North America NLP in Healthcare and Life Sciences Market Analysis - 2018-2027
Natural Language Processing or NLP consists of a broad range of applications in the healthcare and life sciences industries as it helps to convert unstructured data into standardized and structured formats. This is usually done through the combination of language, computer science and artificial intelligence. The market for NLP in healthcare and life sciences in North America is projected to grow at a CAGR of around 23.60% during the forecast period, i.e., 2019-2027. The growth can be attributed to rising advancements in technology in these industries and growing usage of patient health record systems.
The market is segmented by component, by type, by application, by deployment and by region. On the basis of deployment, the market is segmented into cloud and on-premises, out of which, the on-premises segment is estimated to hold the larger share in the market. This can be attributed to the high occurrence of on-premises solutions in North America. However, the cloud segment is anticipated to grow at the highest rate, with a CAGR of 24.61% over the forecast period. Based on application, the market is divided into information extraction, predictive risk analytics, machine translation, report generation and others. The machine translation segment is predicted to hold the leading share in the market in the coming years. On the other hand, the report generation segment is estimated to grow at the highest CAGR of 26.54% between 2018 and 2027.
On the basis of countries, the North America NLP in healthcare and life sciences market is bifurcated into United States and Canada. The market in the U.S. is predicted to hold the largest market share as a result of presence of leading companies and growing population in the region that increases the demand for effective patient health data management systems. The market in the U.S. is estimated to attain a value of USD 3390.11 million by 2027.
NLP in healthcare and life sciences market in North America is projected to grow on the back of value-based care and effective health management that NLP provides. Moreover, this offers structuring of unstructured patient health data which further raises the demand in the market. However, the stringent government regulations and policies regarding cyber security is one of the growth hampering factors for the market as privacy regulation violations may result in heavy penalties and litigation.
Some of the key industry leaders in the North America NLP in healthcare and life sciences market are Microsoft, 3M, IBM, Cerner Corporation, Health Fidelity, Inc., Dolbey, Linguamatics and Apixio.
Natural Language Processing or NLP consists of a broad range of applications in the healthcare and life sciences industries as it helps to convert unstructured data into standardized and structured formats. This is usually done through the combination of language, computer science and artificial intelligence. The market for NLP in healthcare and life sciences in North America is projected to grow at a CAGR of around 23.60% during the forecast period, i.e., 2019-2027. The growth can be attributed to rising advancements in technology in these industries and growing usage of patient health record systems.
The market is segmented by component, by type, by application, by deployment and by region. On the basis of deployment, the market is segmented into cloud and on-premises, out of which, the on-premises segment is estimated to hold the larger share in the market. This can be attributed to the high occurrence of on-premises solutions in North America. However, the cloud segment is anticipated to grow at the highest rate, with a CAGR of 24.61% over the forecast period. Based on application, the market is divided into information extraction, predictive risk analytics, machine translation, report generation and others. The machine translation segment is predicted to hold the leading share in the market in the coming years. On the other hand, the report generation segment is estimated to grow at the highest CAGR of 26.54% between 2018 and 2027.
On the basis of countries, the North America NLP in healthcare and life sciences market is bifurcated into United States and Canada. The market in the U.S. is predicted to hold the largest market share as a result of presence of leading companies and growing population in the region that increases the demand for effective patient health data management systems. The market in the U.S. is estimated to attain a value of USD 3390.11 million by 2027.
NLP in healthcare and life sciences market in North America is projected to grow on the back of value-based care and effective health management that NLP provides. Moreover, this offers structuring of unstructured patient health data which further raises the demand in the market. However, the stringent government regulations and policies regarding cyber security is one of the growth hampering factors for the market as privacy regulation violations may result in heavy penalties and litigation.
Some of the key industry leaders in the North America NLP in healthcare and life sciences market are Microsoft, 3M, IBM, Cerner Corporation, Health Fidelity, Inc., Dolbey, Linguamatics and Apixio.
Table of Contents
North America Nlp In Healthcare And Life Sciences Market2. Executive Summary- North America Nlp In Healthcare And Life Sciences Market4. Recent Developments In Nlp In Healthcare And Life Sciences Market5. Study On The Usability Of Nlp In Radiology Applications6. Assessment Of Leading End-Users Of Nlp In Healthcare And Life Sciences7. Assessment Of Prevailing Technologies In The Market11. Competitive Structure
1. Introduction
3. Analysis Of Market Dynamics
8. North America Nlp In Healthcare And Life Sciences Market Outlook
9. U.S. Nlp In Healthcare And Life Sciences Market Outlook
10. Canada Nlp In Healthcare And Life Sciences Market Outlook
11. 1. Detailed Overview
Companies Mentioned
- IBM
- 3M
- Microsoft
- Cerner Corp
- Health Fidelity Inc.
- Linguamatics
- Dolbey Systems Inc.
- Apixio Inc.
