With the digital transformation of medicine and increasing adoption of Electronic Medical Records (EMR) which contain information on patient’s health, the healthcare industry is witnessing an increasing application of Natural Language Processing (NLP).
The Healthcare NLP Market is driven by various factors such as huge surge in clinical data, increasing use of connected devices, and evolving customer needs. MarketsandMarkets forecasts the global Healthcare NLP Market to grow from USD 1.03 billion in 2016 to USD 2.65 billion by 2021, at an estimated Compound Annual Growth Rate (CAGR) of 20.8% during the forecast period.
The Healthcare NLP Market has been segmented into components, applications, types, deployment modes, and regions. The component segment is further segmented into technology and services. Technology segment comprises interactive voice response, optical character recognition, pattern and image recognition, auto coding, classification and characterization, text analytics, and speech analytics. Services consist of professional services and support and maintenance services. The applications segment covers predictive risk analytics, information extraction, report generation, machine translation, and other applications. Other applications includes question answering, auto indexing, dialogue systems, email filtering, spelling correction, and search engine. The market by type includes Rule based NLP, statistical NLP and hybrid NLP. The NLP solutions can be deployed on-cloud or on-premise.
There is a growing demand for automated voice recognition systems that automatically respond to customers queries. Natural Language Processing (NLP) systems are getting deployed in the areas of business help centers and customer help services. Besides, there are several other applications of NLP for enhancing the overall customer experience. The cloud deployment model is expected to dominate the NLP market, contributing the largest market share during the forecast period.
The hybrid NLP in healthcare and life sciences industry is expected to witness more growth as compared to other types of solutions in the NLP market. Due to lower cost of integration and installation of NLP solutions, the professional services segment is holding the majority of market size as compared to support and maintenance services. The interactive voice response technology is expected to dominate the NLP market in terms of market size and optical character recognition and pattern image recognition will grow at the highest growth rate during the forecast period.
North America is expected to have the largest market share and will dominate the Healthcare NLP Market, due to the presence of a large number of NLP vendors in the region and its open acceptance of healthcare IT solutions. North America is expected to have the largest market share for the next five years, followed by APAC. APAC offers potential growth opportunities. The key factors driving the growth rate in this market are increasing data generation in business organizations across the region, rising demand for improved customer experience, and upsurge in the acceptance and utility of smart devices.
Furthermore, due to the growing demand of better healthcare IT solutions and enhanced healthcare, players may launch new products supported by NLP technology with newer capabilities.