Natural Language Processing (NLP) in healthcare and life sciences market to grow from $1.03 billion in 2016 to $2.65 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 20.8%.
The market is growing rapidly because of the huge surge in clinical data, increasing use of connected devices, and evolving consumer needs. Limited access to clinical data and lack of institutional commitment are restraining the growth of the NLP market in healthcare and life sciences industry.
The report includes the study of key players offering NLP in healthcare and life sciences market:3M (Minnesota), Cerner Corporation (Missouri), IBM Corporation (New York), Microsoft Corporation (Washington), Nuance Communications (Massachusetts), M*Modal (Tennessee), Health Fidelity (California), Dolbey Systems (Ohio), Linguamatics (Cambridge), and Apixio (San Mateo). Furthermore, the report also includes in-depth competitive analysis of the key players in the NLP in healthcare and life sciences market, with their company profiles, recent developments, and key market strategies.
TOC of NLP in Healthcare and Life Sciences Market
- Interactive Voice Response
- Optical Character Recognition
- Pattern and Image Recognition
- Auto Coding
- Classification and Categorization
- Text Analytics
- Speech Analytics
- Professional Services
- Support and Maintenance Services
The NLP in healthcare and life sciences market by technology consists of Interactive Voice Response (IVR), Optical Character Recognition (OCR), pattern and image recognition, auto coding, classification &categorization, text analytics, and speech analytics. Pattern and image recognition is expected to witness the highest CAGR.
The technology is helpful in detecting images, pattern analysis, and gesture recognition. In the healthcare industry, it is used to interpret numerical data, such as blood test results.
This technique is also used in processing non-numeric data, such as patient history.
Breakup of Primary Interviews:
- By Company type – Tier 1- 30%, Tier 2- 40%, Tier 3- 30%
- By Designation – C-Level- 72%, Director Level- 14% Others- 14%
- By Region – North America- 57%, Europe- 14%, APAC- 29%
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The NLP in healthcare and life sciences market has been segmented by deployment mode into a cloud and on-premise deployment model. Both, on-premise and cloud-based solutions depend upon an organization’s requirements.
The cloud-based deployment model is gaining high traction in the market majorly due to its numerous advantages over the on-premise model such as the high scalability, cost-effectiveness, simplified access, and ease of use.
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