Intense Competition among Players Boost Global Healthcare Natural Language Processing (NLP) Market, TMR
With only a handful of players, the global healthcare natural language processing (NLP) market demonstrates a highly consolidated yet competitive business landscape. The rivalry between the leading companies, such as IBM Corp., SAS Institute Inc., and NetBase Solutions Inc., characterizes this market. The strong presence of these companies across the world is boosting the global healthcare NLP market, significantly. They are depending on technological advancements to compete with each other in this market.
Increasing Application of Clinical Informatics to Drive Global Healthcare NLP Market
The advent of artificial intelligence has benefitted the medical and healthcare industry in more than a way. The utilization of analytical tools and deep learning in interpreting medical data and improving clinical decision making has given a significant impetus healthcare natural language processing. Moreover, the rising engagement of patients in treatment processes has augmented the deployment of NLP within the healthcare sector. Hence, it is safe to say that the increasing usage of clinical informatics in the medical and healthcare industry will drive the global healthcare NLP market in a big way.
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How the regional healthcare natural language processing (NLP) markets are performing?
Currently, North America and Europe are leading the global healthcare natural language processing (NLP) market. The North America healthcare NLP market is led by the increasing uptake of advanced technologies in the medical and healthcare sector and strong product portfolios of key players in this region.
The rising number of healthcare organizations that are concentrating on real-time analytics and integration of data analytics in clinical processes, are also adding to the growth of this regional market. On the other hand, the increasing investments by companies active in this field is driving the Europe healthcare NLP market. The increasing integration of artificial intelligence in healthcare is also supporting this regional market, significantly.
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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