What insights does the healthcare cognitive computing market size analysis reveal?
The healthcare cognitive computing market has seen exceptional growth in recent years. It was valued at $7.32 billion in 2024 and is expected to reach $8.99 billion in 2025, growing at a compound annual growth rate (CAGR) of 22.8%. This growth can be attributed to the increasing volume of healthcare data, advanced image and pattern recognition, the push for value-based healthcare, integration with electronic health records, and a keen focus on population health management, including drug discovery and development.
The forecasted market size is even more promising, with the market expected to expand to $22.34 billion in 2029 at a CAGR of 25.6%. Drivers of this predicted growth include the expansion of genomic medicine, integration with wearable devices, emphasis on mental health solutions, utilization in precision oncology, enhanced cybersecurity measures, and growth of virtual health assistants.
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Which factors are expected to drive the growth of the healthcare cognitive computing market?
The growing prevalence of chronic diseases worldwide is a significant market driver. Chronic diseases, or non-communicable diseases (NCDs), which are characterized by long duration and slow progression, are caused by a mixture of genetic, physiological, environmental, and behavioral factors. Cognitive computing aids researchers by uncovering new insights about the relationships between genes, proteins, pathways, phenotypes, and diseases. For both patients and healthcare providers, cognitive computing can generate concise summaries that highlight the critical aspects of a patient’s situation. According to a report published by the World Health Organization (WHO) in 2022, non-communicable diseases account for 74% of all deaths globally, killing 41 million people each year. Thus, the rising prevalence of chronic diseases is propelling the growth of the healthcare cognitive computing market.
What are the main segments within the healthcare cognitive computing market?
• By Technology: Natural Language Processing, Machine Learning, Automated Reasoning, Other Technology
• By Deployment Mode: On-premises, Cloud-Based
• By End Use: Hospitals, Pharmaceuticals, Medical Devices, Insurance, Other End uses
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Which are the major players in the healthcare cognitive computing market?
Key players in the healthcare cognitive computing market include 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, Numenta Inc., Nuance Communications Incorporated, Ayasdi Inc., Health Fidelity Inc., Linguamatics Inc., Suki Inc., Verint Systems Inc., Welltok Inc., Zephyr Health Inc., and Zebra Medical Vision Ltd.
What are the emerging trends in the healthcare cognitive computing market?
Technological advancement is a prominent trend in the healthcare cognitive computing market, with several companies developing advanced technologies to bolster their market position. One prime example is Apixio Inc.’s launch of Apicare ChartSpace in 2022. This AI-powered health data management solution provides real-time data access and improved security, enabling healthcare organizations to access, filter, and download charts directly at any time and offering chart-level insights on diagnosis codes and ad-hoc analytics.
Which region projects the fastest growth in the healthcare cognitive computing market?
North America emerged as the leader in the global healthcare cognitive computing market in 2024, but Asia-Pacific is forecasted to be the fastest-growing region in this market. The healthcare cognitive computing market report also offers comprehensive regional analysis covering Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
What Does The Healthcare Cognitive Computing Market Report 2024 Offer?
Healthcare cognitive computing encompasses the application of logic, language processing, machine learning, and human capabilities to solve problems and analyze data. It’s particularly useful in the healthcare sector for managing voluminous unstructured healthcare data such as patient histories, diagnoses, illnesses, and medical research papers. The Healthcare Cognitive Computing Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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