Burlingame, Dec. 08, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, The global natural language processing (NLP) in healthcare and life sciences market was valued at US$ 4.98 Billion in 2023 and is forecast to reach a value of US$ 32.14 Billion by 2030 at a CAGR of 30.5% between 2023 and 2030.
Increasing product development and inorganic growth strategies by market players are expected to offer lucrative growth opportunities for players in the market. Adoption of natural language processing (NLP) in healthcare industry.
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Market Drivers:
Increasing adoption of digital technology in the healthcare industry and customer demand for better healthcare services are expected to drive the growth of the natural language processing (NLP) in healthcare and life sciences market. Natural language processing (NLP) is a subset of artificial intelligence (AI), which promotes human-machine interaction. Integrating the NLP platform helps both customer as well as service provider. Voice assistants and messaging platforms used by consumers help reduce time required for different services, such as patient documentation. Additionally, the NLP platform helps identify key elements in unstructured language and extract meaning from unstructured spoken or written input. The NLP platform allows physicians to dedicate maximum time to their patients and provide undivided attention to patients. Several physicians prefer voice notes instead of handwritten or typed ones. Therefore, the NLP platform can be used to easily interpret the speech and update records accurately.
Market Key Developments:
In October 2022, Inovalon, a provider of cloud-based software solutions empowering data-driven healthcare, announced the launch of RCM Intelligence. Powered by integrated analytics and advanced visualization capabilities, the software solution offers healthcare providers a comprehensive view of revenue cycle management (RCM) key performance indicators, including payer performance, denial percentages, and claim corrections.
In March 2021, Dolbey Systems, Inc., a developer of dictation, transcription, speech recognition, and coding products for healthcare, announced a partnership with Athenahealth, Inc., a company providing cloud-based services for physician practices, such as electronic health records and practice management, through the company’s marketplace program to offer highly customizable speech recognition.
In November 2020, Google (Alphabet Inc.), multinational technology conglomerate holding company, launched the Healthcare Natural Language API and AutoML Entity Extraction for healthcare. The tools can assist healthcare professionals in reviewing and analyzing medical documents in a repeatable, scalable way.
In March 2020, Inovalon launched a telehealth configuration of the Inovalon ONE Platform, empowering virtual data-driven visits with clinicians for clients across the country.
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Market Opportunity:
New emerging application areas to implement NLP technologies
The current usage of NLP technologies is limited to specific areas of the healthcare sector, which include risk management, clinical documentation, and electronic health records. Apart from these applications, healthcare and life sciences have wide range of applications on which companies need to focus and develop solutions. Increasing medical research, pharmaceutical drug development, and healthcare needs are creating various opportunities for NLP technology implementation. The life science and diagnostics research field includes computational phenotyping and biomarker discovery. The unstructured data of clinicians and the complexities of phenotyping patients for analysis are a major fields in which companies have scope to develop and offer solutions. Research organizations and companies are adopting or launching new healthcare technologies, in which NLP technology manufacturers have opportunities to offer solutions to AI-based solution users.
For instance, in October 2017, National Clinical Research Center for Cancer (NCRCC) in China signed a deal with the Institute of Computing Technology under the Chinese Academy of Sciences (CAS), in order to use artificial intelligence in medical imaging.
Market- Cross Sectional Analysis:
Among component type, the technology segment is dominant during the forecast period in North America region due to the key players are focusing on product launches, which is expected to boost growth of the NLP in healthcare and life sciences market in the near future. For instance, in October 2022, Inference Solutions, a provider of intelligent virtual agents for sales and service, launched Studio 6.0, which integrates NLP and conversational artificial intelligence (AI) technologies from Google and IBM to help businesses eliminate complex interactive voice response (IVR) menus, and simple speech-enabled, directed dialogue systems. this kinds of developments in the healthcare system and rising health expenditures are fueling the natural language processing (NLP) in healthcare and life sciences market in North America.
Market Restraint:
Regulations in the healthcare and life sciences industries for NLP implementation are a major factor restraining growth of the market. According to Health Insurance Portability and Accountability Act Rules of India, healthcare data security is the most important element in the healthcare and life sciences industries with increasing cyberattacks on healthcare organizations and cybercriminals developing increasingly sophisticated tools and methods to attack healthcare organizations. For instance, in 2019, American Medical Collection Agency (AMCA), a billing collections firm, found that 12 million patients’ personal information was affected by a data breach at Quest Diagnostics, a technological company in the U.S.
Furthermore, in May 2018, India’s health ministry introduced a law for security purposes in the healthcare sector. This law gives individuals complete ownership of their health data. Individuals have the absolute right to refuse or allow data to be generated, collected, accessed, transmitted, or used. Data collecting organizations such as hospitals are prohibited from refusing treatment to those individual that do not want their data to be collected or used.
Read complete market research report, "Natural Language Processing (NLP) in Healthcare and Life Sciences Market, By Component Type, By Application, By Deployment Mode, By Region, and Segment Forecast 2023-2030", Published by Coherent Market Insights.
Key Market Takeaways:
The global natural language processing (NLP) in healthcare and life sciences market is expected to exhibit a CAGR of 30.5% during the forecast period due to the increasing inorganic growth strategies by market players. For instance, in November 2022, Viz.ai, the leader in AI-powered disease detection and intelligent care coordination, announced a partnership with Illuminate, Inc., an industry leader in the development of proprietary natural language processing (NLP) and AI software that discovers at-risk patients from electronic medical records (EMR), assesses disease severity, and facilitates follow-up surveillance for a variety of diseases. This partnership will enable healthcare providers to make timely, critical decisions for aortic aneurysm patients while improving compliance with pre- and post-surgical surveillance programs.
Among component type, technology is expected to dominate the market over the forecast period, and this is attributed to the launch of new technologies in the market. In August 2022, JCB Co., Ltd., Japan's only international payment brand, and Kyndryl, the world’s largest IT infrastructure services provider, announced the launch of an AI-based interactive automatic speech response system to further improve customer satisfaction and service quality.
Key players operating in the global natural language processing (NLP) in healthcare and life sciences market include 3M, Cerner Corporation, IBM Corporation, Microsoft Corporation, Health Fidelity, Inc., IQVIA Holdings Inc., Dolbey Systems, Inc., Centene Corporation, Alphabet Inc., Nexocode, Averbis GmbH, Clinithink, Wave Health Technologies, Inovalon, Lexalytics, Conversica Inc., SparkCognition, and Hewlett Packard Enterprise Development LP.
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Detailed Segmentation:
- By Component Type:
- Technology
- Interactive Voice Response
- Optical Character Recognition
- Pattern and Image Recognition
- Auto Coding
- Text Analytics
- Speech Analytics
- Services
- Technology
- By Application:
- Drug Discovery
- EHRs
- Clinical Trial Analytics
- Adverse Event Reporting
- Others
- By Deployment Mode:
- On-premise
- Cloud
- By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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