The global market for natural language processing technology in healthcare and life sciences will grow by nearly 20 percent annually in the next five years, a new report says.
The report, from Chicago-based MarketsandMarkets, pegs worldwide NLP sales in healthcare and the life sciences at $1.1 billion in 2015. That total should expand to $2.67 billion by 2020, the research firm said, a 19.6 percent compound annual growth rate.
“The demand in this market is highly driven by the tremendous increase in unstructured clinical data. Furthermore, the increase in the usage of Internet and connected devices are some other factors pushing this market and creating value in the market,” according to MarketsandMarkets.
Indeed, as MedCity News reported, Dr. Anthony Chang, chief intelligence and innovation officer at Children’s Hospital of Orange County, Orange, Calif., said in June that 80-90 percent of all healthcare data in existence was generated in the last 2-3 years. About 90 percent of that data is unstructured.
