This outbreak of
COVID is projected to impact the global natural language processing (NLP) in
healthcare and life sciences market in the positive manner. During to corona virus
emergency period, many healthcare and pharmaceutical organizations across the
globe are emphasizing their research activities to evaluate the effect of the
virus, and quickly develop accurate and fast solutions. This factor is
significantly impacting the demand for NLP technology due to increasing the
utilization by researchers. NLP technology can help to find most effective
clinical decision support through validation & discovery of scientific
knowledge and medical records. This factor is projected to accelerate the market
growth in the pandemic time.
In addition, many
governments are taking several initiatives to support the organizations during
the COVID-19 pandemic period. For instance, the UK government has launched
future fund for UK-based companies and they can apply for a loan amount of
$150,000 up to $6 million. This fund is established to support continuous
growth and developments in areas like life sciences, creative and technology
industries. Also, government has
increased loan size for large businesses from $65 million to $250 million under
coronavirus large business loan scheme. This report offers information about
the impact of COVID-19 on the global
natural language processing (NLP) in healthcare and life sciences market. Our
report includes:
·
Technological Impact
·
Social Impact
·
Investment Opportunity Analysis
·
Pre- & Post-COVID Market
Scenario
·
Infrastructure Analysis
·
Supply Side & Demand Side Impact
According to new
report published by Research Dive, the global natural language processing (NLP)
in healthcare and life sciences market will reach up to $5.1 billion by 2027
and is expected to rise at a noteworthy rate throughout the forecast timeframe
2019-2027. The global market segmentation is done on the basis of NLP type,
deployment mode, organization size, application, end use industry and region. This
report offers comprehensive insights of drivers, opportunities, restraints,
segmentation and significant manufacturers in the overall market.
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Sample Report and know How Predictive analytics to reduce risks and growing demand for
electronic health record are the key factors for natural language processing in
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Factors affecting the market growth
According to our analysts, increasing
advancements in life sciences and healthcare sectors due to growing consumer
demand for well-organized healthcare services as well as to minimize risks is
the major driving factor for the growth of the market. But, lack of healthcare
infrastructure especially in underdeveloped economies is a restraint for the
market growth.
Rule based NLP and on-premises segments held the
global market size in 2019
Based
on type, the global market has been classified into rule based NLP, statistical
NLP and hybrid NLP. In these, rule based NLP segment generated the evident
market size in the previous years, due to extensive utilization of rule based
NLP by healthcare professionals for identification of languages or patterns
that represents specific healthcare concepts. Also, statistical NLP segment
will witness to grow at a noteworthy rate in the forecast years.
Based on
deployment mode, the global market is segmented into on-premises and cloud. In
both of these, could deployment mode will witness to grow at a remarkable rate
and is expected to produce highest revenue by the end of the forecast
timeframe. Growing adoption of cloud based NLP process by the most of the
organizations across the globe due to the properties like flexibility,
cost-effectiveness, easy and effective management, this factor is increasing
demand for cloud based services in the coming years. On-premises accounted for
highest market share in the previous years and is expected to grow at a
moderate rate in the forecast years.
Check out How COVID-19 impact on the Natural
Language Processing (NLP) in Healthcare and Life Sciences Market. Click here to Connect with Analyst @ https://www.researchdive.com/connect-to-analyst/262
Large enterprises and pattern & image recognition
segments are accounted for significant revenue share in the previous years
Based on
organization size, the global market is segmented into large enterprises and
small & medium-sized enterprises. In both of these, large enterprises
segment held the global market size in the previous years and is projected to
continue its dominance over the global market in terms of generating revenue in
forecast period. Large enterprises have several healthcare units and
institutions, these units contains large amount of data and information. Due to
this, large enterprises are applying NLP processes to further analysis of data
to save time and provide well patient services, this factor will drive the
market growth.
Based on
application, the global market is categorized into interactive voice response,
pattern & image recognition, auto coding, classification &
categorization, text & speech analytics and others. Among these, the market
for pattern & image recognition application has generated for highest share
in 2019 and is expected to experience a remarkable growth in the upcoming
years. Wide usage of NLP process for pattern & image recognition
application to identify the sentences from spoken languages, analyzing lexicography
and morphology as well as semantics of the sentences, these factors are
projected to drive the market growth in the forecast years.
Researchers segment will be the most profitable in the
forecast years
Based on end user, the global market is divided into physicians,
researchers, patients and clinical operators. Among these, researchers segment
accounted for major revenue share in 2019 and is expected to grow with a faster
rate during the forecast years. This expected growth is majorly owing to
growing application of NLP processes in healthcare study by researchers to
conduct complete study of improper healthcare data to find new possible
treatment methods.
Natural Language Processing (NLP) in Healthcare and
Life Sciences Market, Region insights
North America
region is expected to hold highest natural language processing (NLP) in
healthcare and life sciences market share in the previous years and is
projected to remain its growth during the forecast years. This dominance is
attributed to significant innovations in the healthcare industry such as
digitalization and modernization of healthcare facilities across the North
America region. Also, Europe region accounted for the subsequent position in
terms of revenue share in the global market and is projected to generate
enormous growth opportunities in the global market.
Prominent players in the global market
The prominent players
in the global natural language processing (NLP) in healthcare and life sciences
market are Nuance Communications, Inc.,
3M, Health Fidelity, Inc., Microsoft, Veritone, Dolbey, Google, Linguamatics,
Apixio, Inbenta Technologies and Bitext among others.
About Us:
Research Dive is a market research firm based in
Pune, India. Maintaining the integrity and authenticity of the services, the
firm provides the services that are solely based on its exclusive data model,
compelled by the 360-degree research methodology, which guarantees
comprehensive and accurate analysis. With unprecedented access to several paid
data resources, team of expert researchers, and strict work ethic, the firm
offers insights that are extremely precise and reliable. Scrutinizing relevant
news releases, government publications, decades of trade data, and technical &
white papers, Research dive deliver the required services to its clients well
within the required timeframe. Its expertise is focused on examining niche
markets, targeting its major driving factors, and spotting threatening
hindrances. Complementarily, it also has a seamless collaboration with the
major industry aficionado that further offers its research an edge.
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