Average Mkt Cap
#20 of 49
$18 B
Average CAGR
#26 of 49
20 %
NLP can be used to analyze large volumes of medical data, improving diagnostic accuracy and treatment outcomes. NLP can be used to extract relevant information from unstructured clinical notes and medical literature, facilitating clinical decision making. Some researchers are exploring the use of NLP for sentiment analysis in patient feedback, to improve patient satisfaction and quality of care.
0 FDA approvals in Natural Language Processing (NLP)
Improved Clinical Documentation
"NLP can improve clinical documentation by automatically extracting information from unstructured data, reducing the time and effort required for manual chart review and improving the accuracy and completeness of patient records." - Journal of the American Medical Informatics Association, December 2021
Automated Coding
"NLP can be used for automated coding, improving the accuracy and efficiency of medical coding and reducing the risk of errors." - Healthcare Information and Management Systems Society, January 2022
Virtual Assistants
"NLP can be used to develop virtual assistants that can assist with clinical decision-making, patient education, and administrative tasks, improving efficiency and reducing the burden on providers." - Frontiers in Digital Health, February 2022
Investor sentiment
Fortune Business InsightsJuly 2021
"...The global natural language processing market is expected to reach $80.68 billion by 2026, driven by the increasing demand for NLP solutions in various applications such as customer service, sentiment analysis, and machine translation, and the rising adoption of AI and machine learning technologies."
MarketsandResearchApril 2021
"...The global natural language processing market is projected to grow at a CAGR of over 20% during the period 2021-2028, driven by the increasing adoption of NLP solutions in various applications such as chatbots, virtual assistants, and speech recognition, and the growing demand for intelligent and personalized customer experiences."
Sector leaders
OpenAI
OpenAI, the artificial intelligence company whose founders include Tesla CEO Elon Musk and Y Combinator chairman Sam Altman, has developed a machine learning model that can understand the nuances of the English language to answer complex questions more accurately than other models. The NLP model, called GPT-3, has become one of OpenAI's key products and is being used by a growing number of companies in the industry to develop medical chatbots and other applications.
Nuance Communications
Nuance Communications is a software company that specializes in developing natural language processing technology for applications, including speech recognition and medical transcription. The company's technology is used by hospitals and other providers to improve clinical documentation and reduce the time and cost of manual data entry.
Amazon Web Services (AWS)
Amazon Web Services (AWS) is a cloud computing platform that offers a wide range of tools and services for developing and deploying natural language processing applications in and other industries. AWS offers several machine learning services, including Amazon Comprehend, which can be used to extract insights from unstructured data, and Amazon Lex, which can be used to develop conversational chatbots and other voice-enabled applications.
