What Has Driven the Growth of the Natural Language Processing (NLP) In Healthcare And Life Sciences Market in Recent Years?
The natural language processing (nlp) in healthcare and life sciences market has seen considerable growth due to a variety of factors.
•The market size for natural language processing (NLP) in healthcare and life sciences has seen exponential growth recently. It is projected to expand from $3.07 billion in 2024 to $3.72 billion in 2025, reflecting a compound annual growth rate (CAGR) of 21.1%.
Factors such as the adoption of electronic health records (EHR), improvements in clinical documentation, mining of medical literature, increased demand for clinical decision support, and escalating healthcare costs have contributed to this significant growth during the historic period.
What is the Market Size Forecast for the Natural Language Processing (NLP) In Healthcare And Life Sciences Market?
The natural language processing (nlp) in healthcare and life sciences market is expected to maintain its strong growth trajectory in upcoming years.
• The market for natural language processing (NLP) within the healthcare and life sciences sectors is anticipated to experience robust growth in the forthcoming years. By 2029, it is projected to reach $8.84 billion, with a compound annual growth rate (CAGR) of 24.2%.
This surge during the predictive period can be ascribed to factors such as ai-driven personalized medicine, increasing telemedicine usage, regulatory compliance and coding, genomics and precision medicine, along with healthcare data interoperability. Noteworthy trends during this forecast span encompass the deployment of conversational AI in patient care, semantic search and knowledge graphs, ethical applications of NLP, real-time application of clinical NLP, and narrative data processing.
What Are The Core Factors Supporting Growth In The Natural Language Processing (NLP) In Healthcare And Life Sciences Market?
The growth of Natural Language Processing (NLP) in the healthcare and life sciences market is being fuelled by the escalating use of digital technology in healthcare. This incorporation of information and communication technologies in the medical field and other health-related areas aims at patient treatment, risk reduction, and wellness promotion. NLP, a form of digital healthcare technology, is increasingly utilized to analyze and extract critical medical insights from unstructured data. For instance, the GOV.UK website announced in December 2022 that more than 7 million new users had registered for the NHS App in 2022. This increased the total registrations to over 30 million and exceeded the government's goal of having 68% of England's population registered by March 2023. They are also on track to hit the 75% mark by 2024. Consequently, the escalating integration of digital technology in healthcare is anticipated to accelerate the expansion of the NLP in the healthcare and life science market.
What Are The Major Segments Within The Global Natural Language Processing (NLP) In Healthcare And Life Sciences Market?
The natural language processing (NLP) in healthcare and life sciences market covered in this report is segmented –
1) By NLP Type: Rule-Based NLP, Statistical NLP, Hybrid NLP
2) By Component: Solutions, Services,
3) By Organization Size: Large Enterprises, Small And Midsize Enterprises (SMEs)
4) By Application: Sentiment Analysis, Drug Discovery, Clinical Trail Matching, Risk And Compliance Management, Dictation And EMR Implication, Automated Registry Reporting, AI Chatbots And Virtual Scribe, Other Applications
5) By End-User: Public Health And Government Agencies, Medical Devices, Healthcare Insurance, Pharmaceuticals, Other End-Users
Subsegments:
1) By Rule-Based NLP: Expert Systems, Knowledge-Based Approaches, Grammar-Based NLP
2) By Statistical NLP: Machine Learning Models, Natural Language Understanding (NLU), Text Classification And Clustering
3) By Hybrid NLP: Combining Rule-Based And Statistical Approaches, Context-Aware NLP, Deep Learning Models
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Which Trends Are Expected To Transform The Natural Language Processing (NLP) In Healthcare And Life Sciences Market?
In the NLP in the healthcare and life sciences market, technological progress is becoming a widely recognised trend. To improve data analysis and patient care, prominent businesses in this market are focusing their energy on devising cutting-edge technologies. For example, John Snow Labs, a healthcare AI firm from the US, rolled out Spark NLP 4.0 in June 2022. It features question-answering annotators and hundreds of pre-trained models powered by BERT, ALBERT, DeBERTa, RoBERTa, DistilBERT, Longformer, and XLM-RoBERTa. These models cater to different languages, document types, and performance targets, thus expanding the potential of NLP in healthcare and life sciences.
Who Are the Key Players in the Natural Language Processing (NLP) In Healthcare And Life Sciences Market?
Major companies operating in the natural language processing (NLP) in healthcare and life sciences market include:
• Google LLC
• Microsoft Corporation
• Optum Inc.
• Amazon Web Services Inc.
• International Business Machines Corporation
• 3M Company
• IQVIA Holdings Inc.
• Cerner Corporation
• Inovalon Holdings Inc.
• NextGen Healthcare Inc.
• Welltok Inc.
• SparkCognition Inc.
• HealthFusion Inc.
• Syapse Inc.
• Apixio Inc.
• Conversica Inc.
• Infermedica
• Rasa Technologies
• Health Fidelity Inc.
• Linguamatics Ltd.
• Dolbey Systems Inc.
• SparkBeyond
• Lexalytics Inc.
• Clinithink Ltd.
• Semedy AG
• Sentient Technologies LLC
• Zyla Health
• Anumana Inc.
• Heath Fidelity Inc.
• Averbis GmbH
What Is The Most Dominant Region In The Natural Language Processing (NLP) In Healthcare And Life Sciences Market?
North America was the largest region in the NLP in healthcare and life sciences market in 2024. The regions covered in the natural language processing (NLP) in healthcare and life sciences market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
