Natural language processing or NLP generally refers to the interaction between human and computer that analyzes, processes, and produces computational linguistics all based on a human language. The NLP technology helps humans to have a meaningful interaction with computers using basic human language such as German or English instead of artificial computer languages such as C++ or Java. Currently, the implementation of the NLP technology is growing in the global healthcare industry. Several public as well as private healthcare service providers such as clinics and notable hospitals are adopting NLP technology for clinical applications to improve their patient engagement and overall decision making capabilities. In addition to this, the NLP technology is primarily implemented as a tactical tool by these healthcare service providers to gain clinical data insights and effective data results after clinical processes. The NLP technology is mainly used in the artificial intelligence systems to get improved data insights. These applications with the natural language processing integration are used in the healthcare industry for clinical decision support system and predictive analysis. Similarly, numerous companies are now implementing deep learning or machine learning applications with the aid of the natural language processing technology to gain knowledge from several clinical documents.
As per the research report by Transparency Market Research about the global market is expected to be on course to reach a hefty valuation worth US$7,450.8 mn by the year 2027. This growth of the global market is expected to be achieved with the help of a massive CAGR of 19.1% over the course of the given forecast period of 2019 to 2027. Of the different regional segment of the global market, North America is projected to head the lot in terms of value, which will then be followed by the regional segment of Europe.
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Growing EHR Adoption to Drive Market Development
The healthcare natural language processing market is mainly driven by the considerable rise in terms of volume of the unorganized clinical information. Growing adoption of the EHR (electronics health records) systems in the global healthcare industry is leading to creation of vast amounts of clinical data that comprises of patient details and their diagnosis procedures along with other relevant information such as the details of their medication. In addition to this, the integration of NLP technology with computer apps helps these healthcare service providers to improve patient and their family engagement experience. It also helps them in cutting down the operational costs by removing the need for paper-based clinical documentation procedures.
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North America to Continue Leading Market in Coming Years
In terms of geographical segmentation, there are five major regions of the global healthcare natural language processing language market. These regions are Latin America, Europe, Asia Pacific, Middle East and Africa, and North America. Of these, currently, the global market is being dominated by the regional segment of North America. The market in North America receives the benefits of getting newer technologies early and experimenting with them. Moreover, being home to several notable players operating in the healthcare natural language processing market, the region enjoys superior growth rate as compared to the other regional market. In addition to this, presence of a matured and highly developed healthcare infrastructure also helps in the further bolstering of the market scope.
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Some of the key companies operating in the global healthcare natural language processing market are NLP Technologies Inc., NEC Corporation, Apple Inc., Microsoft Corporation, Dolbey Systems Inc., IBM Corporation, NetBase Solutions Inc., SAS Institute Inc., Microsoft Corporation, Verint Systems Inc., eContext, Artificial Solutions, and Linguamatics Ltd. among others.
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