NATURAL LANGUAGE PROCESSING (NLP) IN HEALTHCARE AND LIFE SCIENCES MARKET ANALYSIS

Natural Language Processing (Nlp) In Healthcare And Life Sciences MarketSize and Trends

The global natural language processing (NLP) in healthcare and life sciences market is estimated to be valued at US$ 4.98 Billion in 2023 and is expected to exhibit a CAGR of 30.5% during the forecast period (2023-2030).

Figure 1. Global Natural Language Processing (NLP) in Healthcare and Life Sciences Market Share (%), By Component Type, 2023

Market Size & Trends: The global natural language processing (NLP) in healthcare and life sciences market is estimated to be valued at US$ 4.98 Billion in 2023 and is expected to exhibit a CAGR of 30.5% during the forecast period (2023-2030).

Figure 2. Global Natural Language Processing (NLP) in Healthcare and Life Sciences Market Share (%), By Region, 2023

Market Trends: Europe accounted for the second-largest market share in 2022, owing to the rising adoption of artificial intelligence tools by healthcare providers in the region. For instance, according to Healthcare Information and Management Systems Society (HIMSS) Europe, a report of May 2018, around 16% of the healthcare facilities in Europe are currently using AI tools, and it is expected to reach 21% by 2023. Moreover, as per HIMSS Europe, in countries such as Switzerland and Spain, around 37-42% healthcare professionals claim to have obtained purchase plans for AI solutions by the end of 2021.

Market Trends: Increasing adoption of inorganic strategies to strengthen product offerings: NLP is used in finding suitable clinical trial participants. Amazon offers a software named Amazon Comprehend Medical that helps healthcare companies to obtain business insights and medical records accurately and search suitable patients for clinical trials. This software uses NLP to examine through written documents to find the needed information. Similarly, Nuance Communications offers Dragon Medical One, which uses NLP to help doctors and healthcare providers to translate speech into medical documents such as Electronic Healthcare Records (EHR).