Natural Language Processing or NLP is a rapidly emerging sector in the overall artificial intelligence or AI technological field. Rising investments in the global NLP in healthcare and life sciences market have provided effective solutions to extract various useful results from unstructured sets of massive amount of computer generated data. Solutions in the global NLP in healthcare and life sciences market provide excellent opportunities for improving patient care by offering patient data fro bedside to bench in the healthcare sector.
Few of the major application areas for the solutions from the global NLP in healthcare and life sciences market include drug discovery, drug development safety, precision medicine, clinical trials, clinical research, patent analytics, pharmacovigilance, real world data analytics, and clinical trial analytics, among others. New provision models have emerged in the global NLP in healthcare and life sciences market owing to the constant efforts put in by the players in healthcare systems industry to harness the computing power of AI technologies and tools.
Solutions in the global NLP in healthcare and life sciences market have showcased massive potential in speeding up the drug development procedures as well as in enhancing the return on investments. Various organizations in life sciences industry as well as contract research organizations have started using solutions in the global NLP in healthcare and life sciences market in order to gain access to disease pathways, therapeutic agents, and gene disease associations. This has been witnessed in various developed economies around the world, especially in pharmaceutical and biotechnology industry verticals.
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Services in the global NLP in healthcare and life sciences market are witnessing immense demand on the back of the regulatory push for pharmacovigilance and drug development safety. Key application of the solutions in the global NLP in healthcare and life sciences market in drug development is the increase in in silico and in vitro testing of compounds for understanding the toxicity of the drug. High time to market as well as development costs is one of the major drivers for global NLP in healthcare and life sciences market in terms of boosting the effectiveness of drug development safety.
Rising Number of Players in NLP in Healthcare and Life Sciences Market Keen on Enhancing Patient Safety
Few of the leading and incumbent players functional within the global NLP in healthcare and life sciences market include Lexalytics, Linguamatics, Babylon, CloudMedx, Google, IBM, and Oncora Medical. The competition in the global NLP in healthcare and life sciences market is likely to intensify in the next few years owing to increasing number of healthcare IT startups penetrating the market in order to tap into lucrative opportunities in healthcare AI. Furthermore, major players and vendors in the global NLP in healthcare and life sciences market are focusing on targeting the customer value through latest NLP platforms in order to gain a leading industry position. Rising number of players in the global NLP in healthcare and life sciences market are also keen on enhancing patient safety.
North America Leads the NLP in Healthcare and Life Sciences Market
Some of the key regions functional in the global NLP in healthcare and life sciences market include North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Regionally, the North America region has been at the forefront in the global NLP in healthcare and life sciences market in terms of providing attractive growth opportunities for Ai pioneers and tech companies in the region. Some of the major drivers for the global NLP in healthcare and life sciences market in North America include increase in the adoption of AI tools in various businesses across the landscape of the life sciences industry. Furthermore, extensive research aimed at developing effective AI systems and tools for quality control purposes in population health management as well as clinical research and patient safety has created numerous lucrative opportunities for the players in the global NLP in healthcare and life sciences market in North America.
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