Overview and Scope
Healthcare cognitive computing is the use of logic, language processing, machine learning, and human capabilities to solve problems and analyze data. This is used in the healthcare industry to cope with massive amounts of unstructured healthcare data, such as patient histories, diagnoses, ailments, and journal research papers.
Sizing and Forecast
The healthcare cognitive computing market size has grown exponentially in recent years. It will grow from $6.02 billion in 2023 to $7.47 billion in 2024 at a compound annual growth rate (CAGR) of 24.0%. The growth in the historic period can be attributed to growing volume of healthcare data, enhanced image and pattern recognition, push for value-based healthcare, integration with electronic health records, focus on population health management, drug discovery and development..
The healthcare cognitive computing market size is expected to see exponential growth in the next few years. It will grow to $17.69 billion in 2028 at a compound annual growth rate (CAGR) of 24.1%. The growth in the forecast period can be attributed to expansion of genomic medicine, integration with wearable devices, focus on mental health solutions, utilization in precision oncology, enhanced cybersecurity measures, growth of virtual health assistants.. Major trends in the forecast period include advancements in artificial intelligence (ai), automation of administrative tasks, virtual health assistants , collaborations and partnerships, genomic medicine integration, .
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Segmentation & Regional Insights
The healthcare cognitive computing market covered in this report is segmented –
1) By Technology: Natural Language Processing, Machine Learning, Automated Reasoning, Other Technology
2) By Deployment Mode: On-premises, Cloud-based
3) By End Use: Hospitals, Pharmaceuticals, Medical Devices, Insurance, Other End uses
North America was the largest region in the healthcare cognitive computing market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare cognitive computing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing prevalence of chronic diseases is expected to boost the healthcare cognitive computing market going forward. Chronic diseases, sometimes called non-communicable diseases (NCDs), are conditions that last for an extended period and are caused by a mix of genetic, physiological, environmental, and behavioral factors. Researchers can learn new things about the connections between genes, proteins, pathways, phenotypes, and diseases with the help of cognitive computing. Cognitive computing can generate concise summaries that highlight the most important aspects of a patient's situation for both patients and healthcare providers, hence it will boost the healthcare cognitive computing market. For instance, according to the report published by World Health Organization (WHO), a Switzerland-based inter-governmental organization, responsible for providing leadership on global health matters, in 2022, chronic diseases or non-communicable diseases (NCDs) account for 74% of all deaths worldwide, killing 41 million people every year. Therefore, growing prevalence of chronic diseases is driving the growth of the healthcare cognitive computing market.
Key Industry Players
Major companies operating in the healthcare cognitive computing market report are Apixio Inc., CognitiveScale, Healthcare X.0 GmbH, MedWhat Technology, Palantir Technologies Inc., Apple Inc., Google LLC, Intel Corporation, Microsoft Corporation, International Business Machines Corporation, Enterra Solutions, Saffron Technology Inc., DeepMind Technologies Limited, SparkCognition Inc., TIBCO Software Inc., Wipro Limited, Marlabs LLC, SAP SE, Parametric Technology Corporation, Numenta Inc., Vicarious Systems Inc., Naka Technology Inc., Nuance Communications Incorporated, Ayasdi Inc., General Vision Inc., Health Fidelity Inc., Linguamatics Inc., Persado Inc., Suki Inc., Verint Systems Inc., Welltok Inc., Zephyr Health Inc., Zebra Medical Vision Ltd.
The healthcare cognitive computing market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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The global healthcare cognitive computing market is predicted to demonstrate unprecedented growth in the forthcoming years.
The main factors propelling the advancement of the market are the increasing prevalence of chronic diseases, growing adoption of cognitive computing in the healthcare industry on account of rapid technological advancements, increasing integration of various third computing platforms, and the mushrooming popularity of the natural language processing (NLP) technology, due to its ability to bridge the gap in human-machine interaction, across the world.Browse detailed report on healthcare Cognitive Computing Market Research Report - Global Industry Analysis and Demand ForecastIn recent times, the integration of cognitive computing solutions has increased tremendously in various hospitals in North America and Europe.
For example, Alder Hey Children’s Hospital and Roald Dahl Foundation, incorporated cognitive computing in their patient solutions in May 2016.
The other major factor causing the surge of the market is the increasing popularity of third computing platforms in the healthcare industry.
These platforms not only facilitate the management of a large volume of medical data but they also allow the retention of clinical outcomes related information.
Based on technology, the healthcare cognitive computing market is divided into machine learning, natural language processing (NLP), information retrieval, and automated reasoning categories.
