“The rising need to analyze and extract insights from narrative text and huge amount of clinical data to drive the growth of the NLP in healthcare and life sciences market. Moreover, the emergence of cognitive computing to boost the demand for NLP solutions for precision medicine applications to provide huge opportunities to the healthcare and life sciences verticals across the globe”

The global NLP in healthcare and life sciences market size to grow from USD 1.8 billion in 2021 to USD 4.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.0% during the forecast period. Various factors such as the growing need to analyze and extract insights from narrative text and huge amount of clinical data, and rising demand for improving EHR data usability to improve healthcare delivery and outcomes are driving the adoption of the NLP in healthcare and life sciences and services market across the globe.

COVID-19 is disrupting the world, businesses, and economies, thus impacting on the livelihood of people live, their interaction, and the way they manage their businesses. The ability to sustain has become the new normal for enterprises as they shift their focus from growth opportunities and concentrate on implementing drastic measures to mitigate the impact of the COVID-19 pandemic. In the progressing fight against COVID-19, pharmaceutical and healthcare organizations, governments, and the broader scientific communities around the world are working to assess the impact of the virus, and quickly develop fast, accurate solutions. Few of the vendors in the market witness that NLP technology would enable fast, systematic, comprehensive insight generation from unstructured text. Sources can include scientific literature, clinical trial records, preprints, internal sources, medical records, social media, and news reports. Capturing the key information from these many sources, and synthesizing it into one Evidence Hub, deepens understanding for the users, which will accelerate outcomes. NLP has been extensively used in different organizations to categorize sentiments, perform recommendations, summarizing information, and topic modeling.

As the novel coronavirus has spread around the globe, it has created major disruption across communities, patients, and clinicians, the way they work, and how they engage in supporting stakeholders across the ecosystem. Pharmaceuticals and life sciences companies have found themselves front and center, providing extremely essential medical products to support patients in their time of need while also attracting widespread attention as the industry sprints to develop new therapeutics and vaccines for COVID-19.

The cloud segment to have the larger market size during the forecast period

By deployment mode, the NLP in healthcare and life sciences market has been segmented into on-premises and cloud. The market size of the cloud deployment mode is estimated to be larger during the forecast period due to the availability of easy deployment options and minimal requirements of capital and time. The cloud deployment model holds a major portion of the market due to its easy availability and agility for business owners. Healthcare companies are opting for cloud-based infrastructure to manage and monitor employees and facilities who are working remotely.

The SMEs segment to hold higher CAGR during the forecast period

The NLP in healthcare and life sciences market has been segmented by organization size into large enterprises and SMEs. The market for SMEs is expected to register a higher CAGR during the forecast period as cloud-based software and services help them improve business performance and enhance productivity. Whereas the large enterprises segment is expected to hold a larger market share in the NLP in healthcare and life sciences market during the forecast period due to the affordability and the acceptance of new emerging technologies such as AI, Big data and blockchain by the healthcare firms.

Among regions, APAC to hold higher CAGR during the forecast period

APAC is expected to grow at a good pace during the forecast period. Healthcare companies in APAC continue to focus on improving business operations to drive market competitiveness and revenue growth. China, India, and Singapore have displayed ample growth opportunities in the NLP in healthcare and life sciences market.  Moreover, governments in the region are spending heavily on AI and ML technologies to increase digitalization and awareness about NLP among healthcare firms.

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 and life sciences market.

• By Company: Tier I: 34%, Tier II: 43%, and Tier III: 23%
• By Designation: C-Level Executives: 50%, D-Level Executives: 30%, and Managers: 20%
• By Region: APAC: 30%, Europe: 30%, North America: 25%, MEA: 10%, Latin America: 5%

The report includes the study of key players offering NLP in healthcare and life sciences and services. It profiles major vendors in the global NLP in healthcare and life sciences market. The major vendors in the global NLP in healthcare and life sciences market include Microsoft (US), Google (US), IBM (US), Cerner (US), 3M (US), AWS (US), Inovalon (US), Dolbey (US), Averbis (Germany), Linguamatics (an IQVIA Company) (UK), Apixio (US), Clinithink (US), Lexalytics (US), Apixio (US), Clinithink (US), Lexalytics (US), Health Fidelty (US), Wave Health Technologies (US), Corti (US), CloudMedx (US), Oncora Medical (US), Caption Health (US), ForeSee Medical (US), Press Ganey (US), Gnani.ai (India), Notable (US), Biofourmis (US), Babylon (UK), Flatiron (US), and Suki (US).

Research Coverage

The market study covers the NLP in healthcare and life sciences market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as components, deployment mode, organization size, NLP type, end user, application, 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 NLP in healthcare and 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.