market.
Microsoft (US) develops software, services, devices, and solutions to compete around intelligent cloud and intelligent edge. With continuous investments in the cloud, Microsoft enables its customers to digitalize their business processes. The company’s offerings include cloud-based solutions that provide customers with software, platforms, content and deliver solution support and consulting services. Its product offerings include Operating Systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. Microsoft operates its business using three segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The company’s platforms and tools help drive the productivity of small businesses, the competitiveness of large businesses, and the efficiency of the public sector. The company’s platform accelerates innovation across the spectrum of intelligent edge devices, from IoT sensors to gateway devices and edge hardware to build, manage, and secure edge workloads. Microsoft will invest USD 1 billion over the next four years in new technologies and innovative climate solutions. It has a geographical presence in more than 190 countries across North America, APAC, Latin America, MEA, and Europe. In response to the COVID-19 pandemic, Microsoft partnered with the Allen Institute for AI and leading research groups to prepare the COVID-19 Open Research Dataset. It is a free resource containing over 47,000 scholarly articles for use by the global research community. With Cognitive Search and Text Analytics, Microsoft developed the COVID-19 search engine, enabling researchers to more quickly evaluate and gain insights from the overwhelming amount of information about the COVID-19 pandemic.
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3M (US) company was formerly known as Minnesota Mining and Manufacturing Company. 3M is a diversified global manufacturer, technology innovator, and marketer of a wide variety of products and services. 3M is a well-known provider of products, such as adhesives, laminates, dental products, orthodontic products, abrasives, and medical appliances. 3M is a diversified technology company with a worldwide presence and operates in segments including Safety and Industrial; Transportation and Electronics; Health Care, and Consumer. The company operates worldwide and caters to more than 65 nations. It delivers products through retailing and distributing partners in more than 200 nations. The company offers its products to verticals, such as healthcare, consumer and office; transportation and industry, safety, display and graphics, security and protection services, and electronics and communication. The company develops, manufactures, and markets its innovative products for the global market. 3M developed its NLP platform for email spam detection, personal assistants, and language translation apps. It further developed various healthcare-specific applications based on this platform for text processing and documentation. The company’s NLP platform automates the process of mining clinical concepts from unstructured data. 3M Health Information System (HIS) uses NLP to autosuggest codes, which helps coders turn clinical documentation into rich data sources, thus helping coders save time. 3M has also come up with an NLP software platform named CodeRyte CodeAssist. The platform helps capture the physician’s report and record diseases. All of this results in improved productivity, performance, and efficiency.
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