NLP in Healthcare & Life Sciences Market by Offering, NLP Type (Statistical, Neural), NLP Technique (Sentiment Analysis, Topic Modeling), Application (Clinical Trial Matching, Clinical Decision Support), End User and Region - Global Forecast to 2028

NLP in Healthcare & Life Sciences Market by Offering, NLP Type (Statistical, Neural), NLP Technique (Sentiment Analysis, Topic Modeling), Application (Clinical Trial Matching, Clinical Decision Support), End User and Region - Global Forecast to 2028

The global market for NLP in Healthcare & Life Sciences market is projected to grow from USD 2.7 billion in 2023 to USD 11.8 billion by 2028, at a CAGR of 34.4% during the forecast period. NLP has a significant impact on the Healthcare & Life sciences industry. Its benefits include increased safety, better patient outcomes, increased efficiency, and cost-effectiveness. NLP expands the field of medical discovery by revealing patterns of antibiotic resistance and new biomarkers. Due to NLP's capabilities, analyzing large amounts of medical texts becomes manageable. Its aim is to propel the adoption of NLP solutions, especially in the fields of precision medicine and intelligent healthcare delivery through the use of electronic health record (EHR) data. NLP promises to revolutionize Healthcare & Life sciences, simplify data analysis, and ultimately transform healthcare and services for improved outcomes, despite obstacles.

“The Healthcare Researchers is projected to be the largest market during the forecast period.”

NLP technology enables healthcare researchers to extract, analyze, and synthesize vast amounts of medical data from a wide variety of sources, such as research papers, clinical trials, and patient records. These tools assist in literature review, data mining, and knowledge discovery, thus accelerating research insights and discoveries. NLP-driven systems facilitate data-driven decision-making, enabling researchers to identify patterns, correlations, and emerging trends across extensive datasets.

“Among NLP Type, Neural is anticipated to hold the highest CAGR during the forecast period.”

The utilization of neural-based NLP type has surged in Healthcare & Life sciences. These NLP type process vast amounts of unstructured data from electronic health records and analyze extensive medical texts. Recent advancements in deep learning and neural network approaches have outpaced traditional statistical and rule-based systems across diverse tasks such as classification, prediction, word embeddings, extraction, generation, question answering, phenotyping, knowledge graphs, medical dialogue, multilinguality, and interpretability. The adoption of NLP solutions is anticipated to be driven by the use of neural-based NLP in the life sciences & healthcare, particularly in precision medicine applications and the analysis of EHR data to enhance healthcare outcomes and delivery.

“Among application, the healthcare chatbots & virtual assistants is anticipated to hold the highest CAGR during the forecast period.”

The integration of natural language processing in healthcare chatbots & virtual assistants has significantly transformed the industry. These NLP-powered tools offer 24/7 availability and instant responses and have reduced phone traffic by providing scalable and efficient services. It engage users in a friendly, human-like manner and seamlessly shift between channels, improving customer service on the front lines.

“North America to account for the largest market size during the forecast period.”

The high adoption of advanced technologies across North America and the presence of established market players create fertile ground for market expansion across the region. NLP's pivotal role in healthcare and life sciences fuels the adoption of innovative solutions, notably in precision medicine and EHR data analysis. This integration promises enhanced healthcare delivery and outcomes. The convergence of advanced technology and industry expertise sets the stage for significant advancements, offering a transformative landscape for improved healthcare practices and efficiency in the region.

Breakdown of primaries

In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the NLP in Healthcare & Life Sciences market.

By Company: Tier I: 35%, Tier II: 45%, and Tier III: 20%

By Designation: C-Level Executives: 35%, Directors: 25%, and Others: 40%

By Region: North America: 40%, Europe: 20%, APAC: 30%, MEA: 5%, Latin America: 5%

Major vendors offering NLP in Healthcare & Life Sciences solutions and services across the globe IBM (US), Microsoft (US), Google (US), AWS (US), IQVIA (US), Oracle Corporation (US), Inovalon(US), Dolbey and Company (US), Averbis (Germany), SAS Institute (US), 3M (US), Press Ganey (US), Ellipsis Health (US), Centene Corporation (US), Lexalytics (US), Caption Health (US), Clinithink (US), Hewlett Packard Enterprise (US), Oncora Medical (US), Flatiron Health (US), Apixio (US), Edifecs (US), John Snow Labs (US), ITRex Group (US), Forsee Medical (US), Gnani.ai (India), Notable (US), Biofourmis (US), Suki (US), Wave Health Technologies (US), Corti (Denmark), CloudMedx (US), MedlnReal (Netherlands), Emtelligent (Canada), Enlitic (US), and Deep 6 AI (US).

Research Coverage

The market study covers NLP in Healthcare & Life Sciences Market across segments. It aims to estimate the market size and the growth potential across different segments, such as offering, NLP Type, NLP Technique, Application, End Users, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report

The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market for NLP in Healthcare & Life Sciences market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers (rising demand to enhance care delivery and patient engagement, rising demand for BYOD among enterprises, need for predictive analytics to improve significant health concerns, focus on enhancing clinical decision support), restraints (issues related to domain-specific language and medical terminology in NLP model development, complexity in integrating NLP with established healthcare system), opportunities (rising adoption of computer-assisted coding to enhance productivity, emergence of advanced AI technology for generating valuable insights for healthcare, emergence of cognitive computing for medicine applications), and challenges (issue related to high-cost implementation and maintenance of NLP technology, achievement of explainability and interpretability issues while deploying NLP algorithms) influencing the growth of the NLP in Healthcare & Life sciences market.

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the NLP in Healthcare & Life Sciences market.

Market Development: Comprehensive information about lucrative markets – the report analyses the NLP in Healthcare & Life Sciences market across varied regions.

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in NLP in Healthcare & Life Sciences market strategies; the report also helps stakeholders understand the pulse of the NLP in Healthcare & Life Sciences market and provides them with information on key market drivers, restraints, challenges, and opportunities.

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players such as IBM (US), AWS (US), Microsoft (US), Google (US), IQVIA (US), and others in the NLP in Healthcare & Life Sciences market.