NLP (natural language processing), a rapidly emerging area in artificial intelligence (AI), has attracted groundswell of attention among industry players and academia alike. Investments in the NLP in healthcare and life-sciences market have anchored in extracting treasure trove of information from unstructured data. Data from bench to bedside in healthcare sector has incredible latent avenues in improving patient care. New provision models have emerged on the back of relentless efforts by healthcare systems to harness AI tools and technologies.
Some of the key areas where NLP services are witnessing substantial NLP in healthcare and life-sciences market potential in the pharmaceutical and life-sciences industries are drug discovery, patent analytics, drug development safety and pharmacovigilance, precision medicine, real world data analytics, clinical trials, and clinical trials analytics, and clinical research.
NLP has shown vast promise in accelerating the drug development processes and improving the return on investments. Contract research organizations and life-sciences industries have leveraged NLP tools to gain access to gene-disease associations, disease pathways and therapeutic targets. Developed world has witnessed pharmaceutical and biotech industries in speeding up drug discovery processes, particularly in target identification and gene-disease mapping.
The NLP in healthcare and life sciences market prospect of NLP tools in healthcare and life-sciences industries had stemmed from the regulatory push for drug development safety and pharmacovigilance. The application of NLP and other AI tools has grown across all stages of clinical trials. Rise in in vitro and in silico testing of the compounds for understanding drug toxicity is a key application in the area of drug development. Strides being made by regulatory toxicology has bolstered the prospect of NLP to expedite market authorization of drugs. The high drug development costs and time-to-market is a key driver for demand for AI for boosting the effectiveness of drug development safety. Drug discovery and preclinical trials comprise a sizable cost, where assessing the safety of candidates is a major concern.
The massive potential of AI for automation has attracted companies to expand the array of NLP tools. A few players are keen on offering chatbot technologies to empower the relationship between patients and caregivers. A growing number of players in NLP in healthcare and life sciences market are keen on influencing patient safety. The growing use cases for regulatory compliance will offer incremental opportunities for market players during the forecast period of 2021 to 2031. The Food and Drug Administration, European Medicines Agency, and Identification of Medicinal Products (IDMP) are the key regulatory agencies, enforcing regulatory guidelines. In the near future, top players in NLP in healthcare and life sciences market are looking to target customer value through cutting-edge NLP platforms gaining a competitive edge over others in the NLP in healthcare and life sciences market. Also, the competition will likely intensify from the foray of healthcare IT startups to tap into latent opportunities in AI.
Some of the key players in the NLP in healthcare and life sciences market are Google, Lexalytics, IBM, Linguamatics, Oncora Medical, Babylon, and CloudMedx.
North America has emerged as a market with floodgates of opportunities to technology companies and AI pioneers in the global NLP in healthcare and life sciences market. The prospects have been fueled by rise in adoption of AI tools in businesses across life-sciences industries. Extensive research in developing AI technologies and methods for quality control in clinical research and population health management, and patient safety has expanded the horizon for players to grow their market shares in the region. Further, the U.S. has been at the forefront of leveraging NLP platforms and Big Data for improving population health.