Global Healthcare and Life Sciences Market Report 2021-2026: Emergence of Cognitive Computing to Boost the Demand for NLP Solutions for Precision Medicine Applications

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Dublin, Aug. 17, 2021 (GLOBE NEWSWIRE) -- The "Global NLP in Healthcare and Life Sciences Market by Component (Solutions and Services), NLP Type (Rule-based, Statistical, and Hybrid), Application (IVR, Predictive Risk Analytics), Organization Size, End User, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

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 CAGR of 19.0%

Various factors such as the growing need to analyze and extract insights from narrative text and huge amount of clinical data, and rising demand for improving EHR data usability to improve healthcare delivery and outcomes are driving the adoption of the NLP in healthcare and life sciences and services market across the globe.

COVID-19 is disrupting the world, businesses, and economies, thus impacting on the livelihood of people live, their interaction, and the way they manage their businesses. The ability to sustain has become the new normal for enterprises as they shift their focus from growth opportunities and concentrate on implementing drastic measures to mitigate the impact of the COVID-19 pandemic.

In the progressing fight against COVID-19, pharmaceutical and healthcare organizations, governments, and the broader scientific communities around the world are working to assess the impact of the virus, and quickly develop fast, accurate solutions. Few of the vendors in the market witness that NLP technology would enable fast, systematic, comprehensive insight generation from unstructured text.

Sources can include scientific literature, clinical trial records, preprints, internal sources, medical records, social media, and news reports. Capturing the key information from these many sources, and synthesizing it into one Evidence Hub, deepens understanding for the users, which will accelerate outcomes. NLP has been extensively used in different organizations to categorize sentiments, perform recommendations, summarizing information, and topic modeling.

As the novel coronavirus has spread around the globe, it has created major disruption across communities, patients, and clinicians, the way they work, and how they engage in supporting stakeholders across the ecosystem. Pharmaceuticals and life sciences companies have found themselves front and center, providing extremely essential medical products to support patients in their time of need while also attracting widespread attention as the industry sprints to develop new therapeutics and vaccines for COVID-19.

The cloud segment to have the larger market size during the forecast period

By deployment mode, the NLP in healthcare and life sciences market has been segmented into on-premises and cloud. The market size of the cloud deployment mode is estimated to be larger during the forecast period due to the availability of easy deployment options and minimal requirements of capital and time.

The cloud deployment model holds a major portion of the market due to its easy availability and agility for business owners. Healthcare companies are opting for cloud-based infrastructure to manage and monitor employees and facilities who are working remotely.

The SMEs segment to hold higher CAGR during the forecast period

The NLP in healthcare and life sciences market has been segmented by organization size into large enterprises and SMEs. The market for SMEs is expected to register a higher CAGR during the forecast period as cloud-based software and services help them improve business performance and enhance productivity.

Whereas the large enterprises segment is expected to hold a larger market share in the NLP in healthcare and life sciences market during the forecast period due to the affordability and the acceptance of new emerging technologies such as AI, Big data and blockchain by the healthcare firms.

Among regions, APAC to hold higher CAGR during the forecast period

APAC is expected to grow at a good pace during the forecast period. Healthcare companies in APAC continue to focus on improving business operations to drive market competitiveness and revenue growth. China, India, and Singapore have displayed ample growth opportunities in the NLP in healthcare and life sciences market.

Moreover, governments in the region are spending heavily on AI and ML technologies to increase digitalization and awareness about NLP among healthcare firms.

Premium Insights

  • Growing Demand to Improve Electronic Healthcare Data Usability for Better Healthcare Delivery and Business Outcomes to Drive Market Growth
  • Pattern and Image Recognition Segment to Grow at the Highest CAGR During the Forecast Period
  • Solutions Segment and Interactive Voice Response Segment to Hold the Largest Market Shares in North America 2021
  • North America to Hold the Largest Market Share in 2021

Market Dynamics

Drivers

  • The Rising Urge of Predictive Analytics Technology to Reduce Risks and Improve Significant Health Concerns
  • Growing Demand for Improving Ehr Data Usability to Improve Healthcare Delivery and Outcomes
  • Growing Need to Analyze and Extract Insights from Narrative Text and Huge Amount of Clinical Data

Restraints

  • Specific Medical Sub-Languages and Poor Input Data Quality
  • Inadequacy in the Advancements of Nlp Technology Using Neural Networks Restricting Its Usage for Cloud-Based Services

Opportunities

  • Ensemble Nlp Systems to Boost Phenotyping Capabilities
  • Rising Demand for Nlp Systems Programmed to Understand the Context of Medical Records
  • The Emergence of Cognitive Computing to Boost the Demand for Nlp Solutions for Precision Medicine Applications

Challenges

  • Growing Regulatory Compliance and Privacy Concerns Over Data Security During COVID-19 Slow Down the Progress of Researchers
  • Interoperability and Reliability Issues while Deploying Nlp Algorithms
  • Cumulative Growth Analysis

Case Study Analysis

  • Drexel University Used Linguamatics I2E to Improve Cohort Selection for Hiv and Hepatitis C
  • A Healthcare Company Used Axtria to Provide a Comprehensive View of Patient Reports and Deliver Critical Insights to Both Healthcare Providers and the Company
  • Create a Database and Medical Knowledge Base for an Online Clinic Chatbot to Build Up Anamnesis
  • Leading Renal Care Providers Implement Citiustech Solution to Predict High-Risk Chronic Kidney Disease
  • Health System Applies Linguamatics Nlp Platform to Improve Patient Care and Gain Insights from Population Health Data
  • Leading Healthcare Payers Implemented Linguamatics Nlp Solutions to Gain Insights from the Unstructured Data
  • Medtronic Builds a Mobile Personal Assistant App for Diabetes Management
  • Primary Medical Care Group Engaged Foresee Medical to the Esp Risk Adjustment Software for Improving Profitability
  • Flagler Health Improves the Experience of Clinical Documentation for Radiologists

Technology Analysis: Nlp in Healthcare and Life Sciences Market

  • Healthcare Trackers, Wearables, and Sensors
  • Virtual Reality
  • Augmented Reality
  • 3D Printing
  • Robotics
  • Nanotechnology

Companies Mentioned

  • 3M
  • Apixio
  • Averbis
  • Aws
  • Babylon
  • Biofourmis
  • Caption Health
  • Cerner
  • Clinithink
  • Cloudmedx
  • Corti
  • Dolbey
  • Flatiron
  • Foresee Medical
  • Gnani.Ai
  • Google
  • Health Fidelity
  • IBM
  • Inovalon
  • Lexalytics
  • Linguamatics
  • Microsoft
  • Notable
  • Oncora Medical
  • Press Ganey
  • Suki
  • Wave Health Technologies

For more information about this report visit https://www.researchandmarkets.com/r/99r1c4

 

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