Procurement Analytics Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2026
The global NLP in Healthcare & Life Sciences Market is projected to grow from USD 2.7 billion in 2023 to USD 11.8 billion by 2028, at a CAGR of 34.4% during the forecast period. The increasing use of electronic health records (EHRs) is a significant factor that boost the growth of NLP in Healthcare & Life sciences. These digitized records contain a wealth of information that harnessed through NLP techniques for various purposes such as improved diagnostics, personalized care, and efficient data management. The advancements in AI and machine learning play a pivotal role by enabling more sophisticated NLP applications, making it easier to extract valuable insights from vast amounts of healthcare data. Additionally, the growing recognition of NLP’s potential to enhance healthcare outcomes and meet the demands for personalized medicine and patient-centric care further accelerates its adoption.
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Text Classification to hold the largest market size during the forecast period.
Text classification in NLP in Healthcare & Life sciences market categorizes medical data, organizing it into meaningful groups such as diagnoses, symptoms, or treatments. This systematic sorting enables swift data analysis, aiding in decision-making processes for healthcare professionals. It automates administrative tasks, swiftly flags critical information, and uncovers patterns crucial for predictive analytics and research insights. By efficiently structuring information, text classification optimizes workflows, enhances clinical decision support systems, and accelerates research efforts. This streamlined approach expedites diagnoses, treatments, and discoveries, serving as a catalyst for improved patient care and advancements in healthcare practices.
Solutions Segment to account for the largest market share during the forecast period.
NLP solutions in Healthcare & Life sciences revolutionize data management, diagnosis, and patient interaction. These solutions streamline clinical documentation, extracting insights from unstructured data such as patient records and medical literature. It aids in precision medicine by analyzing genetic data and identifying tailored treatments. NLP powers chatbots and virtual assistants, improving patient engagement and support. Additionally, it accelerates drug discovery processes by mining vast scientific literature for patterns and insights. Ethical considerations, including privacy and bias, remain focal points in deploying NLP solutions, ensuring responsible and effective integration into these critical sectors.
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Unique Features in the NLP in Healthcare & Life Sciences Market
By turning unstructured medical notes into structured data, natural language processing (NLP) is used to increase the precision and effectiveness of clinical documentation. This helps with invoicing, coding, and compliance while also improving electronic health record (EHR) systems.
By extracting pertinent data from clinical documents, natural language processing (NLP) is used to automate medical coding procedures. This minimises errors in invoicing and coding processes in addition to reducing manual labour.
To extract insights for drug research and development, NLP helps analyse enormous volumes of unstructured data and biological literature. It assists scientists in finding pertinent data on genes, proteins, and possible therapeutic candidates.
Through the examination of trial criteria and patient records, NLP is utilised to match patients with appropriate clinical trials. This boosts the effectiveness of clinical trial operations and quickens the patient recruitment procedure.
By gleaning insightful information from patient encounters, comments, and online communities, NLP applications aim to improve patient engagement. This enables the delivery of healthcare services and more individualised communication.
By evaluating clinical data and medical literature, NLP supports CDSS by giving healthcare practitioners pertinent information and suggestions that improve diagnosis accuracy and treatment choices.
Major Highlights of the NLP in Healthcare & Life Sciences Market
Applications of natural language processing (NLP) have been used more and more to improve clinical documentation. This has improved medical record keeping accuracy and efficiency and made it possible to extract structured data from unstructured clinical notes.
The automation of medical coding procedures, the extraction of pertinent data from clinical texts to expedite coding and billing procedures, the decrease of errors, and the enhancement of reimbursement accuracy were all made possible by natural language processing.
Through the automation of patient recruiting procedures, the more effective matching of patients with appropriate studies, and the improvement of trial management overall, NLP applications have been used to optimise clinical trials.
Applications using NLP capabilities were created to improve patient experience, communication, and engagement. Chatbots, virtual health aides, and instruments for deriving insights from patient interactions to enhance individualised treatment were among them.
NLP helped with CDSS by evaluating clinical data and medical literature to give healthcare practitioners pertinent information and suggestions that would help with diagnosis accuracy and therapy selection.
With the notable adoption of voice recognition technology through NLP, healthcare personnel may now more effectively record and transcribe patient contacts, which lowers administrative workload.
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Top Key Companies in the NLP in Healthcare & Life Sciences Market
Key players operating in the NLP in Healthcare & Life Sciences market across the globe IBM (US), Microsoft (US), Google (US), AWS (US), IQVIA (US), Oracle Corporation (US), Inovalon(US), Dolbey and Company (US), Averbis (Germany), SAS Institute (US), 3M (US), Press Ganey (US), Ellipsis Health (US), Centene Corporation (US), Lexalytics (US), Caption Health (US), Clinithink (US), Hewlett Packard Enterprise (US), Oncora Medical (US), Flatiron Health (US), Apixio (US), Edifecs (US), John Snow Labs (US), ITRex Group (US), Forsee Medical (US), Gnani.ai (India), Notable (US), Biofourmis (US), Suki (US), Wave Health Technologies (US), Corti (Denmark), CloudMedx (US), MedlnReal (Netherlands), Emtelligent (Canada), Enlitic (US), and Deep 6 AI (US). These vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global market.
IQVIA is a leading global provider in the life sciences industry, offering advanced analytics, technology solutions, and clinical research services. The company leverages analytics, transformative technology and vast data resources to establish intelligent connections across all facets of healthcare. Its IQVIA Connected Intelligence platform empowers customers with rapid and impactful insights, facilitating the expedited development and commercialization of innovative medical treatments. This, in turn, enhances patient healthcare outcomes. IQVIA operates in more than 100 countries and has a workforce of approximately 87,000 employees. The company plays a pivotal role in shaping the healthcare landscape and is committed to protecting individual patient privacy. IQVIA uses privacy-enhancing technologies to balance information generation and analysis with safeguarding privacy. This allows healthcare stakeholders to identify disease patterns, correlate treatment paths, and advance cures. IQVIA’s insights benefit biotech and pharmaceutical companies, medical researchers, government agencies, payers, and other healthcare entities, fostering a deeper understanding of diseases, human behavior, and scientific progress.
Inovalon is a vital player in the healthcare technology industry, providing compassionate, cloud-based software solutions that enable healthcare providers to deliver more patient-centered care. Its flagship product, the Inovalon ONE Platform, acts as a bridge, connecting healthcare data sources from across the country. This ensures that healthcare professionals have immediate access to the most crucial, real-time medical data, such as electronic health records and clinical notes. Inovalon’s dedication to patient well-being is further demonstrated by using advanced analytics to process and draw meaningful insights from the vast pool of healthcare data it manages. Over 20,000 customers, including healthcare providers and payers, rely on Inovalon’s analytics and capabilities to streamline healthcare operations and improve patient outcomes.
IBM is a multinational technology corporation that offers infrastructure hosting and other technology services. The company operates through five major business segments: software, consulting, infrastructure, financing, and other. IBM is a global leader in hybrid cloud, AI, and consulting services, serving clients in over 175 countries. IBM empowers businesses to harness data insights, streamline operations, reduce costs, and stay competitive across various industries. IBM’s hybrid cloud platform and Red Hat OpenShift are trusted by over 4,000 government and corporate entities, especially in critical sectors such as finance, telecom, and healthcare, for secure and efficient digital transformations. IBM stands out for pioneering advancements in AI, quantum computing, and industry-tailored cloud solutions. Its consulting services offer flexible and open choices to meet clients’ unique requirements. Moreover, IBM’s enduring commitment to values such as trust, transparency, responsibility, inclusivity, and service underlines its dedication to both clients and the community.
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