According to a new market research report published by Transparency Market Research entitled “Healthcare Natural Language Processing (NLP) Market (Technology: Machine Translation, Information Extraction, Automatic Summarization, and Text and Voice Processing) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019 – 2027” the global healthcare NLP market is expected to reach a value of US$ 7,450.8 Mn by 2027. The market is projected to expand at a CAGR of 19.1% from 2019 to 2027. The healthcare NLP market is anticipated to witness robust expansion during the forecast period primarily due to exponential rise in volume of unstructured data across healthcare applications.
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North America and Europe, collectively, held more than 50% share of the global healthcare NLP market in 2018. Expansion of NLP technology in these regions is majorly driven by strong penetration of NLP systems and electronic health records (EHR) systems in clinical applications. Among these regions, North America accounted for a higher market share as compared to that held by Europe. This is primarily due to extensive presence of NLP vendors and EHR platform providers across the region. The healthcare NLP market in Europe is projected to expand considerably during the forecast period, due to an increase in spending by governments and public sector companies in the field of healthcare and medical research. Moreover, several countries in Europe are heavily investing in the healthcare IT sector to enhance clinical applications. However, the market in Asia Pacific is estimated to expand at a higher growth rate as compared to that in other regions during 2019 to 2027.
Rising emphasize of health organizations, such as public and private hospitals, clinics, physicians, and other health professionals, on patient and family engagement is driving the penetration of NLP technology in the healthcare industry. Additionally, low operational cost provided by NLP systems, by eliminating conventional clinical documentation process, is driving the large-scale adoption of NLP across the world. Furthermore, increasing emphasize on healthcare process automation by governments and healthcare organizations is expected to offer significant opportunities to providers of NLP technology in the healthcare industry.
Increasing demand for text mining and machine learning techniques for knowledge extraction is attributed to the high market share held by the segments in the global healthcare NLP market. Machine translation and information extraction segments, collectively, held more than 55.0% share of the global healthcare NLP market in 2018. Furthermore, increasing investments in research and development by NLP vendors for clinical informatics and translational research informatics is contributing in the expansion of translation technology.
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Apart from these segments, the text and voice processing technology segment is anticipated to expand at a rapid pace during the forecast period. The automatic summarization segment is anticipated to account for around 25.0% share of the global healthcare NLP market by the end of 2019. Moreover, rising demand for report generation and extraction of structured information from medical records is anticipated to propel the automatic summarization segment.
Technological developments in artificial intelligence and advancements in NLP technology in the healthcare industry are expected to significantly fuel the text and voice processing segment. Several healthcare IT and NLP vendors are implementing and reinventing integrated EHR systems with speech recognition technology in order to enhance diagnosis processes and offer high quality patient care.
Rapid adoption of NLP technology in healthcare applications is attracting a large number of NLP players into the global market. Among these vendors, the major players in global healthcare NLP market include NLP Technologies, Inc., NEC Corporation, Apple, Inc., Microsoft Corporation, Dolbey Systems, Inc., IBM Corporation, NetBase Solutions, Inc., SAS Institute, Inc., Verint Systems, Inc., eContext, Linguamatics Ltd., and Artificial Solutions.