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According to a new report, published by KBV research, The Global NLP in Healthcare and Life Sciences Market size is expected to reach $6.8 billion by 2028, rising at a market growth of 20.3% CAGR during the forecast period.
The Solution segment acquired the maximum revenue share in the Global NLP in Healthcare and Life Sciences Market by Component in 2021; thereby, achieving a market value of $4.4 billion by 2028. Counter fraud management, clinical variation management, population health management, and other solutions (claim management and risk adjustment) are what make up the solution segments. These technologies can be used to analyze data from a variety of sources in order to draw useful insights and make data-driven health decisions. By converting free text into standardized data, NLP in the healthcare business can help to improve the accuracy and completeness of EHRs. This might also make documentation easier by allowing care professionals to dictate notes, as NLP converts unstructured language into structured data, which is another business advantage. During the projection period, the solutions segment is likely to experience a surge in demand).
The NLP for Patients segment is showcasing a CAGR of 20.7% during (2022 - 2028). Natural language processing is able to accurately detect which schizophrenia patients are likely to have a beginning of psychosis based on their speech patterns. An NLP system with "a novel combination of semantic coherence and syntactic assays as predictors of psychosis transition" was used in the tiny proof-of-concept study. This is likely to benefit schizophrenia patients who will be able to predict their psychotic episodes.
The Rule-based segment is leading the Healthcare and Life Sciences Market by NLP Type in 2021, thereby, achieving a market value of $2.7 billion by 2028. In rule-based NLP, users must first program a set of heuristics into the system. The oldest approaches to NLP are rule-based approaches. They're used since they've been tried and proven to work. Textual rules can provide a wealth of information.
The On-premise segment has shown growth rate of 18.4% during (2022 - 2028). Having these systems on-premise helps healthcare organizations avoid the risk of data breaches. The on-premises deployment ensures the highest level of safety to the voluminous data generated every day in these organizations.
The Large Enterprises market dominated the Global NLP in Healthcare and Life Sciences Market by Organization Size in 2021, thereby, achieving a market value of $4.4 billion by 2028. Due to their ability to hold various forms of structured, semi-structured, and unstructured data from many sources, such as EHRs and social media posts, large companies are embracing NLP solutions in the healthcare and life sciences industry at a faster rate.
The Others market is estimated to at grow high CAGR of 21.9% during (2022 - 2028). Under others segment, Sentiment analysis examines a text using a combination of natural language processing (NLP), text analysis, computational linguistics, and biometrics to determine its underlying sentiment. Because of this, sentiment analysis is also known as sentiment detection or opinion mining. When organizations utilize sentiment analysis on social media, it's a wonderful demonstrative example and possibly its most prevalent use case. They can better grasp how the audience sees their products, services, or brand as a whole as a result of this. In theory, a healthcare provider could accomplish the same thing by studying patient comments on social media about their institution to gain a more accurate image of the patient experience.
North America is the fastest growing region in the Global NLP in Healthcare and Life Sciences Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2.4 billion by 2028. The Europe market is estimated to witness a CAGR of 19.6% during (2022 - 2028). Additionally, The Asia Pacific market would experience a CAGR of 21.4% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 3M Company, IBM Corporation, Microsoft Corporation, Google LLC, Amazon Web Services, Inc., Cerner Corporation, Corti ApS, Lexalytics, Inc., Health Fidelity, Inc., and Linguamatics.
By End User
By NLP Type
By Deployment Mode
By Organization Size