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HEALTHCARE & PHARMACEUTICAL

Healthcare Cognitive Computing Market Segmentation by Technology (Natural Language Processing, Machine Learning, Automated Reasoning, and Others); by Deployment Model (Cloud-based, and On-Premise); by End-Use (Hospitals, Pharmaceuticals, Medical devices, Insurance, and Others) – Global Demand Analysis and Opportunity Outlook 2022-2030

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Extensive insights into the Growth of Healthcare Cognitive Computing Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • March, 2018: IBM Watson Health and Mayo Clinic (US) announced an agreement to use IBM’s cognitive computing system for clinical trial matching. In the current scenario, the system is trained to support clinical trial matching for breast, lung, and gastrointestinal cancers.

Global Healthcare Cognitive Computing Market Highlights 2022-2030

The global healthcare cognitive computing market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. The growth of the market can be attributed to the increasing prevalence of chronic diseases, such as cancer, cardiovascular diseases, diabetes, along with the rising adoption of advanced technologies such as cloud computing and machine learning for the treatment of such diseases are expected to fuel the progress of this market globally. Furthermore, cognitive computing technology has various applications in the healthcare sector, including, personalized medicine, EHR data analysis, cancer screening, and control and monitoring of other chronic disorders. The complexity in decoding patient gene defects for testing a specific disease has been distinctly reduced by cognitive computing. These advantages are estimated to boost the market growth. According to the data collected from International Agency for Research on Cancer (IARC), over 19.3 million new cancer cases were diagnosed worldwide in 2020. 1 in 5 people develop cancer during their lifetime, and 1 in 8 men and 1 in 11 women die from the disease. Advanced cognitive computing technologies help in keeping track and diagnose such a large population of cancer patients, which is expected to propel the market growth.

Global-Healthcare-Cognitive-Computing-Market-Overview

The market is segmented on the basis of technology into natural language processing, machine learning, automated reasoning, and others, out of which the natural language processing segment is anticipated to grab the most significant share during the forecast period on account of the increasing demand for cloud-based solutions in healthcare and usage of smart devices coupled with the growing use of NLP-based technology to improve customer service support. Moreover, substantial evaluation process, which promotes management of patient feedback and permits clinical team workers to make acknowledge problems and informed decisions in real-time, is another factor expected to boost the market growth. CLICK TO DOWNLOAD SAMPLE REPORT

Based on the end-use, the hospital segment in the global healthcare cognitive computing market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the rising need to analyse structured and unstructured data including patient medical records, insurance data and clinical data in hospitals. The use of big data analytics and cloud services is also expected to have a positive impact on the market growth.

Major Macro-Economic Indicators Impacting the Market Growth

Global-Research-and-Development-Expenditure

The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.

Global Healthcare Cognitive Computing Market Regional Synopsis

Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in North America region is predicted to occupy the largest market share over the forecast period, due to the rising collaboration between high-tech firms and healthcare research centres, along with continuous investments in R&D activities by pharmaceutical companies, and growing adoption of advanced technologies in the medical sector to improve patient care. The healthcare cognitive computing market in the Asia-Pacific region is anticipated to witness the fastest growth with a significant CAGR during the forecast period, followed by Europe region. The APAC region is estimated to grow owing to the growth in public and private healthcare expenditure. Furthermore, proliferating geriatric population along with rising cases of chronic diseases and increasing government initiatives to support e-health in the region are estimated to boost the market growth.

Global-Healthcare-Cognitive-Computing-Market-Analysis

The global healthcare cognitive computing market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global healthcare cognitive computing market includes the following segments:

By Technology

  • Natural Learning Processing (NLP)
  • Machine Learning (ML)
  • Automated Reasoning (AR)
  • Others

By Deployment Model

  • Cloud-based
  • On-Premise

By End-Use

  • Hospitals
  • Pharmaceuticals
  • Medical devices
  • Insurance
  • Others

Growth Drivers

  • Increase in Demand for Cloud-Based Healthcare Applications
  • Rising Elderly Population and Medication Needs
  • Increasing Healthcare Expenditures in Developed and Developing Countries

Challenges

  • Cybersecurity Risk
  • Huge Investment cost

Top Featured Companies Dominating the Market

  • Saffron Technology, Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Nuance Communications, Inc.
  • Google LLC
  • Microsoft Corporation
  • Apixio, Inc.
  • Apple Inc.
  • Healthcare X.0 GmbH
  • Palantir Technologies
  • IBM Corporation
  • Medwhat.com, Inc.

 

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