The Natural Language Processing (NLP) in healthcare and life sciences market size is projected to grow from USD 1.5 billion in 2020 to USD 3.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 20.5% during the forecast period.
The major growth factors of the NLP in healthcare and life sciences market include the growing demand for improving Electronic Health Records (EHRs) data usability to better patient care, and ability to analyze and extract meaning from narrative texts and non-related data sources.
Cloud deployment mode to grow at a rapid pace during the forecast period
Most vendors in the NLP in healthcare and life sciences market offer cloud-based NLP solutions to maximize profits and automate the equipment maintenance process, effectively.
The adoption of cloud-based NLP solutions is expected to grow, owing to benefits, such as easy maintenance of generated data, cost-effectiveness, agility, flexibility, scalability, and effective management of these solutions. Companies prefer to adopt cloud-based NLP solutions, as these support their regional, cross-regional, or cross-country data recovery strategies.
This enables organizations to ensure resilience in case of disasters.
Pattern and image recognition to grow at the highest CAGR during the forecast period
The NLP in healthcare and life sciences market by application is segmented into six categories: Interactive Voice Response (IVR), pattern and image recognition, auto coding, classification and categorization, text and speech analytics, and others (information extraction and report generation).
The computer vision and Machine Learning (ML) algorithms detect precancerous lesions using the minutest details in tissue imagery, thus increasing the sensitivity and accuracy of cancer screening tests.
In screening for skin cancer, for instance, Artificial Intelligence (AI) researchers have developed computer vision models that can analyze images and biopsy specimens of a person having cancer and how his/her skin changes much faster and more accurately than a doctor would.
Asia Pacific to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Healthcare companies in the region have started deploying NLP solutions that will help them generate statistical data and make faster patient care decisions.
Countries such as China, India, and Japan further focus on enhancing their management of data to enable computer-aided diagnoses and enhance rapid improvements in the performance for diagnosing and prognosis-prediction.
Growing digitalization, increasing adoption of AI, Machine Learning (ML), and deep learning by vendors in the region, and government regulations and initiatives are expected to drive the growth of the market in the APAC.
Rising Urge of Predictive Analytics to Reduce Risk and Improve Significant Health Concerns
Growing Demand for Improving EHR Data Usability to Better Patient Care
Ability to Analyze and Extract Meaning from Narrative Text and Non-Related Data Sources
Specific Medical Sub-Languages and Poor Input Data Quality
Ensemble of NLP Systems to Boost Phenotyping Capabilities
Rising Demand for NLP Systems Programmed to Understand the Context of Medical Records
Growing Regulatory Compliance and Privacy Concerns Over Data Security Slowing Down the Progress of Researchers