The global Healthcare Natural Language Processing Market is anticipated to create an absolute dollar opportunity over the projection period by registering an opulent CAGR of 18.0% from 2023 to 2033. The global market is expected to enjoy a valuation of US$ 3.5 Billion by the end of the year 2023 to reach US$ 18.5 Billion by the year 2033. According to the historical analysis conducted by Future Market Insights, the global healthcare natural language processing market expanded at a CAGR of 16.62% from 2017 to 2022. The market value for healthcare natural language processing was around 1.4% of the overall US$ 224.24 Billion of the global digital health market in 2022. As per the studies, text and voice processing technologies are leading the market with an expected share of about 34.7% in the year 2023, within the global market.
The increasing desire for better EHR data usability to enhance healthcare delivery and outcomes is predicted to augment market growth. The rising need to analyze and extract insights from narrative text and significant amounts of clinical data is expected to drive growth in the global healthcare natural language processing market. The demand for NLP technology is on the rise attributed to the growing need for predictive analytics technology to lower risks and address key health concerns. Increased usage of natural languages such as English or German, instead of artificial computer languages such as C++ or Java, NLP technology enables meaningful human-computer interaction. Healthcare natural language processing is becoming more and more in demand on a global scale.
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The massive growth throughout the amounts of disorganized clinical data is scattered everywhere. It is predicted to drive the market share for healthcare natural language processing. Huge amounts of clinical data comprised of patient data, diagnosis processes, and other crucial information like medication information, are being generated as a result of the expanding usage of EHR (electronic health records) systems in the worldwide healthcare industry. As a result, the market for healthcare natural language processing is projected to continue growing favorably.
Key Takeaways:
- Healthcare service providers are working on improving the relationship between patients and their families owing to the integration of NLP technology with computer apps. Natural language processing in healthcare is in high demand because it lowers operating expenses by doing away with the requirement for paper-based clinical documentation systems.
- Rising improvements across unstructured data filed owing to variations in business models have changed many outcome expectations as compared to traditional health information systems, thereby creating a demand for NLP in healthcare.
- Within the next few years, the global healthcare natural language processing market is predicted to bode well. NLP technology at present is widely used across the healthcare industry globally. Owing to the rise of several governmental and commercial health institutes which are employing these methods for therapeutic purposes, will drive market growth.
- The propelling digitalization of data along with augmenting usage of the internet and other connected gadgets are anticipated to surge the market growth over the assessment period. Furthermore, a growing demand for advanced data analytics, combined with major advances in the realms of image and speech recognition, is propelling the healthcare NLP market growth.
- The NLP technology is actively being adopted by hospitals and clinics to improve patient engagement and decision-making efficiency. NLP is backed by numerous benefits including assistance to businesses in improving customer experience, streamlining operations, simplifying mission-critical processes, and increasing overall productivity. As a result, businesses are quickly embracing NLP technologies to better their internal and external operations.
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Competitive Landscape:
The global healthcare industry consists of several prolific players, making the market a highly competitive sector. A small number of significant players in terms of the market share currently dominate the healthcare natural language processing market. While on the other hand, rising technological advancements taking place every day are encouraging product innovations in mid-size and smaller enterprises resulting in offering new services at affordable price points.
More Insights into the Healthcare Natural Language Processing Market
The North American market is anticipated to dominate the global healthcare natural language processing market. The United States is expected to account for about 36.4% in 2023. The growth of the region is attributed to the increasing use of patient health record systems in the country
Key Companies Profiled:
- Apple Inc.
- NLP Technologies
- NEC Corporation
- Microsoft Corporation
- IBM Corporation
Key Market Segments Covered in Healthcare Natural Language Processing Industry Research
Technology:
- Machine Translation
- Information Extraction
- Automation Summarization
- Text and Voice Processing
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Component:
- Solution
- Services
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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