The global healthcare Natural Language Processing (NLP) market is expected to grow from $1.10 billion in 2015 to $2.67 billion by 2020, at a CAGR of 19.2%. According to a new market research report, “Natural Language Processing Market for Health Care and Life Sciences Industry by Type (Rule-Based, Statistical, and Hybrid NLP Solutions) – Worldwide Forecast and Analysis to 2015 – 2020“, published by MarketsandMarkets, NLP technologies are gaining traction in healthcare and life sciences industry as there is an explosive growth of unstructured clinical data available in EHR.
What is NLP?
Natural Language Processing (NLP) technologies assist machines in understanding the language used by humans to communicate both reading and writing. This form of communication assists the computer in performing various other additional tasks. NLP techniques extract important information from the vast amount of clinical data and analyse it effectively for enhanced processing and analytics. Due to this, numerous healthcare providers are looking for solutions that incorporate high-end NLP technologies. A few examples of such applications include processing of enormous amounts of data by utilizing high end NLP technologies for information extraction, automatic speech recognition, machine translation, and dialogue systems.
Unstructured Clinical Data Drives Healthcare NLP Market
The demand in this market is highly driven by the tremendous increase in unstructured clinical data. Furthermore, the increase in the usage of internet and connected devices are some other factors pushing this market and creating value in the market. The practice patterns used by physicians for the documentation of clinical notes as well as patient discharge summaries have generated an enormous amount of unstructured data in the form of EHR. Such voluminous data needs to be structured and analyzed effectively for enhanced reporting and analytics. Due to this, numerous healthcare providers are looking for solutions incorporating high-end NLP technologies. Additionally, the report emphasizes on key adoption trends, evolution of NLP techniques, attractive market opportunities, and business cases in this innovative market.
Key Market Segments
North America is expected to be the largest market on the basis of spending and adoption of NLP solutions for the healthcare and life sciences industry. The NLP market is broadly segmented by type of solutions into rule-based NLP, statistical NLP, and hybrid NLP; by type of technologies into recognition technologies and operational technologies; by type of services into professional services and support and maintenance services; by deployment model into on-premises and on-demand; and by region into North America, Asia-Pacific (APAC), Europe, Latin America, and Middle East and Africa (MEA).
The rule-based NLP technologies in the healthcare and life sciences industry has high adoption rate as compared to other types of solutions in the NLP market. However, the statistical NLP type is expected to grow with higher Compound Annual Growth Rate (CAGR). Also, due to lower cost of integration and installation of NLP solutions, the professional services segment is holding the majority of market size as compared to support and maintenance services.
Key Market Vendors
The key vendors occupying the market are 3M, IBM, Cerner Corp., Nuance Communication, Microsoft Corp., Health Fidelity, Apixio, Linguamatics, Optum, Inc., and Dolbey Systems, among various others. The NLP market for healthcare and life sciences industry research report discusses the strategies and insights of the key vendors in the industry and also provides in-depth study of the driving forces and challenges for the NLP market for the healthcare and life sciences industry.
For more information, view the full report here.