Categories: Healthcare

Cognitive Computing Market Growth Drivers & Opportunities

The Healthcare Cognitive Computing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Healthcare Cognitive Computing Global Market Report 2024, 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, .

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.

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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

Technological advancement has emerged as the key trend gaining popularity in the healthcare cognitive computing market. Major companies operating in the market are developing advanced technologies to strengthen their position in the market. For instance, in 2022, Apixio Inc., a US-based company operating in healthcare cognitive computing, launched Apicare ChartSpace, an artificial-driven health data management solution to provide real-time data access with improved security of data. This provides a centralized location across programs for chart data management, which allows healthcare organizations to search, filter, view, and download charts directly anytime, and provides chart-level insights on diagnosis codes and ad-hoc analytics. Apicare ChartSpace also enables users to securely store and share charts of different formats (PDFs, images, HTML, CCDA, and FHIR) that have been retrieved from various EHRs and other data sources in a centralized location.

The healthcare cognitive computing market report table of contents includes: