Global Healthcare Natural Language Processing Market: Snapshot
Natural language processing (NLP) technologies allows humans to interact with computers through conventional languages such as English and German instead of artificial languages such as Java and C++. These technologies use a computer to process, analyze, and generate computational linguistics on the basis of human languages. Currently, NLP technology is being extensively used in the healthcare industry as several public and private health organizations are using it for clinical applications. Hospitals and clinics are adopting these technologies to improve patient engagement and bring in efficiency in decision-making capabilities. Owing to these reasons, the global healthcare natural language processing market is expected to be worth US$4.3 bn by the end of 2024 from US$936 mn in 2015. Between the years of 2016 and 2024, the global market is expected to expand at a CAGR of 18.8%.
The demand for NLP technology is expected to surge in the coming years as it is being used as a strategic tool to derive meaningful comprehensive of clinical informatics for effective outcomes by the healthcare industry. Used as a part of artificial intelligence systems, applications of NLP technologies are being deployed for predictive analysis and clinical decision support systems. The global healthcare natural language processing market is expected to receive an impetus from the uptake of these technologies by several companies for extracting knowledge from several clinic documents via machine learning or deep learning applications. The growing volume of unstructured clinical data and the unstoppable penetration of electronics health record (EHR) systems are expected to fuel the growth of this market in the coming years.
Demand for Machine Translation to Remain Steady through Forecast Period
On the basis of technology, healthcare NLP market is fragmented into machine translation, information extraction, automatic summarization, and text and voice processing. Out of these, the demand for machine translation and information extraction is expected to remain high in the healthcare applications in the coming years. The increasing influx of unstructured clinical information and pressing need for data analytics in clinical applications for text mining and document classification is expected to drive this demand. On the other hand, the text and voice processing segment is also projected to come across a plethora of opportunities in the healthcare NLP market. Factors such as growing adoption of speech recognition, and voice processing systems in EHR platforms, and artificial intelligence applications will boost the growth of the aforementioned segment.
North America Paces Ahead as Region Witnesses Spike in Number of Providers
Geographically, the global healthcare natural language processing market is segmented into North America, Europe, Asia Pacific, South America, the Middle East and Africa, and Latin America. Presently, North America and Europe are leading the global market. The dominance of North America is attributable to the growing adoption of advanced technologies in healthcare applications and a strong foothold NLP technology providers. This regional market is also likely to thrive due to growing number healthcare organizations that are focusing on real-time analytics along with the integration of data analytics in various clinical processes. Furthermore, the growing investments by companies in developing improved NLP technology and artificial intelligence with the help of machine learning and automated decision-making support systems are also expected to drive the North America healthcare natural language processing market in the coming years.
The key players operating in the global healthcare natural language processing market are NLP Technologies, Inc., NEC Corporation, Apple, Inc., Microsoft Corporation, Dolbey Systems, Inc., IBM Corporation, NetBase Solutions, Inc., SAS Institute, Inc., Verint Systems, Inc., eContext, Linguamatics Ltd., and Artificial Solution. Several companies are making terrific investments in developing advanced technologies and diversified solutions for healthcare applications.
Global Healthcare Natural Language Processing Market: Overview
This report provides an analysis of the global healthcare natural language processing (NLP) market for the period from 2014 to 2024, wherein the period from 2016 to 2024 comprises the forecast period and 2015 is the base year. Data for 2014 is provided as historical information. The report details the prominent trends and technologies playing a major role in the growth of the healthcare NLP market over the forecast period. It also highlights various drivers, restraints, and opportunities expected to influence the market’s growth during this period. The study provides a holistic perspective of the growth of the healthcare NLP market throughout the forecast period in terms of revenue estimates (in US$ Mn), across Asia Pacific (APAC), South America, North America, Europe, and Middle East & Africa (MEA) regions. The report provides analysis of the global healthcare NLP market in terms of market estimates and forecasts for all the segments across different geographic regions.
The report provides extensive information on key developments of NLP system across the countries and opportunities for global healthcare NLP market. This is in consideration to the growing implementation of machine translation and information extraction technology, which is anticipated to offer prominent opportunities for healthcare NLP market across the world in near term. Furthermore, increasing integration of data and network technologies such as big data, and internet of things (IoT) has varying degree of acceptance across regions and in healthcare applications, which is further anticipated to influence the demand for NLP technology across these geographic regions during the forecast period.
Global Healthcare Natural Language Processing Market: Drivers and Trends
The increasing penetration of electronics health record (EHR) systems in healthcare applications is creating strong demand for knowledge extraction and structured information. In addition, Healthcare NLP market is mainly driven by exponentially rising volume of unstructured clinical data. The NLP technology enables health professional to enhance the overall performance of clinical process by attaining clinical communication techniques. NLP technology based systems also allow organizations to improve family and patient engagement, and assist in reduction of operational cost by elimination of traditional clinical documentation process.
Furthermore, many European countries are spending on healthcare IT expenditure in order to implement advance technologies in clinical diagnosis procedures. Healthcare organizations are implementing NLP technologies for clinical documentation purpose in order to reduce incidental errors, financial losses, and attain high quality patient care and better patient outcomes. The report includes the impact analysis of such factors under the market dynamics, categorized as the drivers and the restraints. Apart from this, the report also details on different NLP techniques while providing holistic view of the market under the ecosystem analysis. In ecosystem analysis, the study elucidates the workflow of entire healthcare NLP system from generation of unstructured data to the end-use healthcare systems.
Global Healthcare Natural Language Processing Market: Segmentation
On the basis of technology, healthcare NLP market is categorized into machine translation, information extraction, automatic summarization, and text and voice processing. The study includes global and regional key trends and key market indicators of the healthcare NLP market. The report also includes detailed information of technology segment across each region for global healthcare NLP market. Moreover, the report also includes competitive profiling of the regional and global key players associated with the healthcare NLP market. The important business strategies adopted by them, their market positioning, and recent developments have also been identified in the research report.
Key Players Mentioned in this Report are:
The growing developments in NLP technology across the healthcare applications is leading towards high competition in global healthcare NLP market. The major players in global healthcare NLP market include NLP Technologies, Inc., NEC Corporation, Apple, Inc., Microsoft Corporation, Dolbey Systems, Inc., IBM Corporation, NetBase Solutions, Inc., SAS Institute, Inc., Verint Systems, Inc., eContext, Linguamatics Ltd., and Artificial Solutions.
Healthcare NLP Market, by Technology
- Machine Translation
- Information Extraction
- Automatic Summarization
- Text and Voice Processing
In addition, the report provides analysis of the healthcare NLP market with respect to the following geography segments:
- North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East and Africa (MEA)
- Unite Arab Emirates (UAE)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America