Healthcare Cognitive Computing Market

Global Healthcare Cognitive Computing Market Size (2023 to 2028)

The global healthcare cognitive computing market size is expected to grow at a CAGR of 27.23% from 2023 to 2028 and be worth USD 120.84 billion by 2028 from USD 36.24 billion in 2023.

Cognitive computing is a next-generation system that communicates with humans in natural language and assists specialists in making better decisions by comprehending the complexity of unstructured data. Natural language processing, machine learning, automated reasoning, and information retrieval are among the technologies utilized in translating unstructured data to perceive, infer, and anticipate the optimal solution in the worldwide cognitive computing market. In numerous circumstances where the findings may be unclear and vague, cognitive computing systems are applied to high-tech computerized models to approximate the human reasoning process to find explanations. In addition, cognitive computing systems may combine data from various sources while evaluating attitudes and contradicting evidence to recommend the best possible solutions. In healthcare, cognitive computing combines the functions of humans and technology, allowing computers and the human brain to work together to improve human decision-making.

COVID-19 Impact on the global healthcare cognitive computing market:

The rising threat of a COVID-19 pandemic has increased social unrest and worsened economic difficulties. Despite the fact that significant corporations have been halted, the cognitive technology platform appears to be widely used. Artificial intelligence (Al), machine learning (ML), cognitive technology, the internet of things (loT), and cloud computing are likely to be prioritized by the government and businesses. These technologies are useful for disease detection, diagnostics, and environmental problems and lower the risk of an economic crisis and analyze massive amounts of data. Deeper Insights, a UK-based start-up, developed "COVID Insights," a free research discovery app, in May 2020. This app will keep medical experts informed about the most recent COVID-19 research and help clinicians locate COVID-related data. As a result, the market will withstand the effects of the Covid-19 pandemic in the future years, resulting in significant market growth.

MARKET DRIVERS:

The global healthcare cognitive computing market is primarily driven by rising government funding and investments in the healthcare business and the desire to improve customer experience.

Furthermore, the market is predicted to increase because of rising demand for gene-specific treatment, advancements in the healthcare industry, and increasing acceptance of third computing platforms. Chronic disease burden, such as cancer, diabetes, and cardiovascular disease, is becoming a severe worry for governments and healthcare professionals worldwide. Huge amounts of patient data are projected to be generated as a result of this program, and demand for big data and cognitive computing analytics is expected to be quite substantial over the forecast period.

Oncology, personalized medicine, melanoma screening, EHR data analysis, medical imaging analysis, and management of other chronic conditions are the primary focus areas for cognitive computing technology in the healthcare business. Because of the emergence of cognitive computing, the difficulty of assessing patient gene abnormalities for a specific disease has been dramatically decreased, and these applications are predicted to reinforce market growth during the forecast period favorably. Another major factor promoting the demand for cognitive computing systems is the exponential growth of healthcare data and information from a variety of sources and the pressing need to tap into it to improve the quality of care in many regions of the world. In addition, the healthcare industry's increased desire for automated information technology solutions that incorporate various parts of artificial intelligence is bolstering cognitive computing. The increased number of possible benefits and use cases in the healthcare industry are vital factors that continue to drive the market forward during the forecast period.

MARKET RESTRAINTS:

The expansion of the global healthcare cognitive computing market is majorly forecasted to be hampered by factors such as high investment prices and a lack of suitable digital health infrastructure. One of the most significant challenges predicted to inhibit market growth is a lack of awareness about cognitive computing.

REPORT COVERAGE:

This research report on the global healthcare cognitive computing market has been segmented and sub-segmented based on technology, deployment model, end-user, and region.

Healthcare Cognitive Computing Market – By Deployment Model:

• Cloud-based
• On-Premise

Because of the growing demand for secure, dependable, and cost-effective cognitive solutions among companies, the cloud-based segment is predicted to grow at the fastest rate. Organizations are expected to use cloud-based cognitive solutions as technology advances.

Healthcare Cognitive Computing Market – By Technology:

• Natural Language Processing
• Machine Learning
• Automated Reasoning
• Other Technologies

The Natural Language Processing segment is expected to grow at the fastest rate for the forecast period. The extensive assessment procedure, which promotes patient feedback management and allows clinical personnel to make educated judgments and identify issues in real-time, is one of the causes that can be credited to the segment's success.

Healthcare Cognitive Computing Market – By End-User:

• Hospitals
• Pharmaceuticals
• Medical Devices
• Insurance

Due to the rising demand for personalized medicine, gene-specific treatments, oncology, and patient health record management.

Healthcare Cognitive Computing Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

For the healthcare industry, North America is one of the most important markets for cognitive computing. The region's high demand for cognitive computing solutions and services is due to the heightened need for such systems among healthcare professionals and providers. The uptake is being boosted by many early users and significant improvements in machine learning technology in the region.

However, due to the rising elderly population, healthcare expenditure, and increased governmental and private expenditures in the healthcare sector, the Asia Pacific healthcare cognitive computing market is expected to have the fastest growth in demand. Favorable demographic trends and quicker technological adoption in this region are some of the market's positive features. In addition, increased government backing for eHealth efforts, combined with an explosion of data in the domains of cancer, genetics, and other disorders, is likely to drive demand for cognitive computing.

KEY MARKET PARTICIPANTS:

Saffron Technologies, PTC, Inc., Palantir Technologies, CognitiveScale, Microsoft Corporation, Google, Inc., IBM Watson Health, Enterra Solutions, and Vicarious are a few companies playing a promising role in global healthcare cognitive computing market profiled in this report.

RECENT HAPPENINGS IN THIS MARKET:

• Centene Corporation announced in November 2020 that it entered a definitive deal to buy Apixio Inc., a healthcare analytics business that specializes in Artificial Intelligence technologies.
• In April 2021, Microsoft agreed to buy Nuance Communications, a leader in speech-to-text software. To expand its footprint in the healthcare sector, Nuance has done exceptionally well in recent years.
• Cerner teamed with Amazon Web Services to create "Project Apollo," a new cognitive health platform, in October 2019. This technology, built on Amazon Web Services (AWS) infrastructure, provides predictive insights and improves patient care usability.