The emergency of coronavirus has a considerable impact on the global natural language processing (NLP) in healthcare and life sciences market in 2020. Rule based NLP segment held the global market size in 2019 and on-premises segment generated for highest revenue share in the previous years. Large enterprises accounted for significant market share in 2019 and pattern & image recognition segment will experience an enormous growth by the end of 2027. Also, researchers segment is expected to grow at a faster rate and Asia-Pacific will be the most lucrative region in the coming years. The significant manufacturers are focusing on technology developments to strengthen their footprint in the global market.
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.
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.
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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.
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.
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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.
Mr. Abhishek Paliwal
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