According to the global healthcare cognitive computing market report by IMARC Group, the market reached a value of US$ 3.60 Billion in 2021, and it is projected to reach a value of US$ 11.04 Billion by 2027, exhibiting a CAGR of 19.20% during 2022-2027.
Cognitive computing is a self-learning system that simulates the human thought process using data mining techniques, natural languages, human sense processing, pattern recognition, and system refinements. It analyzes new trends, identifies business opportunities, and handles critical process-centric issues in real-time. It processes vast volumes of data to answer specific queries, provides intelligent recommendations tailored, and assists in decision-making. It also improves consumer relationships by offering relevant, contextual, and valuable information. As a result, cognitive computing finds extensive applications in the healthcare sector to identify health-related issues and treat patients using past data.
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Healthcare Cognitive Computing Market Trends and Drivers:
The global healthcare cognitive computing market is primarily driven by the rising prevalence of chronic diseases. Moreover, the increasing use of third computing platforms to facilitate better patient care is positively influencing the market growth. A
Additionally, there is a surge in demand for gene-specific treatments to kill cancer cells without affecting healthy tissues. In line with this, recent technological advancements in the healthcare industry are contributing to market growth. Besides this, governments of numerous countries are taking favorable initiatives to promote the adoption of e-health technologies, which in turn, has catalyzed market growth.
Furthermore, the rising cost of clinical trials and drug delivery has augmented the demand for healthcare cognitive computing. Other factors, including the escalating demand for personalized treatments in oncology, increasing mergers and acquisitions (M&A) among key players, and rising investments in big data analytics, are also anticipated to create a favorable market outlook.
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Global Healthcare Cognitive Computing Market 2022-2027 Analysis and Segmentation:
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.
Healthcare Cognitive Computing Companies:
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 has segmented the market on the basis of region, technology, deployment mode and end use.
Breakup by Technology:
- Natural Language Processing
- Machine Learning
- Automated Reasoning
- Others
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by End Use:
- Hospitals
- Pharmaceuticals
- Medical Devices
- Insurance
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive 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 a part of the customization.
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