The North America NLP in Healthcare and Life Sciences Market would witness market growth of 19.0% CAGR during the forecast period (2022-2028).
The rising requirement to evaluate and extract critical insights regarding medical history and healthcare data from descriptive text and massive amounts of clinical data is mostly responsible for the market's rise. NLP technology aids in the conversion of narrative data or conversations between patients and healthcare professionals into free text, which is then saved in electronic health record systems (EHRs). Because of the benefits of NLP, a growing number of healthcare companies are incorporating it into their systems. The market for NLP in the healthcare and life sciences market is witnessing a considerable rise as a result of increased demand from the healthcare industry. According to various reports, many healthcare providers throughout various regions are contemplating the deployment of NLP in the near future.
Furthermore, healthcare organizations are employing NLP technology to assist patients in better comprehending their medical issues and treatment plans through a variety of means, including patient portals, mobile apps, and intelligent, web-based chatbots, among others. For example, Renown Health, a US-based healthcare organization, released an AI healthcare chatbot and live chat solution in April 2020 with the help of Loyal, a software solution that optimizes online customer and patient experience for top health systems and hospitals.
The United States and Canada dominate the North American NLP market in healthcare and life sciences, with the United States being the source of the majority of demand for NLP in the region. It is owing to the government of the United States' increasing support for the development of the nation's healthcare infrastructure in the form of massive funding for R&D activities and adoption of advanced healthcare technologies. Increasing demand for natural language processing (NLP) in healthcare and life sciences, as well as rising research and development activities and investments in the field of robotics, are expected to propel North America to the top of the natural language processing (NLP) in healthcare and life sciences market during the forecast period.
The US market dominated the North America NLP in Healthcare and Life Sciences Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,752.9 million by 2028. The Canada market is exhibiting a CAGR of 21.7% during (2022 - 2028). Additionally, The Mexico market would showcase a CAGR of 20.6% during (2022 - 2028).
Based on Component, the market is segmented into Solution and Services. Based on Solution Type, the market is segmented into Clinical Variation Management, Population Health Management, Counter Fraud Management, and Others. Based on End User, the market is segmented into NLP for Physician, NLP for Patients, NLP for Researchers, and NLP for Clinical Operators. Based on NLP Type, the market is segmented into Rule-based, Statistical, and Hybrid. Based on Deployment Mode, the market is segmented into Cloud and On-premise. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs). Based on Application, the market is segmented into IVR, Summarization & Categorization, Reporting & Visualization, Pattern & Image Recognition, Text & Speech Analytics, Predictive Risk Analytics, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global NLP in Healthcare and Life Sciences Market is Estimated to reach $6.8 Billion by 2028, at a CAGR of 20.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 3M Company, IBM Corporation, Microsoft Corporation, Google LLC, Amazon Web Services, Inc., Cerner Corporation, Corti ApS, Lexalytics, Inc., Health Fidelity, Inc., and Linguamatics.
By Component
By End User
By NLP Type
By Deployment Mode
By Organization Size
By Application
By Country
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