SEATTLE--(BUSINESS WIRE)--According to Coherent Market Insights, the global natural language processing in healthcare and life sciences market was valued at US$ 1,497.89 million in 2018, and is projected to exhibit a CAGR of 26.8% during the forecast period (2018 – 2026).
Key Trends and Analysis of the Natural Language Processing in Healthcare and Life Sciences Market:
The Natural Language Processing (NLP) in healthcare and life sciences market size is expected to witness remarkable growth in the forecast period. This is owing to increasing adoption of digital technology in the healthcare industry and customer demand for better healthcare services. Major companies are focused on offering solutions for different application areas and the services are majorly centered towards hospitals and healthcare companies. For instance, IQVIA’s NLP platform is designed to use unstructured data sources of social media in combination with medical documents to provide regulations and compliance through its NLP analytics.
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Furthermore, 3M Company offers the NLP software platform named, CodeRyte CodeAssist that helps to capture statements about diseases and treatments from physician’s report. The software also helps to label the report with International Classification of Diseases (ICD) and Current Procedural Terminology (CPT) codes. This helps the patient’s insurer to reimburse expenses automatically. In 2017, Linguamatics formed a partnership with Dow Jones Company. As part of the partnership agreement, Linguamatics' I2E text mining technology NLP platform helps pharmaceutical companies to extract key insights from Dow Jones' Factiva tool.
Various government organizations are employing artificial technology in order to find novel solutions in healthcare and other areas of potential interest. For instance, in September 2018, NITI Aayog: a policy think tank of the Government of India, Intel Corporation, and Tata Institute of Fundamental Research (TIFR) collaborated to focus on application-based AI research in healthcare, agriculture, and smart mobility.
Moreover, research organizations are adopting new healthcare technologies in which NLP technology manufacturers have opportunities to offer solution to Artificial Intelligence-based solution to user. For instance, in October 2017, National Clinical Research Center for Cancer (NCRCC) in China signed a deal with the Institute of Computing Technology under the Chinese Academy of Sciences (CAS), in order to use AI in medical imaging.
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Key Market Takeaways:
- The global natural language processing in healthcare and life sciences market is projected to witness a CAGR of 26.8% during the forecast period (2018 – 2026), owing to increasing focus of organizations and hospitals on adopting NLP platform to reduce administrative cost. NLP helps for efficient billing by extracting relevant information from unstructured physician notes and appropriately assigns medical codes to facilitate billing process. Similarly, it is easy for management to leverage information from physician notes using NLP to avoid delays by prior authorization approval and administrative errors.
- Among regions, North America is expected to hold dominant position in the global natural language processing in healthcare and life sciences market during the forecast period, owing to increasing number of new product launches. For instance, in June 2016, Interactions, LLC, a key player in speech and natural language technology, launched CuroTM Speech, which is an innovative Automatic Speech Recognition (ASR) and Text to Speech (TTS) application designed to modernize and support customer care interactions.
- Major players operating in the global natural language processing in healthcare and life sciences market include, 3M, Cerner Corporation, IBM Corporation, Microsoft Corporation, Heath Fidelity, Linguamatics, Dolbey Systems Inc., and Apixio Inc.
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