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29-Jan-2025

Healthcare Natural Language Processing (NLP) Market to Surge at 18% CAGR, Reaching USD 18.5 Billion by 2033

Healthcare Natural Language Processing (NLP) Market

The global healthcare natural language processing (NLP) market is poised for rapid growth, expected to expand from USD 3.5 billion in 2023 to USD 18.5 billion by 2033, reflecting a robust CAGR of 18.0% over the forecast period.

The increasing need for enhanced electronic health record (EHR) usability and improved clinical data analysis is driving demand for NLP solutions in healthcare. As healthcare providers seek to extract meaningful insights from large volumes of unstructured data, NLP is playing a critical role in transforming patient care and operational efficiency.

Text and voice processing technologies are leading the market, accounting for approximately 34.7% of the total market share in 2023. Additionally, the rising adoption of predictive analytics to mitigate risks and enhance decision-making is further fueling market expansion.

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Key Takeaways:

  • The market is projected to grow from USD 3.5 billion in 2023 to USD 18.5 billion by 2033, at an 18.0% CAGR.
  • Text and voice processing technologies hold a dominant 34.7% market share.
  • Growing demand for predictive analytics and improved EHR usability is accelerating adoption.
  • Increased focus on AI-driven healthcare solutions is enhancing data-driven decision-making.

Key Market Drivers

  1. Enhanced EHR Data Usability:
    • There is a growing desire for better usability of electronic health record (EHR) data to improve healthcare delivery and outcomes. NLP technologies facilitate the extraction and analysis of insights from narrative text and large volumes of clinical data.
  2. Demand for Predictive Analytics:
    • The increasing need for predictive analytics technology to mitigate risks and address key health concerns is driving the adoption of healthcare NLP solutions. These technologies help in identifying trends and patterns that can inform clinical decision-making.
  3. Rise in Chronic Illnesses:
    • The prevalence of chronic illnesses necessitates advanced data processing capabilities, which NLP provides by transforming unstructured clinical data into actionable insights.
  4. Telehealth and Remote Monitoring:
    • The surge in telehealth services, particularly post-pandemic, has heightened the demand for NLP solutions that can analyze patient interactions and improve remote patient monitoring.
  5. Investment in AI Technologies:
    • Significant investments in artificial intelligence (AI) are enhancing the capabilities of NLP systems, making them more effective in processing complex medical language and improving patient engagement.

Market Outlook

  • The healthcare NLP market is expected to benefit from advancements in AI, increasing adoption of EHRs, and a focus on patient-centric care.
  • The integration of NLP into healthcare operations streamlines administrative tasks, enhances clinical decision-making processes, and allows for better patient engagement through tools like chatbots.

Key Companies Profiled

Apple Inc.; NLP Technologies; NEC Corporation; Microsoft Corporation; IBM Corporation

Key Market Segments Covered in Healthcare Natural Language Processing Industry Research

By Technology:

  • Machine Translation
  • Information Extraction
  • Automation Summarization
  • Text and Voice Processing

By Component:

  • Solution
  • Services

By Region:

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • The Middle East and Africa (MEA)

Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Last Updated: 29-Jan-2025