Natural Language Processing (NLP) in Healthcare and Life Sciences Market to Expand at A CAGR of 12.90% by 2028

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Market Overview A new report by Reports and Data predicts that the Global Natural Language Processing (NLP) market in healthcare and life sciences is anticipated to achieve a valuation of USD 4,799.6 Million by 2028. NLP refers to the utilization of computer algorithms to identify key components in everyday language and derive meaning from unstructured written or spoken input. Various NLP initiatives focus on surpassing the Turing test by creating algorithmically-driven entities capable of mimicking human-like responses in conversations or queries. Additionally, some efforts involve understanding human speech through voice recognition technology, such as automated customer service applications. NLP plays a crucial role in the healthcare and life science sectors, presenting substantial opportunities that contribute to the ongoing market growth. Within the healthcare sector, NLP enhances the electronic health record (EHR) experience, offering a solution to minimize EHR distress by replacing handwritten notes or manual typing. Furthermore, NLP aids in improving patient health literacy by facilitating smoother interaction between care users and health IT tools. Despite these positive attributes propelling market growth, challenges like limited access to clinical data and insufficient institutional commitment may hinder progress.

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Regional Perspective North America dominates the market, driven by technological advancements, rapid adoption of new technologies, and continuous expansion of the healthcare sector.

Key Report Highlights The report provides region- and country-specific statistics for the NLP market in healthcare and life sciences from 2018 to 2028, using 2016 and 2017 as historical data and considering 2020 as the base year. Market size estimation, historical and forecasted trend analysis, and analysis of various alternatives are included. The regulatory framework for each region, upcoming research and application outlook, ongoing developments, and market share analysis of top industry players are covered. Strategic recommendations for new entrants, market trends, and company profiling with detailed strategies, financials, and recent developments are presented.

Trends in the NLP Market for Healthcare and Life Sciences The market is projected to grow at a rate of 12.90% during the forecast period, reaching USD 4,799.6 Million by 2028. Strategic initiatives, such as new product launches and acquisitions, are driving market growth. For example, in 2019, M*Modal and 3M launched an AI-powered CDI tool, applying NLP technology to assist health systems in managing clinical documentation enhancement initiatives. Acquisitions, such as the one in January 2019 where Linguamatics was acquired by Iqvia, contribute to the overall market growth.

Key Market Players Major companies in the market include Cerner Corporation, 3M, Nuance Communications, Inc., IBM Corporation, Heath Fidelity, Microsoft Corporation, Linguamatics, Apixio, Clinithink Inc., and Mmodal IP PLC. These companies employ various approaches, including new product launches, R&D activities, acquisitions, and mergers to penetrate untapped markets.

Market Analysis The NLP market in healthcare and life sciences was valued at USD 1,805.5 Million in 2020, with a forecasted growth rate of 12.90% during the forecast period. The Technology segment holds a larger market share of 66.0% in 2020, driven by high demand for technologies like Optical Character Recognition, Interactive Voice Response, and Text Analytics among care providers. The Rule-Based NLP segment occupies the largest market share of 49.0% in 2020, with a CAGR of 13.8% during the forecast period, focusing on pattern-matching and enhancing the EHR process. The Cloud deployment segment is forecasted to witness a faster growth rate of 14.3% during the forecast period, occupying 36.0% of the market by 2028, due to benefits like ease of access and cost-effectiveness. North America holds the largest market share of 43.0% in 2020, with a CAGR of 13.7% during the forecast period, driven by technological advancement and the rapid adoption of new technologies.

Segments Covered in the Report The report segments the global NLP market in healthcare and life sciences based on Component, Type, Deployment Mode, Application, and Region, providing revenue growth forecasts for each segment from 2016 to 2028. Components include Service and Technology, Types encompass Statistical NLP, Rule-Based NLP, and Hybrid NLP, Deployment Modes include On-Premise and Cloud, and Applications include Machine Translation, Predictive Risk Analytics, Report Generation, Automated Information Extraction, and Others. Regions covered include North America, Europe, Asia Pacific, MEA, and Latin America.

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