Product Code: GVR-4-68040-340-2
NLP In Healthcare And Life Sciences Market Growth & Trends:
The global NLP in healthcare and life sciences market size is expected to reach USD 37.0 billion by 2030. It is projected to grow at a CAGR of 34.7% over the forecast period, according to a new report by Grand View Research, Inc. The growth of the market is attributed to the increasing demand to enhance care delivery and patient engagement, the growing need for predictive analytics to improve significant health concerns, the rising focus on enhancing clinical decision support, and the growing investment for AI integration in healthcare.
The increasing demand for advanced clinical decision support is driving the adoption of NLP in healthcare and life sciences. Natural Language Processing (NLP) offers a solution by enabling the extraction of complex information from various sources beyond the capabilities of conventional clinical decision support systems. This enhances decision-making by incorporating unstructured data, such as physician narratives and patient notes. Integrating NLP aims to improve clinical decision support, providing a more thorough understanding of patient data and ultimately facilitating better healthcare outcomes and well-informed medical actions. For instance, in November 2030, Elsevier Health, a medical information and analytics leader, entered a strategic alliance with OpenEvidence, a provider of artificial intelligence capabilities in the medical field. This collaboration aims to develop ClinicalKey AI, an advanced clinical decision support system. This system merges up-to-date, evidence-based medical content with advanced generative AI to assist healthcare professionals during patient care. It features a natural language interface that provides access to content alongside continuously updated evidence-based research crucial for medical training and decision-making at the point of care.
Artificial Intelligence (AI) and Machine Learning (ML) technologies were increasingly utilized for precise diagnostic processes, mostly in identifying COVID-19-positive individuals through tailored patient data. A study published by NCBI in 2020 demonstrated that AI-enhanced algorithms successfully identified 68% of COVID-19-positive cases within a sample of 25 patients, initially misdiagnosed as negative by medical practitioners. The deployment of AI and ML in healthcare aims to improve patient outcomes, minimize equipment downtime, and reduce medical costs, contributing to market expansion. The onset of the pandemic has significantly boosted the integration of AI-driven technologies in patient and medication management, diagnostics, system interoperability, claims handling, workflow enhancement, and cybersecurity measures.
Moreover, some of the key players in the market, such as IBM, Microsoft, Google (Alphabet Inc.), IQVIA, and Dolbey Systems, Inc., among others, are adopting various strategies such as product launches, partnerships, expansions, collaborations, and mergers & acquisitions. Through these strategic initiatives, market players are trying to strengthen their market positions and expand their customer base. For instance, in April 2023, Google Cloud introduced its AI-enabled Claims Acceleration Suite to enhance health insurance prior authorization and claims processing efficiency. Utilizing the Claims Data Activator, this solution aims to mitigate administrative burdens and reduce costs for health plans and providers by transforming unstructured data into structured data. It leverages technologies such as Document AI, Healthcare Natural Language API, and Healthcare API for data conversion processes. This facilitates quicker, more informed decision-making, potentially improving patient care.
NLP In Healthcare And Life Sciences Market Report Highlights:
- The market is segmented by technique into smart assistance, optical character recognition, auto coding, text analytics, speech analytics, and classification and categorization. The smart assistance segment held the largest market share of 18.71% in 2023. The increasing demand for enhanced patient care and medication adherence fuels the demand for smart assistance in the healthcare sector.
- Based on end use, the market is segmented into providers, payers, Life Science Companies, and others. Life Science Companies accounted for a significant market share of 43.73% in 2023, driven by the Increasing awareness regarding the benefits associated with the adoption of NLP.
- North America dominated the market with a revenue share of 43.60% in 2023. This is attributed to the presence of sophisticated healthcare infrastructure, supportive government policies, well-established IT infrastructure, and high digital literacy. Moreover, Asia Pacific is anticipated to witness the fastest growth at a CAGR of 37.0% from 2024 to 2030.
- Some of the notable companies in the market are IBM, Microsoft, Google (Alphabet Inc.), IQVIA, and Dolbey Systems, Inc., among others.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation and Scope
- 1.2. Market Definitions
- 1.3. Research Methodology
- 1.4. Information Procurement
- 1.4.1. Purchased Database
- 1.4.2. GVR's Internal Database
- 1.5. Details of primary research
- 1.6. Market Formulation & Validation
- 1.7. Model Details
- 1.7.1. Commodity flow analysis (Model 1)
- 1.7.1.1. Approach 1: Commodity flow approach
- 1.8. Research Scope and Assumptions
- 1.8.1. List of Secondary Sources
- 1.8.2. List of Primary Sources
- 1.8.3. Objectives
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.2.1. Technique Outlook
- 2.2.2. End Use Outlook
- 2.3. Competitive Insights
Chapter 3. NLP in Healthcare and Life Sciences Market Variables, Trends, & Scope
- 3.1. Market Lineage Outlook
- 3.1.1. Parent Market Outlook
- 3.1.2. Related/Ancillary Market Outlook
- 3.2. Industry Analysis
- 3.2.1. User Perspective Analysis
- 3.2.2. Key End Users
- 3.3. Technology Outlook
- 3.4. Regulatory Framework
- 3.5. Market Dynamics
- 3.5.1. Market Drivers Analysis
- 3.5.2. Market Restraints Analysis
- 3.5.3. Industry Challenges and Opportunity Analysis
- 3.6. NLP in Healthcare and Life Sciences Market Analysis Tools
- 3.6.1. Porter's Analysis
- 3.6.1.1. Bargaining power of the suppliers
- 3.6.1.2. Bargaining power of the buyers
- 3.6.1.3. Threats of substitution
- 3.6.1.4. Threats from new entrants
- 3.6.1.5. Competitive rivalry
- 3.6.2. PESTEL Analysis
- 3.6.2.1. Political landscape
- 3.6.2.2. Economic and Social landscape
- 3.6.2.3. Technological landscape
- 3.6.2.4. Environmental landscape
- 3.6.2.5. Legal landscape
- 3.7. Major Deals & Strategic Alliances Analysis in the U.S. Healthcare Payers Core Administrative Processing Solutions Industry
- 3.8. Impact of COVID-19
- 3.9. Case Studies: Real-World Implementation Success Stories of NLP in Healthcare and Life Sciences Market
Chapter 4. NLP in Healthcare and Life Sciences Market: Technique Estimates & Trend Analysis
- 4.1. Definition and Scope
- 4.2. Technique Market Share Analysis, 2023 & 2030
- 4.3. Segment Dashboard
- 4.4. NLP in Healthcare and Life Sciences Market: By Technique, 2018 to 2030
- 4.5. Smart Assistance
- 4.5.1. Smart Assistance Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 4.6. Optical Character Recognition
- 4.6.1. Optical Character Recognition Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 4.7. Auto Coding
- 4.7.1. Auto Coding Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 4.8. Text Analytics
- 4.8.1. Text Analytics Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 4.9. Speech Analytics
- 4.9.1. Speech Analytics Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 4.10. Classification and categorization
- 4.10.1. Classification and categorization Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
Chapter 5. NLP in Healthcare and Life Sciences Market: End Use Estimates& Trend Analysis
- 5.1. Definition and Scope
- 5.2. End Use Market Share Analysis, 2023 & 2030
- 5.3. Segment Dashboard
- 5.4. NLP in Healthcare and Life Sciences Market: By End Use, 2018 to 2030
- 5.5. Providers
- 5.5.1. Providers Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.6. Payers
- 5.6.1. Payers Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.7. Life Science Companies
- 5.7.1. Life Science Companies Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.8. Others
- 5.8.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
Chapter 6. NLP in Healthcare and Life Sciences Market: Regional Estimates & Trend Analysis by Country, Delivery, Application, End Use
- 6.1. Definition and Scope
- 6.2. Regional Market Share Analysis, 2023 & 2030
- 6.3. Regional Market Dashboard
- 6.4. Regional Market Snapshot
- 6.5. SWOT Analysis
- 6.5.1. North America
- 6.5.2. Europe
- 6.5.3. Asia Pacific
- 6.5.4. Latin America
- 6.5.5. Middle East & Africa
- 6.6. NLP in Healthcare and Life Sciences Market Share, By Region, 2023 & 2030, USD Million
- 6.7. North America
- 6.7.1. North America NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.7.2. U.S.
- 6.7.2.1. Key Country Dynamics
- 6.7.2.2. Regulatory Landscape/Reimbursement Scenario
- 6.7.2.3. Competitive Insights
- 6.7.2.4. U.S. NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.7.3. Canada
- 6.7.3.1. Key Country Dynamics
- 6.7.3.2. Regulatory Landscape/Reimbursement Scenario
- 6.7.3.3. Competitive Insights
- 6.7.3.4. Canada NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.7.4. Mexico
- 6.7.4.1. Key Country Dynamics
- 6.7.4.2. Regulatory Landscape/Reimbursement Scenario
- 6.7.4.3. Competitive Insights
- 6.7.4.4. Mexico NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.8. Europe
- 6.8.1. Europe NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.8.2. UK
- 6.8.2.1. Key Country Dynamics
- 6.8.2.2. Regulatory Landscape/Reimbursement Scenario
- 6.8.2.3. Competitive Insights
- 6.8.2.4. U.K. NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.8.3. Germany
- 6.8.3.1. Key Country Dynamics
- 6.8.3.2. Regulatory Landscape/Reimbursement Scenario
- 6.8.3.3. Competitive Insights
- 6.8.3.4. Germany NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.8.4. France
- 6.8.4.1. Key Country Dynamics
- 6.8.4.2. Regulatory Landscape/Reimbursement Scenario
- 6.8.4.3. Competitive Insights
- 6.8.4.4. France NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.8.5. Italy
- 6.8.5.1. Key Country Dynamics
- 6.8.5.2. Regulatory Landscape/Reimbursement Scenario
- 6.8.5.3. Competitive Insights
- 6.8.5.4. Italy NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.8.6. Spain
- 6.8.6.1. Key Country Dynamics
- 6.8.6.2. Regulatory Landscape/Reimbursement Scenario
- 6.8.6.3. Competitive Insights
- 6.8.6.4. Spain NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.8.7. Sweden
- 6.8.7.1. Key Country Dynamics
- 6.8.7.2. Regulatory Landscape/Reimbursement Scenario
- 6.8.7.3. Competitive Insights
- 6.8.7.4. Sweden NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.8.8. Denmark
- 6.8.8.1. Key Country Dynamics
- 6.8.8.2. Regulatory Landscape/Reimbursement Scenario
- 6.8.8.3. Competitive Insights
- 6.8.8.4. Denmark NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.8.9. Norway
- 6.8.9.1. Key Country Dynamics
- 6.8.9.2. Regulatory Landscape/Reimbursement Scenario
- 6.8.9.3. Competitive Insights
- 6.8.9.4. Norway NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.9. Asia Pacific
- 6.9.1. Asia Pacific NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.9.2. Japan
- 6.9.2.1. Key Country Dynamics
- 6.9.2.2. Regulatory Landscape/Reimbursement Scenario
- 6.9.2.3. Competitive Insights
- 6.9.2.4. Japan NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.9.3. China
- 6.9.3.1. Key Country Dynamics
- 6.9.3.2. Regulatory Landscape/Reimbursement Scenario
- 6.9.3.3. Competitive Insights
- 6.9.3.4. China NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.9.4. India
- 6.9.4.1. Key Country Dynamics
- 6.9.4.2. Regulatory Landscape/Reimbursement Scenario
- 6.9.4.3. Competitive Insights
- 6.9.4.4. India NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.9.5. Australia
- 6.9.5.1. Key Country Dynamics
- 6.9.5.2. Regulatory Landscape/Reimbursement Scenario
- 6.9.5.3. Competitive Insights
- 6.9.5.4. Australia NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.9.6. South Korea
- 6.9.6.1. Key Country Dynamics
- 6.9.6.2. Regulatory Landscape/Reimbursement Scenario
- 6.9.6.3. Competitive Insights
- 6.9.6.4. South Korea NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.9.7. Thailand
- 6.9.7.1. Key Country Dynamics
- 6.9.7.2. Regulatory Landscape/Reimbursement Scenario
- 6.9.7.3. Competitive Insights
- 6.9.7.4. Thailand NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.10. Latin America
- 6.10.1. Latin America NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.10.2. Brazil
- 6.10.2.1. Key Country Dynamics
- 6.10.2.2. Regulatory Landscape/Reimbursement Scenario
- 6.10.2.3. Competitive Insights
- 6.10.2.4. Brazil NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.10.3. Argentina
- 6.10.3.1. Key Country Dynamics
- 6.10.3.2. Regulatory Landscape/Reimbursement Scenario
- 6.10.3.3. Competitive Insights
- 6.10.3.4. Argentina NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.11. Middle East and Africa
- 6.11.1. Middle East and Africa NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.11.2. South Africa
- 6.11.2.1. Key Country Dynamics
- 6.11.2.2. Regulatory Landscape/Reimbursement Scenario
- 6.11.2.3. Competitive Insights
- 6.11.2.4. South Africa NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.11.3. Saudi Arabia
- 6.11.3.1. Key Country Dynamics
- 6.11.3.2. Regulatory Landscape/Reimbursement Scenario
- 6.11.3.3. Competitive Insights
- 6.11.3.4. Saudi Arabia NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.11.4. UAE
- 6.11.4.1. Key Country Dynamics
- 6.11.4.2. Regulatory Landscape/Reimbursement Scenario
- 6.11.4.3. Competitive Insights
- 6.11.4.4. UAE NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.11.5. Kuwait
- 6.11.5.1. Key Country Dynamics
- 6.11.5.2. Regulatory Landscape/Reimbursement Scenario
- 6.11.5.3. Competitive Insights
- 6.11.5.4. Kuwait NLP in Healthcare and Life Sciences Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 7. Competitive Landscape
- 7.1. Recent Developments & Impact Analysis by Key Market Participants
- 7.2. Company Categorization
- 7.3. Company Market Share/Position Analysis
- 7.4. Company Heat Map Analysis
- 7.5. Strategy Mapping
- 7.5.1. Expansion
- 7.5.2. Mergers & Acquisition
- 7.5.3. Partnerships & Collaborations
- 7.5.4. New Technique Launches
- 7.5.5. Research And Development
- 7.6. Company Profiles
- 7.6.1. IBM
- 7.6.1.1. Participant's Overview
- 7.6.1.2. Financial Performance
- 7.6.1.3. Technology/Solutions Benchmarking
- 7.6.1.4. Recent Developments
- 7.6.2. Microsoft
- 7.6.2.1. Participant's Overview
- 7.6.2.2. Financial Performance
- 7.6.2.3. Technology/Solutions Benchmarking
- 7.6.2.4. Recent Developments
- 7.6.3. Google (Alphabet Inc.)
- 7.6.3.1. Participant's Overview
- 7.6.3.2. Financial Performance
- 7.6.3.3. Technology/Solutions Benchmarking
- 7.6.3.4. Recent Developments
- 7.6.4. IQVIA
- 7.6.4.1. Participant's Overview
- 7.6.4.2. Financial Performance
- 7.6.4.3. Technology/Solutions Benchmarking
- 7.6.4.4. Recent Developments
- 7.6.5. Dolbey Systems, Inc.
- 7.6.5.1. Participant's Overview
- 7.6.5.2. Financial Performance
- 7.6.5.3. Technology/Solutions Benchmarking
- 7.6.5.4. Recent Developments
- 7.6.6. Averbis
- 7.6.6.1. Participant's Overview
- 7.6.6.2. Financial Performance
- 7.6.6.3. Technology/Solutions Benchmarking
- 7.6.6.4. Recent Developments
- 7.6.7. Press ganey
- 7.6.7.1. Participant's Overview
- 7.6.7.2. Financial Performance
- 7.6.7.3. Technology/Solutions Benchmarking
- 7.6.7.4. Recent Developments
- 7.6.8. lexalytics
- 7.6.8.1. Participant's Overview
- 7.6.8.2. Financial Performance
- 7.6.8.3. Technology/Solutions Benchmarking
- 7.6.8.4. Recent Developments
- 7.6.9. Clinithink
- 7.6.9.1. Participant's Overview
- 7.6.9.2. Financial Performance
- 7.6.9.3. Technology/Solutions Benchmarking
- 7.6.9.4. Recent Developments
- 7.6.10. Hewlett Packard Enterprise
- 7.6.10.1. Participant's Overview
- 7.6.10.2. Financial Performance
- 7.6.10.3. Technology/Solutions Benchmarking
- 7.6.10.4. Recent Developments
- 7.6.11. Apixio
- 7.6.11.1. Participant's Overview
- 7.6.11.2. Financial Performance
- 7.6.11.3. Technology/Solutions Benchmarking
- 7.6.11.4. Recent Developments
- 7.6.12. Edifecs
- 7.6.12.1. Participant's Overview
- 7.6.12.2. Financial Performance
- 7.6.12.3. Technology/Solutions Benchmarking
- 7.6.12.4. Recent Developments
- 7.6.13. JohnSnow Labs
- 7.6.13.1. Participant's Overview
- 7.6.13.2. Financial Performance
- 7.6.13.3. Technology/Solutions Benchmarking
- 7.6.13.4. Recent Developments
- 7.6.14. Itrex Group
- 7.6.14.1. Participant's Overview
- 7.6.14.2. Financial Performance
- 7.6.14.3. Technology/Solutions Benchmarking
- 7.6.14.4. Recent Developments
- 7.6.15. Itrex Group
- 7.6.15.1. Participant's Overview
- 7.6.15.2. Financial Performance
- 7.6.15.3. Technology/Solutions Benchmarking
- 7.6.15.4. Recent Developments
- 7.6.16. CloudMedx
- 7.6.16.1. Participant's Overview
- 7.6.16.2. Financial Performance
- 7.6.16.3. Technology/Solutions Benchmarking
- 7.6.16.4. Recent Developments
- 7.6.17. BenevolentAI
- 7.6.17.1. Participant's Overview
- 7.6.17.2. Financial Performance
- 7.6.17.3. Technology/Solutions Benchmarking
- 7.6.17.4. Recent Developments
- 7.6.18. Tempus
- 7.6.18.1. Participant's Overview
- 7.6.18.2. Financial Performance
- 7.6.18.3. Technology/Solutions Benchmarking
- 7.6.18.4. Recent Developments