According to a new market research report published by Transparency Market Research entitled “Healthcare Natural Language Processing (NLP) Market (Technology: Machine Translation, Information Extraction, Automatic Summarization, and Text and Voice Processing) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019 – 2027” the global healthcare NLP market is expected to reach a value of US$ 7,450.8 Mn by 2027. The market is projected to expand at a CAGR of 19.1% from 2019 to 2027. The healthcare NLP market is anticipated to witness robust expansion during the forecast period primarily due to exponential rise in volume of unstructured data across healthcare applications.
North America and Europe, collectively, held more than 50% share of the global healthcare NLP market in 2018. Expansion of NLP technology in these regions is majorly driven by strong penetration of NLP systems and electronic health records (EHR) systems in clinical applications. Among these regions, North America accounted for a higher market share as compared to that held by Europe. This is primarily due to extensive presence of NLP vendors and EHR platform providers across the region. The healthcare NLP market in Europe is projected to expand considerably during the forecast period, due to an increase in spending by governments and public sector companies in the field of healthcare and medical research. Moreover, several countries in Europe are heavily investing in the healthcare IT sector to enhance clinical applications. However, the market in Asia Pacific is estimated to expand at a higher growth rate as compared to that in other regions during 2019 to 2027.
Request a sample to get extensive insights into the Healthcare Natural Language Processing (NLP) Market
Rising emphasize of health organizations, such as public and private hospitals, clinics, physicians, and other health professionals, on patient and family engagement is driving the penetration of NLP technology in the healthcare industry. Additionally, low operational cost provided by NLP systems, by eliminating conventional clinical documentation process, is driving the large-scale adoption of NLP across the world. Furthermore, increasing emphasize on healthcare process automation by governments and healthcare organizations is expected to offer significant opportunities to providers of NLP technology in the healthcare industry.
Increasing demand for text mining and machine learning techniques for knowledge extraction is attributed to the high market share held by the segments in the global healthcare NLP market. Machine translation and information extraction segments, collectively, held more than 55.0% share of the global healthcare NLP market in 2018. Furthermore, increasing investments in research and development by NLP vendors for clinical informatics and translational research informatics is contributing in the expansion of translation technology.
Apart from these segments, the text and voice processing technology segment is anticipated to expand at a rapid pace during the forecast period. The automatic summarization segment is anticipated to account for around 25.0% share of the global healthcare NLP market by the end of 2019. Moreover, rising demand for report generation and extraction of structured information from medical records is anticipated to propel the automatic summarization segment.
To understand how our report can bring difference to your business strategy, Ask for a brochure
Technological developments in artificial intelligence and advancements in NLP technology in the healthcare industry are expected to significantly fuel the text and voice processing segment. Several healthcare IT and NLP vendors are implementing and reinventing integrated EHR systems with speech recognition technology in order to enhance diagnosis processes and offer high quality patient care.
Rapid adoption of NLP technology in healthcare applications is attracting a large number of NLP players into the global market. Among these vendors, the major players in global healthcare NLP market include NLP Technologies, Inc., NEC Corporation, Apple, Inc., Microsoft Corporation, Dolbey Systems, Inc., IBM Corporation, NetBase Solutions, Inc., SAS Institute, Inc., Verint Systems, Inc., eContext, Linguamatics Ltd., and Artificial Solutions.
Healthcare NLP Market, by Technology
- Machine Translation
- Information Extraction
- Automatic Summarization
- Text and Voice Processing
In addition, the report provides analysis of the healthcare NLP market with respect to the following geography segments:
- North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East and Africa (MEA)
- Unite Arab Emirates (UAE)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
Stuck in a neck-to-neck competition with other brands? Request a custom report on Healthcare Natural Language Processing (NLP) Market
Related Reports Press-Release –
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
Transparency Market Research
90 State Street,
Albany NY – 12207
USA – Canada Toll Free: 866-552-3453