Natural Language Processing (NLP) In Healthcare And Life Sciences
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How Large Will the Natural Language Processing (NLP) In Healthcare And Life Sciences Market Size By 2025?
The market size of natural language processing (NLP) in healthcare and life sciences has experienced rapid expansion in the past few years. Forecasts show an expected increase from $3.07 billion in 2024 to $3.72 billion in 2025, equating to a compound annual growth rate (CAGR) of 21.1%. Factors contributing to this significant growth during the historic period include the implementation of electronic health records (EHR), advancements in clinical documentation, mining of medical literature, the increasing demand for clinical decision support, and the escalating costs of healthcare.
How Big Is the Natural Language Processing (NLP) In Healthcare And Life Sciences Market Size Expected to Grow by 2029?
The market size of natural language processing (NLP) in the fields of healthcare and life sciences is set to witness monumental growth in the coming years. The market is projected to reach a whopping $8.84 billion by 2029, with a compound annual growth rate (CAGR) of 24.2%. Factors contributing to the expected growth during this forecast period include the rise of AI-driven personalized medicine, broader telemedicine reach, regulatory compliance and coding, genomics, and precision medicine, along with increased healthcare data interoperability. Additionally, the period is anticipated to see trends like conversational AI in patient care, semantic search and knowledge graphs, ethical application of NLP, real-time clinical NLP, and narrative data processing.
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Which Key Market Drivers Powering Natural Language Processing (NLP) In Healthcare And Life Sciences Market Expansion and Growth?
The growth of Natural Language Processing (NLP) in the healthcare and life sciences market is being spurred by the growing use of digital technology in the healthcare sector. This digitalization in healthcare encompasses the application of information and communication technologies to medicine and other health fields to promote health and decrease health risks. NLP, a component of this digital health technology, is employed to scrutinize unstructured data and extract critical medical information. As an illustration, the GOV.UK announced in December 2022 that more than 7 million fresh users had registered for the NHS App in 2022, lifting the total number of users to over 30 million. The government has also exceeded its objective of having 68% of England’s residents registered by March 2023, and is on track to achieve 75% by 2024. Hence, the growing utilization of digital technologies in healthcare is projected to significantly contribute to the expansion of NLP in the healthcare and life sciences market.
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Which Fast-Growing Trends Are Poised to Disrupt the Natural Language Processing (NLP) In Healthcare And Life Sciences Market?
Innovations in technology are becoming an increasingly popular trend within the healthcare and life sciences market utilizing Natural Language Processing (NLP). Predominant companies in the market are focusing their resources on the development of unique technologies to improve data analysis and patient care. For example, John Snow Labs, a healthcare AI company based in the US, in June 2022, unveiled Spark NLP 4.0. This new launch brought forth question-answering annotators and included numerous pre-trained models like BERT, ALBERT, DeBERTa, RoBERTa, DistilBERT, Longformer, and XLM-RoBERTa. These models boost support for numerous languages, various document types, and diverse performance targets, thereby enhancing the applicabilities of NLP within healthcare and life sciences.
What Are the Emerging Segments in the 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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Who Are the Global Leaders 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
Which are the Top Profitable Regional Markets for the Natural Language Processing (NLP) In Healthcare And Life Sciences Industry?
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
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