In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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.
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.
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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.
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.
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.
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The global healthcare cognitive computing market is further classified on the basis of region as follows:
Our in-depth analysis of the global healthcare cognitive computing market includes the following segments:
Ans: Increasing geriatric population, increasing prevalence of chronic diseases, and growing public and private investments in pharmaceutical industry are the key factors driving market growth.
Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
Ans: Cybersecurity risk and huge investment cost are estimated to hamper market growth.
Ans: The market in North America region will provide ample growth opportunities over the forecast period owing to the growing adoption of advanced technologies in the medical sector and continuous investments in R&D by pharmaceuticals companies.
Ans: The major players dominating the healthcare cognitive computing market are Saffron Technology, Inc., Nuance Communications, Inc., Google LLC, Healthcare X.0 GmbH, Palantir Technologies, IBM Corporation, and others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products and services being launched into the market by the company.
Ans: The market is segmented by technology, deployment model, end use, and region.
Ans: With respect to technology, natural language processing segment is anticipated to hold the largest market share owing to the increasing demand for cloud-based solutions in healthcare sector.