Artificial Intelligence
Global NLP in Healthcare and Life Sciences Market Size, Share & Industry Trends Analysis Report, 2022 – 2028
New York, June 17, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global NLP in Healthcare and Life Sciences Market Size, Share & Industry Trends Analysis Report, 2022 – 2028” – https://www.reportlinker.com/p06283450/?utm_source=GNW
In the healthcare industry, NLP is employed in a variety of ways, including improving the quality of care and raising outcomes, as well as automating virtual patient conversational activities. Email filtration, predictive messaging, smart assistance, digital phone calls, and language translations are all examples of where NLP is applied.
Doctors may spend as long as necessary with their patients and give them their undivided attention due to the NLP platform. A number of clinicians prefer printed or typed voice notes. As a result, the NLP platform may be utilized to accurately analyze speech and update data. Unstructured data in real-world data sources like EHRs, patient forums, and other sources make extracting usable insights from the data challenging and time-consuming. This issue is alleviated by AI-powered NLP technology. Pharma companies are using natural language processing (NLP) in drug discovery, text mining EHR data, and utilizing data to produce future insights for commercial advantages, resulting in actionable insights that improve care and efficacy. Furthermore, NLP has a wide range of applications in the pharmaceutical industry, including drug development, clinical trials, regulatory insights, market insights, real-world data, pharmacovigilance, and more.
Natural language processing for life sciences and healthcare sciences is a combination of artificial intelligence, computer science, and computational linguistics that allows computers to understand human speech as it is spoken. Clinicians and researchers can use it to produce, preserve, and utilize a variety of semi-structured and unstructured textual documents. In healthcare and life sciences, high-end NLP technologies for information extraction, automatic voice recognition, machine translation, and dialogue systems are used. NLP is an umbrella term for the process of employing computer algorithms to detect primary components of ordinary language and extract meaning from unstructured spoken or written material. Some NLP efforts aim to pass the Turing test by creating algorithmically-based creatures that can respond to conversations or searches in a human-like manner. Others employ voice recognition technology to try to interpret human speech, such as automated customer service programs.
COVID-19 Impact
The COVID-19 pandemic is causing havoc in the world. It has inflicted whole economies & businesses and affected the career and personal lives of individuals. As businesses turn their focus away from development prospects and toward implementing extraordinary measures to limit the negative impact of the COVID-19 pandemic, the stress to maintain the revenue levels at pre-COVID levels has become the new normal. Pharmaceutical and healthcare organizations, governments, and the larger scientific community are all attempting to assess the virus’s impact and provide speedy, accurate treatments in the ongoing fight against COVID-19. NLP technology, according to a few suppliers in the industry, will enable fast, systematic, and comprehensive insight production from unstructured text.
Market Growth Factors
Need for Analyzing and Extracting Insights from Narrative Text
The need for improved utilization of unstructured data is being driven by a shift in business models and outcome expectations. Traditional health information systems have concentrated on extracting value from the relatively small quantities of structured healthcare data received through clinical channels. However, NLP can extract patient information from unstructured, free-form language and generate actionable data that can be utilized to improve patient care and expedite workflow. NLP systems that are well-designed can assess text-free dictation, recognize situations, and tag the most important clinical data items such as problems, social history, drugs, allergies, and treatments.
Development of Cognitive Computing
Some well-known businesses in the market have made considerable investments in semantic big data analytics and cognitive computing technologies in the healthcare and life sciences industry. NLP offers a wide range of applications in healthcare, from cutting-edge precision medicine applications to the simple task of coding a claim for reimbursement or billing. However, developing algorithms that are smart, accurate, and specific to ground-level concerns in the healthcare and life sciences industries will be critical to the success of deploying this technology. In order for patients to have an accurate record of their health in a language they can comprehend, NLP will have to achieve the dual aims of data abstraction and data presentation. Within the healthcare industry, this enhanced approach would improve physical efficiency while lowering operating expenses
Market Restraining Factors
High Cost of R&D in NLP
NLP is a technique for processing sequential data such as text, speech, financial data, time series, audio, and video that employs neural networks and deep learning algorithms. The most sophisticated technologies that are laying the groundwork for NLP to acquire momentum in the market are neural networks and deep learning. However, developing these technologies is extremely costly and necessitates a significant investment in both R&D funds and time, which is difficult for small or startup enterprises looking to enter the NLP market in healthcare and life sciences.
Component Outlook
Based on Component, the market is segmented into Solution and Services. Based on Solution Type, the market is segmented into Clinical Variation Management, Population Health Management, Counter Fraud Management, and Others. The services segment observed a substantial revenue share of the NLP in healthcare and life sciences market in 2021. Professional services and managed services fall in the services section. These services are critical to the operation of NLP in the healthcare and life sciences industries, as well as ensuring a faster and smoother implementation that maximizes the value of the company’s investments. Professional and managed services are projected to rise in popularity as NLP technology becomes more widely adopted. Professional service providers provide in-depth product knowledge, allowing clients to focus on their primary business, whereas MSPs assist healthcare organizations in improving their business processes and lowering total costs.
End User Outlook
Based on End User, the market is segmented into NLP for Physician, NLP for Patients, NLP for Researchers, and NLP for Clinical Operators. The NLP for physicians segment acquired the largest revenue share in the NLP in healthcare and life sciences market in 2021. Physicians and electronic health records don’t always get along. Additional data input tasks present difficulties and might be aggravating. According to certain studies, some physicians are suffering from EHR burnout and are threatening to retire early rather than deal with the numerous clicks and screens required to manage their EHR. Since NLP healthcare solutions can quickly access and effectively interpret clinical material, medical NLP is rapidly showing to be a solution to this problem. The benefits of healthcare technology will be widely lauded and consumers will face less of the daily hassles once the friction of the technology is lessened.
NLP Type Outlook
Based on NLP Type, the market is segmented into Rule-based, Statistical, and Hybrid. The statistical segment observed a significant revenue share of the NLP in healthcare and life sciences market in 2021. Due to the growing demand for translating EHRs and giving appropriate results in structured data form, the statistical NLP industry is expected to gain pace in the next years. Statistical NLP-based solutions are used in the healthcare and life sciences industries to respond faster to changing business needs. After extracting the repository of unstructured clinical data, this kind of NLP allows medical researchers and practitioners to examine trends and patterns in order to look for statistically important conclusions. This method is commonly used in applications like eCRM, sentiment analysis, and information extraction.
Deployment Mode Outlook
Based on Deployment Mode, the market is segmented into Cloud and On-premise. The cloud segment acquired the largest revenue share of the NLP in healthcare and life sciences market in 2021. This is due to the increasing availability of easy deployment alternatives and minimal capital and time requirements. Cloud-based systems allow several healthcare workers to share clinical data through the Internet. Due to the obvious numerous benefits of cloud-based NLP systems, such as optimization, cost-effectiveness, user-friendliness, and expedited access to crucial patient data, healthcare organizations are rapidly adopting these solutions.
Organization Size Outlook
Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs). The SMEs segment obtained a significant revenue share of the NLP in healthcare and life sciences market in 2021. This is the case since cloud-based solutions and services assist SMEs to improve business performance and efficiency. Due to NLP services being deployable on the cloud, the investment required to implement NLP has fallen drastically. This has been encouraging news for the SMEs segment as these organizations operate on a relatively tight budget.
Application Outlook
Based on Application, the market is segmented into IVR, Summarization & Categorization, Reporting & Visualization, Pattern & Image Recognition, Text & Speech Analytics, Predictive Risk Analytics, and Others. The IVR segment acquired the largest revenue share of the NLP in healthcare and life sciences market in 2021. IVR is a useful telehealth tool that expands healthcare coverage by allowing patients to get care outside of the hospital setting. IVR is curated with particularly developed programs that are easily accessible to patients 24 hours a day, resulting in better adoption in the healthcare and life sciences business.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America acquired the largest revenue share of the NLP in healthcare and life sciences market in 2021. The success of main suppliers in the market in North America is due to the early implementation of NLP solutions and significant improvements in IT infrastructure across healthcare sectors. Because of the favorable approach of government laws, startup funding, established player presence, and enthusiasm from enterprises to deploy ML and NLP-based solutions, the region has seen excellent conditions for the expansion of NLP in the healthcare and life sciences market. There is also plenty of research being conducted in American universities to analyze the benefits of the widespread deployment of NLP in healthcare and life sciences.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation, Google LLC are the forerunners in the NLP in Healthcare and Life Sciences Market. Companies such as Lexalytics, Inc., IBM Corporation and Amazon Web Services, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 3M Company, IBM Corporation, Microsoft Corporation, Google LLC, Amazon Web Services, Inc., Cerner Corporation, Corti ApS, Lexalytics, Inc., Health Fidelity, Inc., and Linguamatics.
Recent strategies deployed in NLP in Healthcare and Life Sciences Market
Partnerships, Collaborations and Agreements:
Mar-2022: Lexalytics entered into a partnership with Bright, a company developing immersive learning and simulation. In addition, Lexalytics’ Semantria API would be integrated within Bright’s practice and coaching-based training platform as a crucial part of its persistent attempts to redefine the corporate education function.
Oct-2021: Google formed a partnership with Hackensack Meridian Health, an organization in the not-for-profit health care sector. Google announced its plans to utilize this relationship to improve health care. Additionally, Hackensack Meridian would team up with Google Cloud to implement machine learning (ML) and artificial intelligence (AI) in important medical areas, including screening and detection, to enable the transformation of how a number of patients across New Jersey receive healthcare.
Sep-2021: Augmedix came into a partnership with Google Cloud, a suite of cloud computing services. This partnership aimed to optimize and combine automated speech recognition technology for utilization in real-world clinical settings. The integrated ASR and NLP technology would improve the efficiency and quality of Augmedix’s medical documentation from ambient conversation while meeting the enterprise-grade security expectations of key health systems, consisting of end-to-end encryption and strong user consent policies.
Sep-2021: IQVIA collaborated with HealthCore, an important US-based organization involved in real-world research. This collaboration aimed to concentrate on enhancing Real World Data (RWD) breadth and depth, as well as research innovation.
Mar-2021: Lexalytics teamed up with Glasshouse Health and True North Solutions. The collaboration aimed to assist medical affairs teams in better deploying natural language processing (NLP) and updated AI technologies and approaches. These companies focused on planning to enhance efficiencies, insights, and patient outcomes.
Product Launches and Product Expansions:
Nov-2021: IBM unveiled new natural language processing (NLP) enhancements, which would be utilized in IBM Watson Discovery. These organized updates are developed to aid business users in industries like financial services, insurance, and legal services improve customer care, and fastening the pace of business processes by discovering insights and extracting information from complex documents.
Aug-2021: Microsoft Cloud for Healthcare expanded its product line with the release of Azure Healthcare APIs, an interoperability data service for the health and life sciences sector. Allowing its users, a platform as a service (PaaS) to ingest, manage, and persist data in the Microsoft Cloud for Healthcare, Azure Healthcare APIs are built as per the needs of Protected Health Information (PHI).
Jul-2021: Amazon Web Service launched AWS for Health, a group of partner solutions and services for genomics, healthcare, and biopharma. The company announced the availability of Amazon HealthLake, software for healthcare organizations that makes searching and examining data simpler for them.
Dec-2020: Google introduced AutoML Entity Extraction and Healthcare Natural Language API, the two fully-managed AI tools for the healthcare sector. The tools would enable healthcare workers in reviewing and examining medical documents in a scalable and repeatable way. Google, the public cloud vendor aimed to decrease workforce burnout and increase healthcare productivity in both clinical practice and back-office, via the implementation of these new tools.
Dec-2020: IBM introduced new innovative capabilities, which are designed to be integrated into IBM Watson to assist in scaling the utilization of AI by businesses. The new capabilities, developed by IBM, are created to improve the automation of AI, generate more trust in outcomes derived from AI predictions, and offer a greater degree of accuracy in natural language processing.
Dec-2020: Amazon released HealthLake, a big data service accommodated in the Amazon Web Services (AWS) cloud. This service would enable healthcare and pharmaceutical organizations to search and evaluate medical data trends.
Jul-2020: Microsoft launched Text Analytics for health, a new feature of Text Analytics in Azure Cognitive Services. This health feature software is drilled on a wide range of medical data-including multiple formats of clinical trials protocols, clinical notes, and more- it is efficient at processing a wide variety of data and tasks, without the need for laborious and time-consuming custom models to extract insights from the data.
Acquisitions and Mergers:
Apr-2021: Microsoft acquired Nuance, a company that develops voice recognition software. Nuance would offer the AI layer at the healthcare stage of delivery and is a leader in the real-world application of enterprise AI. In addition, Microsoft would obtain numerous voice technology patents, which it would utilize to extend into healthcare and other strategic markets, with the acquisition of Nuance.
Scope of the Study
Market Segments covered in the Report:
By Component
• Solution
• Services
o Clinical Variation Management
o Population Health Management
o Counter Fraud Management
o Others
By End User
• NLP for Physician
• NLP for Patients
• NLP for Researchers
• NLP for Clinical Operators
By NLP Type
• Rule-based
• Statistical
• Hybrid
By Deployment Mode
• Cloud
• On-premise
By Organization Size
• Large Enterprises
• Small & Medium Enterprises (SMEs)
By Application
• IVR
• Summarization & Categorization
• Reporting & Visualization
• Pattern & Image Recognition
• Text & Speech Analytics
• Predictive Risk Analytics
• Others
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• 3M Company
• IBM Corporation
• Microsoft Corporation
• Google LLC
• Amazon Web Services, Inc.
• Cerner Corporation
• Corti ApS
• Lexalytics, Inc.
• Health Fidelity, Inc.
• Linguamatics
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
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LONDON, May 1, 2024 /PRNewswire/ — Clarivate Plc (NYSE: CLVT; CLVT PR A) (“Clarivate”), a leading global provider of transformative intelligence, today announced that its board of directors declared a quarterly dividend of $1.3125 per share on its 5.25% Series A Mandatory Convertible Preferred Shares (the “Preferred Shares”), payable in cash on June 3, 2024 to shareholders of record at the close of business on May 15, 2024.
On the mandatory conversion date, which is scheduled to occur on June 3, 2024, each Preferred Share will automatically and mandatorily convert into a number of ordinary shares of Clarivate (and cash in lieu of any fractional ordinary shares) based on the average volume weighted average price (“VWAP”) of Clarivate’s ordinary shares over a 30-trading day period that begins on, and includes, April 18, 2024 and is scheduled to end on, and include, May 30, 2024 (the “valuation period”). If such VWAP is (i) greater than $31.20, then the mandatory conversion rate will be 3.2052 ordinary shares of Clarivate per Preferred Share, (ii) less than or equal to $31.20 but equal to or greater than $26.00, then the mandatory conversion rate will be a number of ordinary shares of Clarivate per Preferred Share equal to $100.00 divided by such VWAP and (iii) less than $26.00, then the mandatory conversion rate will be 3.8462 ordinary shares of Clarivate per Preferred Share. The mandatory conversion rate will be announced following the end of the valuation period. The above description of the terms of the Preferred Shares is not complete and is subject to, and qualified in its entirety by reference to, the “Statement of Rights” for the Preferred Shares, which is filed as Exhibit 3.2 to Clarivate’s annual report on Form 10-K for the fiscal year ended December 31, 2023.
Cautionary Note Regarding Forward-Looking Statements
This communication contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future business, events, trends, contingencies, financial performance, or financial condition, appear at various places in this communication and may use words like “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “see,” “seek,” “should,” “strategy,” “strive,” “target,” “will,” and “would” and similar expressions, and variations or negatives of these words. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management’s current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. These forward-looking statements involve a number of risks and uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include those factors discussed under the caption “Risk Factors” in our annual report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission (“SEC”). However, those factors should not be considered to be a complete statement of all potential risks and uncertainties. Additional risks and uncertainties not known to us or that we currently deem immaterial may also adversely affect our business operations. Forward-looking statements are based only on information currently available to our management and speak only as of the date of this communication. We do not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, except as otherwise required by securities and other applicable laws. Please consult our public filings with the SEC or on our website at www.clarivate.com.
About Clarivate
Clarivate™ is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit www.clarivate.com.
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BEIJING, May 1, 2024 /PRNewswire/ — Focusing on the development of AI, the third CMG Forum was held on Monday in Beijing.
Li Shulei, a member of the Political Bureau of the Communist Party of China (CPC) Central Committee and the head of the Publicity Department of the CPC Central Committee, attended the opening of the event and delivered a speech.
Guests at the forum stressed the role of media in promoting the innovative application of AI as well as its governance.
Efforts should also be made to boost the development of AI in creating positive, healthy, diverse and high-quality content, so that AI can become a force for good and benefit mankind, they agreed.
They also called on media to accelerate intelligent transformation and help bridge international exchanges and cooperation on the governance of AI to facilitate its healthy, orderly and safe development.
Hosted by China Media Group (CMG), the forum attracted more than 200 participants from international organizations, media, think tanks and multinational companies.
“Innovation and breakthroughs in science and technology not only guide the development and progress of human civilization, but also bring uncertainty to the changing world,” said Shen Haixiong, vice minister of the Publicity Department of the CPC Central Committee and president of CMG. He called for efforts to jointly create valuable and responsible artificial intelligence.
AI technology is affecting every aspect of our lives. Thomas Bach, president of the International Olympic Committee (IOC), stated in a video speech that CMG has always been a partner of the IOC, bringing the charm of the Olympic Games to hundreds of millions of Chinese viewers. He said the IOC invites CMG to work together for the creation of a future with the application of AI in Olympic sports.
“From ancient inventions such as silk, printing and the compass to modern technological advances such as robotics, telecommunications and green technology, China has always been committed to innovation and creation,” said Daren Tang, director general of the World Intellectual Property Organization (WIPO). He said WIPO pays close attention to ensuring a balance between the opportunities and risks of artificial intelligence and is committed to strengthening cooperation to ensure that artificial intelligence is properly used.
https://news.cgtn.com/news/2024-04-30/3rd-CMG-Forum-in-Beijing-discusses-AI-development-1tdDcXvCexG/p.html
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Artificial Intelligence
Trianz Appoints Sridhar Kannan as Practice Leader – Digital, Elevating its Leadership in the Global Digital Transformation Space
SANTA CLARA, Calif., May 1, 2024 /PRNewswire/ — Digital transformation technology & services company Trianz is pleased to announce the appointment of Sridhar Kannan as Practice Leader – Digital. With over 25 years of extensive experience in technology and business leadership, Sridhar joins Trianz to lead the expansion of Trianz’s Digital Practice, forging strategic alliances and expanding the business footprint.
Sridhar’s appointment comes at a transformative phase for Trianz as it solidifies its commitment to redefining the digital landscape with an “IP Led” model. This strategic shift is powered by Trianz’s cutting-edge hyper-automated platforms, Concierto.Cloud, Extrica.AI, and Pulse, driving industry-leading transformations in cloud, data and analytics, AI, and the digital workplace. Sridhar’s visionary leadership in technology-led business transformations across diverse sectors will be instrumental in leveraging IP-led models and innovative methodologies to position Trianz at the forefront of digital transformation.
“We are thrilled to welcome Sridhar Kannan to the Trianz family,” said Seshi Vanguru, Chief Revenue Officer at Trianz. “His appointment marks a significant stride in Trianz’s journey toward innovation and excellence. Sridhar’s wealth of experience and exceptional leadership skills will elevate our Digital Practice to new heights, reaffirming our commitment to delivering exceptional value to our clients.”
Sridhar is recognized as a client-focused technology and business transformation executive with a remarkable track record of helping Banking and Financial Services organizations in business transformation and product innovation using applications, cloud, data, and digital solutions. His extensive prior experience at industry giants such as Wipro, Cognizant, and Infosys include successfully leading Fortune 10 global client relationships and implementing transformative solutions across Banking, Financial Services, and Healthcare industries. Sridhar is highly regarded for his ability to lead global cross-functional teams, foster collaboration, and achieve aggressive business goals while consistently delivering high levels of client satisfaction.
“I am deeply honored to join Trianz and contribute to its mission of shaping the future through digital transformation,” said Sridhar. “Together, we will push the boundaries of what’s possible and drive meaningful impact for our clients in this rapidly evolving digital landscape.”
Based out of Minnesota, US, Sridhar has steered numerous clients towards success through the strategic application of Digital, Cloud, Product Engineering, Data, AI, and Application services, making him a seasoned strategist in today’s dynamic digital landscape. His appointment marks a significant milestone in Trianz’s journey to nurturing talent and delivering world-class solutions.
About Trianz
Trianz is a leading-edge technology platforms and services company that accelerates digital transformations at Fortune 100 and emerging companies worldwide in data & analytics, digital experiences, cloud infrastructure, and security. Our “IP Led Transformations” approach, informed by insights from a recent global study spanning 20+ industries and 5000+ companies, addresses challenges posed by the rapid pace of AI-driven transformation, digital talent scarcity, and economic uncertainty. Our IP and platforms, including Concierto, Extrica, and Pulse, revolutionize cloud adoption, data analytics, and AI insights, empowering organizations to navigate the complexities of digital transformation seamlessly.
Founded in California and with an organization of over 2,000 associates across the United States and India, Trianz is a Premier Partner of AWS, consistently rated #1 by clients for value delivery over the past five years. Trianz has been ranked as one of the best Consulting Firms by Forbes and has been certified as a Great Place to Work for three years in a row. To learn more about Trianz, email [email protected] or visit www.trianz.com.
Watch Trianz CEO Sri Manchala’s insightful interview with Bloomberg on Partner | Crossing The Digital Faultline & Leading Towards Transformative Success – YouTube and delve deeper into his book Crossing the Digital Faultline at Crossing the Digital Faultline | Trianz.
Trianz Media Team : [email protected]+1-408-387-5800
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