Healthcare Cognitive Computing Market
IMARC Group, a leading market research firm, recently released a report titled, “Healthcare Cognitive Informatics Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecasts 2023-2028”. The study provides a detailed analysis of the industry, including the global healthcare cognitive computing market share, size, trends and growth forecasts. The report also includes competitive and regional analysis and highlights the latest advances in the market.
How big is the market for healthcare cognitive computing?
The global market size of healthcare cognitive computing reached USD 4.3 billion in 2022. Looking ahead, IMARC Group expects the market to reach USD 13.2 billion by 2028, with a growth rate (CAGR ) by 19% in the period 2023-2028.
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Healthcare cognitive computing relies on advanced technologies, such as artificial intelligence (AI), machine learning (ML), natural language processing (NLP), and other computational techniques to analyze and interpret complex medical data. It involves developing systems that can learn, reason, and understand natural language to help clinicians and healthcare organizations make more informed decisions and improve patient outcomes. It also enables medicine selection by analyzing patient data and providing tailored treatment plans based on the individual needs of patients based on their medical history and genetic information. It also helps improve diagnostic accuracy, reduce errors and increase efficiency, which reduces healthcare costs and improves the overall value of healthcare. Healthcare cognitive computing is also used to analyze large volumes of medical records quickly and accurately, and to provide recommendations for treatment plans, clinical trials, and drug interactions. At present, it is used in various healthcare applications, such as diagnosis, treatment, drug discovery, personalized medicine, and patient engagement, around the world.
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What are the outlook and growth trends in the healthcare cognitive computing industry?
The growing geriatric population and growing consumer health awareness are catalyzing the demand for personalized medicines prepared based on an individual’s history. This represents one of the key factors positively influencing the market worldwide. Additionally, rapid digitization and widespread adoption of electronic health records (EHRs) are driving demand for healthcare cognitive computing to analyze data, provide health insights, and improve outcomes.
Additionally, the growing adoption of advanced technologies, such as AI, ML, and the Internet of Things (IoT) for analyzing complex healthcare data and providing accurate predictions and recommendations for patient care, is boosting market growth. Aside from this, the growing prevalence of chronic diseases, including diabetes, cancer and cardiovascular disorders, is increasing the need for efficient and effective healthcare. Healthcare cognitive computing also helps physicians make more patient care decisions in real time, which helps reduce healthcare costs.
In line with this, governments of various countries are investing extensively in healthcare infrastructure to improve healthcare which is creating favorable market prospects. Additionally, the growing adoption of cloud computing in healthcare organizations to store and analyze large volumes of medical data more efficiently is boosting market growth. In addition to this, healthcare cognitive computing is being used to develop virtual assistants that can interact with patients and help them manage their health. They also help track patient progress and connect healthcare providers, which is driving market growth worldwide.
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Global Cognitive Health Informatics Market Analysis and Segmentation 2023-2028:
Competitive landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Apixio (Centene Corporation), Apple Inc., CognitiveScale, Enterra Solutions LLC, Google LLC (Alphabet Inc.), Healthcare X.0 GmbH, Intel Corporation, International Business Machines Corporation, MedWhat and Microsoft Corporation.
The report segmented the market on the basis of region, technology, deployment mode, and end use.
Breaking by technology:
Natural language processing
Machine learning
Automated reasoning
Others
Disruption by distribution mode:
Locally
Cloud based
Breakage for end use:
hospitals
Pharmaceutical products
Medical devices
Insurance
Others
Division by region:
North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, UK, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, others)
Middle East and Africa
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Highlights of the report:
Market performance (2017-2022)
Market prospects (2023-2028)
Porter’s five forces analysis
Market drivers and success factors
SWOT analysis
Value chain
Complete mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as part of the personalisation.
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