The global market is expected to enjoy a valuation of USD 3.5 Billion by the end of the year 2023, and further expand at a CAGR of 18.0% to reach a valuation of USD 18.5 Billion by the year 2033. According to the recent study by Future Market Insights, text and voice processing technologies are leading the market with an expected share of about 34.7% in the year 2023, within the global market.
Market Outlook
| Data Points | Market Insights |
|---|---|
| Market Value 2022 | USD 3.0 Billion |
| Market Value 2023 | USD 3.5 Billion |
| Market Value 2033 | USD 18.5 Billion |
| CAGR 2023 to 2033 | 18.0% |
| Market Share of Top 5 Countries | 63.05% |
| Key Market Players List | Apple Inc.; NLP Technologies; NEC Corporation; Microsoft Corporation; and IBM Corporation |
The desire for better EHR data usability to enhance healthcare delivery and outcomes, as well as the growing requirement to analyse and extract insights from narrative text and significant amounts of clinical data, are expected to drive growth in the global healthcare natural language processing market. The demand for healthcare natural language processing (NLP) technology is increasing along with the market expansion over the forecast period due to the growing need for predictive analytics technology to lower risks and address key health concerns.
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The market value for healthcare natural language processing was around 1.4% of the overall USD 224.24 Billion of the global digital health market in 2022.
The sale of healthcare natural language processing expanded at a CAGR of 16.62% from 2017 to 2022.
The huge growth in the amount of disorganised clinical data is what is driving the market share for healthcare natural language processing. Massive volumes of clinical data, including patient data, diagnosis processes, and other crucial information like medication information, are being generated as a result of the expanding usage of EHR (electronic health records) systems in the worldwide healthcare industry. As a result, the market for healthcare natural language processing is projected to continue growing favorably.
These healthcare service providers improve the relationship between patients and their families because of the integration of NLP technology with computer apps. Natural language processing in healthcare is in high demand because it lowers operating expenses by doing away with the requirement for paper-based clinical documentation systems.
Using natural language, such as German or English, rather than artificial computer languages, like C++ or Java, NLP technology enables meaningful human-computer interaction. Healthcare natural language processing is becoming more and more in demand on a global scale.
A number of public and private healthcare service providers, including clinics and prominent hospitals, to boost patient involvement and decision-making capacity, is using healthcare natural language processing (NLP) technology in clinical applications. These healthcare service providers also heavily rely on NLP technology as a tactical tool to obtain useful data outputs after clinical processes and clinical data insights.
Improvements in the usage of unstructured data due to variations in business models has change many outcome expectation as compared to traditional health information systems, thereby creating a demand for NLP in healthcare.
Healthcare NLP can produce actionable data that can be used to improve patient care and speed up workflow by extracting patient information from free form, unstructured language. Well-designed NLP systems can evaluate text-free dictation, identify scenarios, and categorise the most crucial clinical data elements, such as issues, social history, medications, allergies, and treatments.
Thus, owing to the aforementioned factors, the global healthcare natural language processing market is projected to expand at a CAGR of 18.0% during the forecast period between 2023 and 2033.
| Market Statistics | Details |
|---|---|
| Jan to Jun (H1), 2021 (A) | 14.1% |
| Jul to Dec (H2), 2021 (A) | 17.3% |
| Jan to Jun (H1),2022 Projected (P) | 12.1% |
| Jan to Jun (H1),2022 Outlook (O) | 13.2% |
| Jul to Dec (H2), 2022 Outlook (O) | 18.7% |
| Jul to Dec (H2), 2022 Projected (P) | 17.5% |
| Jan to Jun (H1), 2023 Projected (P) | 13.4% |
| BPS Change : H1,2022 (O) - H1,2022 (P) | 111↑ |
| BPS Change : H1,2022 (O) - H1,2021 (A) | (-)90↓ |
| BPS Change: H2, 2022 (O) - H2, 2022 (P) | 123↑ |
| BPS Change: H2, 2022 (O) - H2, 2021 (A) | 135↑ |
Principal Consultant
Over the next few years, the global healthcare natural language processing market is anticipated to continue to expand. NLP technology is currently in widespread use in the healthcare industry, with several governmental and commercial health institutions employing it for therapeutic purposes.
These technologies are being adopted by hospitals and clinics to improve patient engagement and decision-making efficiency. NLP assists businesses in improving customer experience, streamlining operations, simplifying mission-critical processes, and increasing overall productivity. As a result, businesses are quickly embracing NLP technologies to better their internal and external operations.
The increasing digitization of data, as well as the increased use of the internet and connected gadgets, are boosting the demand for healthcare NLP. A growing demand for advanced data analytics, combined with major advances in the realms of image and speech recognition, is propelling the healthcare NLP market growth.
NLP has been widely adopted in healthcare and phone centers to manage huge volumes of generated data. NLP has many advantages, including computer-assisted coding, improved clinical documentation, clinical decision assistance, and interoperability. Together with the growing use of electronic health record systems, it is creating a significant market for healthcare NLP.
Data privacy has been a major roadblock in company’s use of AI. Data is processed and results are generated by AI technologies. The data is fed into machine learning, deep learning, natural language processing, and emotion recognition algorithms, which produce actionable results.
Users must give a variety of data in order to complete tasks with smart devices or virtual personal assistants like Apple Siri and Amazon Alexa. It is challenging for healthcare natural language processing to acquire access to appropriate data due to legal and institutional concerns deriving from the sensitivity of clinical data.
Despite Natural Language Processing's (NLP) ability to identify and classify information from unstructured data, some scenarios call into question the accuracy of these classifications.
Human use of language has developed into something that is immensely rich, diverse, and sophisticated. The characteristics needed for acceptable data are a relatively well-known constraint in the healthcare industry. A substantial amount of healthcare data does not fit in a structured dataset because to the verbal, sentence/paragraph structure, acronyms, and jargon of clinical documentation.
These factors restrain the growth of the overall market globally.
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| Country | USA |
|---|---|
| 2023 | 36.4% |
| 2033 | 46.2% |
| BPS Analysis | 986 |
| Country | China |
|---|---|
| 2023 | 7.0% |
| 2033 | 5.7% |
| BPS Analysis | -133 |
| Country | Germany |
|---|---|
| 2023 | 6.7% |
| 2033 | 7.7% |
| BPS Analysis | 108 |
| Country | Australia |
|---|---|
| 2023 | 6.2% |
| 2033 | 6.1% |
| BPS Analysis | -5 |
| Country | Japan |
|---|---|
| 2023 | 5.5% |
| 2033 | 5.4% |
| BPS Analysis | -16 |
The USA is set to hold a total market share of about 36.4% in 2023, and is expected to continue experiencing same growth throughout the forecast period.
Due to the increasing use of patient health record systems in the country, as well as the expanding digital transformation in the healthcare and life sciences industries, the market is predicted to experience considerable growth in the future years. One major element driving the market expansion is the administration of these health records using innovative systems based on machine learning and NLP.
Germany is set to hold a market share of nearly 6.7% in the global healthcare natural language processing market in 2023.
Electronic medical information systems currently replace traditional handwritten medical reports in nearly all of the nation's healthcare facilities. Electronic storage and handling is used for structured diagnoses, radiographic examinations, test results, clinical symptoms, molecular biomarkers, and a variety of other treatment-related data. However, a sizable part of clinical data is kept in unstructured or unidentified formats.
Natural language processing (NLP) must be utilized to extract and arrange the unstructured data through the augmentation and annotation of accurate terminology before using it to build individualized treatment algorithms. This aspect encourages the growth within the German market.
China is set to expand growth at a CAGR of 17.6% over the forecast duration.
China would experience a considerable increase in the market due to growing AI awareness and rising investments in AI throughout the healthcare sector. National healthcare organizations are increasingly implementing cloud-based NLP solutions. Because of advantages including effectiveness, affordability, usability, and instant access, cloud-based NLP techniques are growing in popularity. Companies in China continue to put their attention toward enhancing healthcare services in order to preserve market competitiveness and revenue growth.
China has demonstrated that there is significant untapped potential in the healthcare NLP sector. China is expected to experience lucrative growth as a result of the application of contemporary technologies like natural language processing (NLP) in healthcare and life sciences for enhancing commercial operations in the nation.
Text and voice processing technologies are set to hold a share of around 34.7% in the global market, in 2023.
Healthcare NLP software can quickly analyze clinical text and determine what needs to be retrieved. This decreases the time spent on unnecessary administrative policy and frees up staff and medical resources for more difficult issues. Decision support is much improved when computers are able to comprehend physician notation accurately and analyze data accordingly.
These discoveries could be very helpful for future drug development and personalized medicine, which is advantageous for both patients and healthcare professionals. For instance, Microsoft's first-party healthcare NLP service, text analytics for health, is made available through the Azure Cognitive Service for Language. Using containers or the Cognitive Services API, users can access this NLP model directly.
The solution segment is set to hold a share of more than 80% in the global market in 2023.
During the early stages of coronavirus infection, healthcare natural language processing (NLP) aids in preventing epidemics through a variety of chat systems. The success of multilingual chat systems is based on NLP technologies, which have grown to new levels of usefulness. As a result, the market for healthcare natural language processing is expected to increase favorably.
The market for healthcare natural language processing has excellent circumstances for market share growth due to favorable government regulations, startup funding, the presence of established players, and enterprise enthusiasm for deploying ML and NLP-based solutions. This is especially true in developed nations.
The healthcare industry has a number of well-known players, making it a highly competitive sector. A small number of significant players in terms of market share currently dominates the healthcare natural language processing market.
On the other hand, thanks to technological advancements and product innovations, mid-size and smaller enterprises are growing their position in the healthcare natural language processing market by providing new services at affordable prices.
Recent Market Developments
Similarly, recent developments have been tracked by the team at Future Market Insights related to companies in the healthcare natural language processing space, which are available in the full report.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2017 to 2022 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; and Middle East & Africa |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Argentina, United kingdom, Germany, Italy, Russia, Spain, France, BENELUX, India, Thailand, Indonesia, Malaysia, Japan, China, South Korea, Australia, New Zealand, Türkiye, GCC Countries, North Africa, and South Africa |
| Key Market Segments Covered | Technology, Component, and Region |
| Key Companies Profiled | Apple Inc.; NLP Technologies; NEC Corporation; Microsoft Corporation; IBM Corporation |
| Report Coverage | Market Forecast, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, Strategic Growth Initiatives |
| Pricing | Available upon Request |
In 2023, the market is predicted to be worth USD 3.5 Billion.
The market's sales strengthened at a CAGR of 16.62% between 2018 and 2022.
The market is to continue to evolve at a 34.7% CAGR through 2033.
Text and voice processing technologies ought to account for 34.7% of the market in 2023.
By 2033, the market is expected to be worth USD 18.5 billion.
1. Market- Executive Summary 2. Market Overview 3. Key Market Trends 4. Value Added Insights 5. Market Background 6. Global Market Demand (in Value USD Million) Analysis 2017 to 2022 and Forecast, 2023 to 2033 7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Technology 7.1. Machine Translation 7.2. Information Extraction 7.3. Automation Summarization 7.4. Text and Voice Processing 8. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Component 8.1. Solution 8.2. Services 9. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. South Asia 9.5. East Asia 9.6. Oceania 9.7. Middle East & Africa (MEA) 10. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033 11. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033 12. Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033 13. South Asia Market Analysis 2017 to 2022 and Forecast 2023 to 2033 14. East Asia Market Analysis 2017 to 2022 and Forecast 2023 to 2033 15. Oceania Market Analysis 2017 to 2022 and Forecast 2023 to 2033 16. Middle East and Africa Market Analysis 2017 to 2022 and Forecast 2023 to 2033 17. Market Structure Analysis 18. Competition Analysis 18.1. Apple Inc. 18.2. NLP Technologies 18.3. NEC Corporation 18.4. Microsoft Corporation 18.5. IBM Corporation 19. Assumptions and Acronyms Used 20. Research Methodology
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Healthcare Natural Language Processing Market
