Global healthcare cognitive computing market is forecasted to attain revenue of $13.3 billion by 2024.
The growth in the healthcare cognitive computing market size will be led by increasing burden of chronic diseases, technological advancements in the healthcare industry encouraging the use of cognitive computing in healthcare, and rising adoption of third computing platforms.
Insights on market segments
The technologies used in the healthcare cognitive computing market have been categorized as natural language processing (NLP), machine learning, automated reasoning, and information retrieval, where NLP is expected to witness the fastest growth in demand, and is likely to garner a CAGR of 34.9% during the forecast period. This rising demand for the NLP technology can be attributed to its comprehensive evaluation process, which facilitates management of patient feedback and enables clinical staff to make informed decisions and respond to problems in real time. For instance, the U.S. based Intermountain Hospital uses the NLP technology to identify information associated with cardiac patients, cancer patients, and venous thromboembolism patients.
Cloud and on-premise are the two major types of deployment models used in the healthcare cognitive computing market. Globally, the cloud computing deployment model is estimated to acquire a larger market share, standing at 71.0% in 2017. This growth in the cloud computing deployment model is mainly attributed to its increasing use in the development of healthcare applications, such as electronic health records (EHRs), which are affordable and easily accessible to the healthcare providers to store and access data remotely and provide the necessary care without any delay.
Access Report Summary with Detailed TOC on "Healthcare Cognitive Computing Market by Technology (Natural Language Processing, Machine Learning, Automated Reasoning, Information Retrieval), by Deployment Model (Cloud, On-Premise), by End-User (Healthcare Providers, Pharmaceutical Companies, Medical Device Companies, Healthcare Payers), by Geography (U.S., Canada, U.K., Germany, France, China, Japan, India, Brazil) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2014–2024" at: https://www.psmarketresearch.com/market-analysis/healthcare-cognitive-computing-market
Although cognitive computing is being increasingly used in healthcare by various healthcare professionals, it is the healthcare providers category that is expected to witness the fastest growth, as the end-user base, in the healthcare cognitive computing market during the forecast period. Healthcare providers have been estimated to lead the global market, occupying a 44.5% share in 2017. This growth in the demand for healthcare cognitive computing solutions by healthcare providers can be attributed to the increased usage of cognitive platforms by the providers for the detection and treatment of rare diseases. For instance, in October 2016, Rhön-Klinikum AG, a private hospital group in Germany, teamed up with IBM Corporation on a 12-month pilot project to help detect rare diseases and find their cure using the IBM’s Watson platform.
Asia-Pacific (APAC) is the fastest growing market for healthcare cognitive computing solutions
The APAC healthcare cognitive computing industry is expected to witness the fastest growth in demand, at a CAGR of 41.6%, during the forecast period, owing to rising geriatric population, increasing healthcare expenditure, growing public and private investments in the healthcare sector to cater to unmet medical needs, and burgeoning pharmaceutical industry in the region.
According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), people aged 65 years and above constituted approximately 11.4% of the population in 2013, and the count is estimated to increase by approximately 20% by 2050. Since the elderly generally need help in meeting their medication needs, including keeping track of their visits to the doctor, medication timings, exercise reminders, and dietary recommendations, there is ample scope for the healthcare cognitive computing market to flourish in the region.
Companies in the healthcare cognitive computing market are also increasingly getting involved in research and development to provide better healthcare solutions. For instance, in August 2016, IBM Watson aided in the detection of a rare form of leukemia in a patient in Japan. The cloud-based, AI-powered supercomputer of IBM is capable of cross-referencing and analyzing data from millions of oncology papers from research institutes all over the world.
Development of advanced healthcare computing solutions by key players, to gain a larger share
Globally, key players in the healthcare cognitive computing industry are developing advanced computing solutions for healthcare, to gain a larger market share. For instance, in November 2017, Nuance Communications Inc. unveiled Nuance AI Marketplace for Diagnostic Imaging at the Radiological Society of North America (RSNA) conference in Chicago. It is the first open platform for developers, data scientists, and radiologists to accelerate the development, deployment, and adoption of AI for medical imaging.
Some of the other key players operating in the healthcare cognitive computing market include IBM Corporation, Microsoft Corporation, Enterra Solutions, LLC, Intel Corporation, Alphabet Inc., Hewlett Packard Enterprise (HPE), CognitiveScale, Healthcare X.0 GmbH, and MedWhat.com Inc.
GLOBAL HEALTHCARE COGNITIVE COMPUTING MARKET SEGMENTATION
Market Segmentation by Technology
Market Segmentation by Deployment Model
Market Segmentation by End-User
Market Segmentation by Geography