Natural language processing (NLP) refers to the ability of computers to understand, analyze, and extract meaning from human language in an intelligent and insightful way. NLP is widely used in healthcare to analyze medical reports and clinical notes and convert unstructured medical data into a structured format. Assists in automated coding, translation, and summarization of medical records.
Burlingame, Dec. 08, 2023 (GLOBE NEWSWIRE) — According to Coherent market insightsthe global natural language processing (NLP) market in the healthcare and life sciences market was evaluated 4.98 billion US dollars in 2023 It is expected to reach a value of 32.14 billion US dollars by 2030 In a CAGR of 30.5% Between 2023 and 2030.
Increasing product development and inorganic growth strategies by the market players are expected to provide lucrative growth opportunities for the market players. Adopting Natural Language Processing (NLP) in the healthcare industry.
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Market driving factors:
The increasing adoption of digital technology in the healthcare industry and customer demand for better healthcare services is expected to drive the growth of Natural Language Processing (NLP) in the healthcare and life sciences market. Natural language processing (NLP) is a subset of artificial intelligence (AI), which enhances human-machine interaction. Integrating an NLP platform helps both the client and the service provider. Voice assistants and messaging platforms used by consumers help reduce the time required for various services, such as patient documentation. In addition, the NLP platform helps identify essential elements in unstructured language and extract meaning from unstructured spoken or written input. The NLP platform allows doctors to devote maximum time to their patients and provide full attention to patients. Many doctors prefer audio notes rather than handwritten or typed notes. Therefore, an NLP platform can be used to interpret speech easily and update records accurately.
Key developments in the market:
In October 2022, Inovalon, a cloud-based software solutions provider that enables data-driven healthcare, announced the launch of RCM Intelligence. Powered by integrated analytics and advanced visualization capabilities, the software solution provides healthcare providers with comprehensive visibility into revenue cycle management (RCM) key performance indicators, including payer performance, denial ratios, and claims corrections.
In March 2021, Dolbey Systems, Inc., a developer of dictation, transcription, speech recognition, and coding products for healthcare, announced a partnership with Athenahealth, Inc., a company that provides cloud-based services to physician practices, such as eHealth. Record management and practices, through the company’s market software to provide highly customizable speech recognition.
In November 2020, Google (Alphabet Inc.), a multinational technology holding company, launched the Natural Language API for Healthcare and AutoML Entity Extraction for Healthcare. The tools can help healthcare professionals review and analyze medical documents in a repeatable and scalable way.
In March 2020, Inovalon launched a telehealth configuration of the Inovalon ONE platform, enabling data-driven virtual visits with physicians for customers across the country.
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market an opportunity:
New emerging application areas for applying NLP techniques
The current use of NLP techniques is limited to specific areas in the healthcare sector, which include risk management, clinical documentation, and electronic health records. Apart from these applications, healthcare and life sciences have a wide range of applications that companies need to focus on and develop solutions. Increasing medical research, pharmaceutical drug development, and healthcare needs are creating diverse opportunities for the application of NLP technology. The field of life sciences and diagnostics research includes computational phenotyping and biomarker discovery. Unstructured data for doctors and the complexities faced by phenotyping patients for analysis are key areas where companies have scope to develop and provide solutions. Research organizations and companies are adopting or launching new healthcare technologies, with NLP technology manufacturers having opportunities to provide solutions to users of AI-based solutions.
For example, in October 2017, the National Cancer Clinical Research Center (NCRCC) in China signed a deal with the Institute of Computing Technology of the Chinese Academy of Sciences (CAS), in order to use AI in medical imaging.
Market – Sectional Analysis:
Among the component types, the technology sector dominates during the forecast period in the North America region owing to major players’ focus on product launches, which is expected to boost the growth of NLP in the healthcare and life sciences market in the near future. For example, in October 2022, Inference Solutions, a company that provides intelligent virtual agents for sales and service, launched Studio 6.0, which integrates NLP and conversational artificial intelligence (AI) technologies from Google and IBM to help companies eliminate responsiveness. Complex Interactive Voice (IVR). ) Menus, simple guided dialogue systems that support speech. These kind of developments in the healthcare system and rising health expenditures are fueling the natural language processing (NLP) market in North America healthcare and life sciences.
Market restrictions:
Regulations in the healthcare and life sciences industries for the implementation of NLP are a major factor restraining the growth of the market. According to the rules of the Health Insurance Portability and Accountability Act in India, healthcare data security is the most critical element in the healthcare and life sciences industries as cyberattacks on healthcare organizations increase and cybercriminals develop increasingly sophisticated tools and methods to attack healthcare organizations. For example, in 2019, the American Medical Collection Agency (AMCA), a bill collection company, found that the personal information of 12 million patients was affected by a data breach at Quest Diagnostics, a technology company in the United States.
Moreover, in May 2018, the Indian Ministry of Health issued a law for security purposes in the healthcare sector. This law gives individuals full ownership of their health data. Individuals have the absolute right to refuse or permit the creation, collection, access, transfer or use of data. Data collection organizations such as hospitals are prohibited from refusing treatment to individuals who do not want their data collected or used.
Read the full market research report“Natural Language Processing (NLP) in the Healthcare and Life Sciences Market, by Component Type, by Application, by Deployment Mode, by Region, and Sector Forecast 2023-2030” Published by Coherent Market Insights.
Key takeaways in the market:
The global Natural Language Processing (NLP) in Healthcare and Life Sciences market is expected to exhibit a CAGR of 30.5% During the forecast period due to increasing inorganic growth strategies by market players. For example, in November 2022, Viz.ai, a leader in AI-powered disease detection and intelligent care coordination, announced a partnership with Illuminate, Inc., a leading developer of natural language processing (NLP) and intelligence software Artificial. Which detects at-risk patients from electronic medical records (EMR), assesses disease severity, and facilitates follow-up monitoring for a variety of diseases. This partnership will enable healthcare providers to make timely and critical decisions for aortic aneurysm patients while improving compliance with pre- and post-operative monitoring programmes.
Among the component types, technology is expected to dominate the market during the forecast period, due to the launch of new technologies in the market. In August 2022, JCB Co., Ltd., Japan’s only international payment brand, and Kyndryl, the world’s largest IT infrastructure service provider, announced the launch of an AI-based interactive speech response system to further improve customer satisfaction and service quality .
Key players operating in the global natural language processing (NLP) in the healthcare and life sciences market include 3M, Cerner Corporation, IBM Corporation, Microsoft Corporation, Health Fidelity, Inc., IQVIA Holdings Inc., Dolbey Systems, Inc., Centene Corporation, Alphabet Inc., Nexocode, Averbis GmbH, Clinithink, Wave Health Technologies, Inovalon, Lexalytics, Conversica Inc., SparkCognition, and Hewlett Packard Enterprise Development LP.
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Detailed segmentation:
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By component type:
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technology
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Interactive voice response
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OCR
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Recognize patterns and images
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Automatic coding
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Text analytics
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Speech analytics
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Services
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By application:
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Discover a property
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Electronic health records
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Clinical trial analyses
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Reporting adverse events
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Others
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By publication mode:
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By region:
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north america
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latin america
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Brazil
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Mexico
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Rest of Latin America
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Europe
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Germany
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United kingdom
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Spain
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France
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Italy
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Russia
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Rest of Europe
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Asia Pacific
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China
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India
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Japan
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Australia
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South Korea
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Rest of Asia and the Pacific
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Middle East and Africa
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