Chicago, Sept. 15, 2022 (GLOBE NEWSWIRE) — The market size of NLP in Healthcare & Life Sciences will grow from USD 2.2 Billion in 2022 to USD 7.2 Billion by 2027, at a compound annual growth rate (CAGR) of 27 .1% over the forecast period, according to a new report from MarketsandMarkets™. Various factors such as the growing demand for analyzing and extracting information from narrative texts and huge amount of clinical data, and the evolution of cognitive computing to fuel the demand for NLP solutions for Precision medicine applications are expected to drive the adoption of NLP solutions in the healthcare and life sciences market.
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According to Lexalytics, NLP is a computer technique that analyzes text to determine its meaning, allowing computer applications to communicate effectively with humans. Healthcare providers, pharmaceutical companies, and biotech companies all use text analytics and NLP technology to improve patient outcomes, streamline operations, and manage regulatory compliance.
Automated ledger reports segment to record highest CAGR over the forecast period
Segmentation of NLP in healthcare and life sciences market by application segment includes sentiment analysis, drug discovery, clinical trial matching, dictation and EMR implications, automated register reports, AI chatbots and virtual scribe and other applications (review management, question answering, spell checking and email filtering). The automated ledger reporting segment is growing rapidly due to many major technological advancements that are improving the efficiency of the entire industry. Healthcare systems will need to recognize when an ejection percentage is recorded as part of a note and maintain each number in a format that can be used by the organization’s analytics platform for automated registry reporting in order to implement automated reports.
The large enterprise segment will register for the highest market size during the forecast period
Based on organization size, NLP in healthcare and life sciences market is segmented into large enterprise and SME. Currently, the market share of large enterprises is higher; however, the SME market is expected to grow at a higher CAGR during the forecast period. These organizations generate a large volume of data, which must be implemented in their work through collaboration between different teams. The data generated by these large enterprises can then be stored inexpensively without compromising security and agility using NLP solutions.
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APAC will have a higher CAGR during the forecast period
The NLP in healthcare and life sciences market has been segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Asia-Pacific is expected to have the highest CAGR during the forecast period. The region is growing at a good pace due to the arrival of major multinational players and many new setups of entrepreneurs are adopting cloud-based NLP solutions because by using these solutions, healthcare and science companies life draw relevant ideas and concepts from clinical data. which was previously thought to be buried in textual form. China, Japan, and India are showing many growth opportunities in the NLP market in healthcare and life sciences.
Some major players in the NLP in Healthcare and Life Sciences Market include IBM (US), Microsoft (US), Google (US), AWS (US), IQVIA (US), Oracle (US), Inovalon (US), Dolbey (USA), Averbis (Germany), SAS Institute (USA), Press Ganey (USA), Ellipsis Health (USA), Health Fidelity (USA), Centene (USA) , Caption Health (US), Clinithink (US), HPE (US), Oncora Medical (US), Flatiron Health (US), Apixio (US), Forsee Medical (US) United States), Gnani.ai (India), Notable (United States), Biofourmis (United States), Suki (United States), Wave Health Technologies (United States), Corti (Denmark), CloudMedx (United States), United States), MedlnReal (United States), Emtelligent (United States).
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