LONDON, Oct. 25, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Natural Language Processing (NLP) In Healthcare And Life Sciences Global Market Report 2023, the global NLP in healthcare and life sciences market is poised for remarkable growth, with expectations of a surge from $2.09 billion in 2022 to $2.56 billion in 2023, reflecting an impressive Compound Annual Growth Rate (CAGR) of 22.6%. Anticipating further expansion, the market is projected to attain a substantial value of $5.68 billion by 2027, supported by a CAGR of 22.1%.
Digital Technology Adoption: A Key Growth Driver
The rising adoption of digital technology in the healthcare industry serves as a catalyst for the growth of NLP in healthcare and life sciences. Digital technology in healthcare involves the use of information and communication technologies to enhance medical practices, reduce health risks, and promote overall wellness. In this context, Natural Language Processing (NLP) plays a pivotal role as a digital healthcare technology. NLP is instrumental in analyzing unstructured data, extracting valuable medical insights, and transforming the healthcare landscape. Notably, recent data from Accenture PLC indicates a substantial increase in virtual consultations and electronic health record usage in the US, reflecting the accelerating pace of digital technology adoption. The growing embrace of digital technology is poised to drive the NLP market's expansion.
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Technological Advancements: A Major NLP In Healthcare And Life Sciences Market Trend
The NLP in healthcare and life sciences market is witnessing a notable trend of technological advancements. Leading companies in the field are dedicated to developing innovative technologies, with Mercury NLP being a prime example. In September 2021, Melax Tech Inc., a US-based NLP technology developer, introduced Mercury NLP—an AI technology designed to elevate healthcare research through text extraction and normalization. This unique technology offers clinical NLP pipelines, enabling the extraction of pertinent unstructured textual medical data to facilitate quantitative analytics in the medical and pharmaceutical sectors. These advancements exemplify the commitment of major companies to drive the industry forward.
Regional Insights
In 2022, North America stood as the largest region in the NLP in healthcare and life sciences market, showcasing significant market presence. However, the Asia-Pacific region is anticipated to experience the fastest growth during the forecast period.
NLP In Healthcare And Life Sciences Market Segmentation
The global NLP in healthcare and life sciences market is categorized into several crucial segments:
- By NLP Type: Rule-Based NLP, Statistical NLP, Hybrid NLP
- By Component: Solutions, Services
- By Organization Size: Large Enterprises, Small And Midsize Enterprises (SMEs)
- 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, and Other Applications
- By End-User: Public Health And Government Agencies, Medical Devices, Healthcare Insurance, Pharmaceuticals, and Other End-Users
The Global NLP in Healthcare and Life Sciences Market Report 2023 is a valuable resource for various stakeholders. Businesses can make informed decisions, identify growth opportunities, and align their strategies with industry trends. Investors can pinpoint potential areas for investment and growth. Government bodies can leverage insights from the report to inform healthcare policy decisions. Overall, this report serves as an indispensable tool for anyone seeking to navigate the dynamic landscape of NLP in healthcare and life sciences.
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Natural Language Processing (NLP) In Healthcare And Life Sciences Global Market Report 2023 by The Business Research Company provides insights on the natural language processing (NLP) in healthcare and life sciences market size, natural language processing (NLP) in healthcare and life sciences market segments, natural language processing (NLP) in healthcare and life sciences market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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