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Natural Language Processing (NLP) in Healthcare and Life Sciences Market 2023-2030 | The Revolution of Analytics Industry
Natural language processing (NLP) is widely hailed as a future game-changer that will revolutionize various industries, including healthcare and life sciences. There are diverse NLP applications in the space which may foster an industry revolution in the future years. According to research reports, the NLP segment in the healthcare and life sciences category saw sizable revenue growth in 2022 with future forecasts of an increase by 2030. Here are some fascinating trends that industry watchers should keep an eye on.
Biggest NLP Providers in Healthcare and Life Sciences
Some of the largest natural language processing (NLP) providers in this category globally include:
- Insight Engines
- Microsoft Corporation
- SAS Institute Inc.
- Dolbey Systems
- NetBase Solutions
- Winterlight Labs
- Apple Incorporation
- Verint Systems
Key Trends in Natural Language Processing (NLP) for the Healthcare and Life Sciences Industry
Here are some key facets that point towards an industry revolution driven by NLP applications in the healthcare and life sciences sectors.
- The key types of NLP in these sectors are currently statistical NLP and hybrid-based NLP along with rule NLP.
- Applications like healthcare data analysis and life sciences research will completely revolutionize the sector while being a shot in the arm of the analytics industry.
- The regions that are currently the predominant ones for the usage of NLP in healthcare and life sciences include the United States, Europe, China, Japan, India, Southeast Asia, Latin America, and the Middle East and Africa.
- Some reports indicate that the size of the natural language processing (NLP) market was approximately USD$2.35 billion as of 2022. Forecasts estimate the size to touch a whopping USD$9.54 billion by 2030.
- This indicates a compounded annual growth rate (CAGR) of 19.1% between 2023 and 2030.
- NLP will enable robots to understand both the written and spoken language of humans while reading, decoding, comprehending, and delineating human languages better. It will enable the extraction of data from massive clinical databases and enhance the same.
- The NLP market will increase in the future due to extensive R&D (research and development) in creating natural language processing platforms exclusively for healthcare and life sciences.
- Top market players are currently focusing on R&D in this space which may lead to an increase in worldwide NLP in the future. Lexalytics is one example, beginning in 2019 when it confirmed the availability of its text analytics and NLP suite for on-premises usage in the cloud or lone workstations.
- Another example is Melax Tech, which is an AI-driven NLP tech provider. It came up with Mercury NLP back in September 2021, helping to extract unstructured and precious medical data for analysis in the pharmaceutical and medicine sectors.
- There will be increasing segmentation of the NLP market in healthcare and life sciences based on services and solutions (by components) while deployment modes will include both on-premises and cloud options.
- There will also be further segmentation across SMEs (small and medium-sized enterprises) and bigger enterprises.
- By NLP applications, the segments will include image and pattern recognition, IVR, categorization and summarization, along with predictive risk analytics.
- Some other use cases include reporting and visualization, and also text and speech analytics.
- The market will also be catering to several kinds of end-users with dedicated natural language processing (NLP) solutions for clinical operators, physicians, researchers, and patients.
Following current trends, NLP is poised to witness widespread adoption throughout the healthcare and life sciences industry. Healthy market size growth forecasts for the sector are based on extensive R&D and innovations done by leading players across major global regions. The suite of applications will only increase over the years, with better data extraction and comprehension for enhancing the overall efficiency of the healthcare and life sciences sectors.
- How big is the NLP market in 2030?
The NLP market is poised to touch a handsome USD $ 9.54 billion by 2030, which indicates a CAGR of 19.1% from the 2022 market size of USD $ 2.35 billion.
- What is natural language processing NLP in healthcare and life sciences?
Natural language processing (NLP) in healthcare and life sciences offers technology-driven abilities with regard to identifying contexts for the usage of words. This enables a more accurate understanding and interpretation of conversations with patients and other stakeholders while capturing vital nuances of health conditions. This helps manage treatment data and follow-ups. It also helps identify data patterns and automates various tasks in the life sciences and pharmaceuticals sector.
- How is NLP used in healthcare?
NLP is helpful for processing the electronic health records (EHRs) of patients with an aim to extract valuable information including medication, diagnosis, and other symptoms. This helps enhance overall patient care while ensuring personalized treatments accordingly.
4. What is the future of natural language processing?
Natural language processing (NLP) is expected to expand in the future with diverse applications and other possibilities. There will be more cutting-edge technological innovations in segments like sentiment analysis, speech recognition, Chatbots, and automated machine translation among others.
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