NLP in Healthcare and Life Sciences Market worth $4.3 billion by 2026
According to a research report "NLP in Healthcare and Life Sciences Market Share by Component (Solutions and Services), NLP Type (Rule-based, Statistical, and Hybrid), Application (IVR, Predictive Risk Analytics), Organization Size, End User, and Region - Global Forecast to 2026" published by MarketsandMarkets, the global NLP in healthcare and life sciences market size to grow from USD 1.8 billion in 2021 to USD 4.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.0% during the forecast period. Factors such as growing need to analyze and extract insights from narrative text and huge amount of clinical data, increasing demand for improving EHR data usability to improve healthcare delivery and outcomes and the rising urge of predictive analytics technology to reduce risks and improve significant health concerns are driving the adoption of the NLP in healthcare and life sciences market across the globe. In the constant fight against COVID-19, pharmaceutical and healthcare organizations, government bodies, and the broader scientific communities worldwide are working to assess the impact of the COVID-19 virus and quickly develop accurate solutions. Few vendors in the market have observed that NLP provides faster, more systematic, and more comprehensive insight generation from unstructured text. Gaining key information from sources such as scientific literature, clinical trial records, pre-prints, internal sources, medical records, and social media and news reports, and synthesizing it into one evidence hub deepens the understanding for users, help accelerate outcomes. NLP is extensively used in different organizations to categorize sentiments, provide recommendations, and summarize information and topic. With the spread of COVID-19, communities, patients, and clinicians across the globe have all witnessed major disruptions in the way they work and how they engage with stakeholders across the ecosystem. Pharmaceutical and life science companies face immense pressure to provide essential medical products to support needy patients and ensure the development of new therapeutics and vaccines for COVID-19. The services segment to hold higher CAGR during the forecast period Based on components, the NLP in healthcare and life sciences market is segmented into solutions and services. The services segment has been further divided into professional and managed services. These services play a vital role in the functioning of NLP in healthcare and life sciences, as well as ensure faster and smoother implementation that maximizes the value of the enterprise investments. The growing adoption of NLP technology is expected to boost the adoption of professional and managed services. Professional service providers have deep knowledge related to the products and enable customers to focus on the core business, while MSPs help healthcare firms to improve their business operations and reduce overall expenses. The cloud segment to hold the larger market size during the forecast period Deployment mode segment for the NLP in healthcare and life sciences market are segmented into cloud and on-premises. Cloud deployment mode segment to hold larger market share during the forecast period, owing to the rising availability of ease in deployment options and minimal requirements of capital and time. Cloud-based solutions enable various healthcare workers to access the Internet to share clinical data. Healthcare organizations are moving quickly towards cloud-based NLP solutions