Growth in better business decision-making to push the NLP in the healthcare and life sciences market

NLP is one of the most prolific fields of application of AI. It is the branch of AI that includes understanding and processing human language. Its uses in business are numerous and offer a wealth of opportunities to increase productivity, reliability, and make better decisions.

According to the research report, the global NLP in healthcare and life sciences market size & share was valued at USD 1.88 billion in 2021 and is expected to reach USD 8.18 Billion By 2030, growing at a CAGR of 19.3% during the forecast period.

Applications of NLP in The Health Care Industry Are:

·???????NLP to Improve Patient Experience: Just like the voice of the customer and the voice of the collaborator, the voice of the patient needs to listen to and comprehend how they perceive their knowledge and enhance it.

·???????NLP to Speed Up R&D Work:?Applied to large databases, semantic analysis technologies help to accelerate the acquisition of information and the constitution of knowledge. They also permit us to grow further by recognizing unnoticed relationships between certain concepts. NLP projects have thus made it possible to identify new biomarkers or phenotypes to detect antibiotic resistance relationships.

Request Sample Copy of Research Report: https://bit.ly/3c4DDIV

NLP Techniques

·???????Optical Character Recognition: OCR or text recognition is a method by which a computer reads a handwritten or printed text and converts it into a digital format. For instance, scanning a physical document and turning it into a PDF. OCR is also used to scrutinize unstructured data sets such as images or text files, extract tables from that data and present it in digestible data.

·???????Named Entity Recognition: NER is an information extraction technique that segments named entities' real-world subjects, such as a person, location, organization, or product, into predefined categories. NER is known as entity chunking, entity extracting, and entity identification.?

The NLP in the healthcare and life sciences market has observed extensive developments in the last few decades, supported by factors such as the rising market demand for enhanced customer services. Customer's market demand for better healthcare and life sciences is anticipated to drive NLP in healthcare and life sciences market expansion.

Browse detailed report with in-depth TOC: https://bit.ly/3A4A9OB

Key Players

Some of the major players operating in the global NLP in the healthcare and life sciences market include 3M Company, Alphabet Inc., Amazon.com, Inc., Averbis GmbH, Cerner Corporation, Clinithink, Conversica Inc., Dolbey Systems, Inc., Health Fidelity, Inc., Hewlett Packard Enterprise Development LP, IBM Corporation, Inovalon, IQVIA Holdings Inc., Lexalytics, Microsoft Corporation, SparkCognition, and Wave Health Technologies.

In May 2021, IBM partnered with Gratitude to combine IBM Watson Health and Graticule. This integration will offer real-world evidence solutions that will help life science organizations solve challenges in rare disease research, such as clinical trial recruitment, external control arms, and treatment reimbursement.