NLP in Healthcare and Life Sciences Market Size and By Region – Global Opportunities & Forecast

NLP in Healthcare and Life Sciences Market

The global NLP in Healthcare and Life Sciences market is projected to experience a growth rate of 19.4% during the forecast period. The market is driven by the intensified public and private research and development investment in the natural language processing platforms.

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NLP in Healthcare and Life Sciences Market Dynamics

NLP is frequently used in the healthcare and life sciences as it can extricate data from huge amounts of clinical data and process it for better physician preparation. Doctors can spend as much time with their patients and give complete attention due to their NLP platform. The growth of the global NLP in healthcare and life sciences market is flourishing on the back of the growing tendency of the enforcement of artificial intelligence in the medical industry processing to extract relevant information from reliable sources in real-time. NLP in the healthcare and life science market emphasizes on increasing the adoption of digital technology for better healthcare services.

In addition, the growing demand for improving Electronic Health Recorder data to enhance healthcare delivery and evolving need for predictive analytics technology to reduce risk and improve health concerns will strengthen the NLP in Healthcare and Life Sciences market size. For example, Google, in 2020, introduced healthcare natural language API and AutoML entity extrication for healthcare. These technologies will assist healthcare practitioners to review and analyze medical reports comprehensively and enhance efficiency.

On the other hand, as per the NLP in Healthcare and Life Sciences market research, the development of NLP in the Healthcare and Life science market is very costly and need heavy investment. In addition, the accelerating number of cyberattacks in a healthcare sector will further restrict its adoption. For example, as per The American Medical Collection Agency (AMCA), a data breach at Quest Diagnostics, a technology company in the U.S., impacted 12 million patients’ personal information.

Component Type Segment Drivers

Based on the Component Type, the solution segment is likely to expand at a noteworthy rate during the forecast period. The solution can easily be applied to the data collected from different sources to obtain meaningful insight and reach a decision based on the data. In addition, NLP in the healthcare sector helps in enhancing the accuracy of EHRs and certify the complete modification of free text into standard data.

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