Natural Language Processing (NLP) in Healthcare and Life Sciences Market

Natural Language Processing (NLP) in Healthcare and Life Sciences Market, By Component Type (Technology (Interactive Voice Response, Optical Character Recognition, Pattern and Image Recognition, Auto Coding, Text Analytics, Speech Analytics), and Services), By Application (Drug Discovery, EHRs, Clinical Trial Analytics, Adverse Event Reporting, Others), By Deployment Mode (On-premise, Cloud), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

Natural language processing (NLP) is a branch of machine learning (ML) that primarily aims to reduce the distance between human and machine capabilities. Natural Language Proessing (NLP) focus on designing and building applications and systems in a way that allows an easy intersection between computers and natural languages developed for human use. NLP has been used in several areas within artificial intelligence (AI) and data processing applications such as social media, translation, summarization, and medical applications. In fact, in the last decades, it has been exhaustively used in current technology to support spam email privacy, personal voice assistants language, translation applications, and big data management. The analysis of medical data, such as patient reports, doctor notes, patient demography details, lab test results, and previous medical history can be effectively examined through NLP. It can improve treatment and patient service at a reasonable cost and time. NLP helps train a machine to convert unstructured data into structured and can suggest a decision in the diagnosis process.

Market Dynamics

The key market players operating in the market are focused on signing inorganic growth strategies such as partnerships, collaboration with market players, developing new platforms, and increasing use of NLP platforms, which is expected to drive growth of the global natural language processing (NLP) in healthcare and life sciences market over the forecast period. For example, natural language processing (NLP) is the ability of a computer program to understand human language as it is spoken and written -- referred to as natural language. It is a component of artificial intelligence (AI). NLP enables computers to understand natural language as humans do. Whether the language is spoken or written, natural language processing uses artificial intelligence to take real-world input, process it, and make sense of it in a way a computer can understand. Just as humans have different sensors, such as ears to hear and eyes to see, computers have programs to read and microphones to collect audio.

Key features of the study:

• This report provides an in-depth analysis of the global natural language processing (NLP) in healthcare and life sciences market and provides market size (US$ Bn) and compound annual growth rate (CAGR) for the forecast period (2023–2030), considering 2022 as the base year.
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global natural language processing (NLP) in healthcare and life sciences market based on the following parameters– company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study 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.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• Global natural language processing (NLP) in healthcare and life sciences market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global natural language processing (NLP) in healthcare and life sciences market.

Detailed Segmentation:

• By Component Type:
• Interactive Voice Response
• Optical Character Recognition
• Pattern and Image Recognition
• Auto Coding
• Text Analytics
• Speech Analytics
• Technology
• Services
• By Application:
• Drug Discovery
• EHRs
• Clinical Trial Analytics
• Adverse Event Reporting
• Others
• By Deployment Mode:
• On-premise
• Cloud
• By Region:
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East
• Africa
• Company Profiles
• 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
• SparkCognition
• Hewlett Packard Enterprise Development LP.