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New Delhi, March 15, 2023 (GLOBE NEWSWIRE) -- The cognitive assessment market in the united states is a rapidly growing industry, driven by a variety of factors, including an ageing population, increased awareness of cognitive impairment, and advances in technology. According to the Alzheimer's Association, approximately 6.2 million Americans aged 65 and older are living with Alzheimer's dementia in 2021. This number is projected to increase to 12.7 million by 2050. Additionally, other cognitive impairments, such as mild cognitive impairment (MCI) and other forms of dementia, are also prevalent among the aging population.
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A survey conducted by the National Opinion Research Center (NORC) at the University of Chicago found that 53% of adults over the age of 50 are concerned about their cognitive abilities. This survey also found that only 10% of those who reported experiencing cognitive issues have discussed them with their healthcare provider. As the aging population continues to grow, the demand for cognitive assessment tools and services is also increasing. This is particularly true for healthcare providers, who are looking for effective ways to diagnose and treat cognitive impairments. Additionally, individuals are seeking ways to monitor their cognitive health, particularly those who have a family history of cognitive impairment or who are concerned about their own cognitive abilities.
Top Trends Shaping the US Cognitive Assessment Market
Increased demand for remote cognitive assessment tools: The COVID-19 pandemic has accelerated the adoption of telehealth and digital health services, including remote cognitive assessment tools. As more healthcare providers look for ways to safely and efficiently evaluate patients' cognitive function without in-person contact, the demand for remote cognitive assessment tools is expected to continue to grow. Growing focus on early detection and prevention: Early detection and prevention of cognitive disorders, such as dementia, is becoming increasingly important as the population ages. Healthcare providers are placing more emphasis on regular cognitive assessments and using new tools, such as genetic testing and brain imaging, to identify cognitive disorders early. Integration of cognitive assessments into primary care: Primary care providers are increasingly using cognitive assessments as part of routine check-ups, in addition to traditional physical exams. This trend is driven by the growing awareness of the importance of cognitive health and the need to identify cognitive disorders early. Personalization of cognitive assessments: Cognitive assessment tools are becoming more personalized, taking into account individual factors such as age, gender, and education level. This trend is driven by the recognition that cognitive function varies widely among individuals and that personalized assessments can improve accuracy and reliability. Use of artificial intelligence and machine learning: Artificial intelligence (AI) and machine learning are being used to develop new cognitive assessment tools and improve the accuracy and reliability of existing tools. AI and machine learning can analyze large amounts of data and detect subtle changes in cognitive function, which can help healthcare providers identify cognitive disorders early.
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Healthcare Research Activities Contribute More than 70% to the US Cognitive Assessment Market
Healthcare research activities that engage cognitive assessment are critical in evaluating and treating neurological and psychiatric disorders. Such research activities include clinical trials and observational studies to evaluate the efficacy and safety of various therapies and interventions, as well as the development of new drugs and treatments. According to the National Institutes of Health (NIH), the United States spent an estimated $47 billion on neurological and psychiatric research in 2021. Of this amount, a significant portion is likely devoted to healthcare research activities engaging cognitive assessment.
Researchers and healthcare professionals continue to explore new ways to enhance the sensitivity, specificity, and reliability of cognitive assessments, which can help to improve diagnosis, treatment, and monitoring of neurological and psychiatric conditions. In 2021, there were several notable advancements in drug development for neurological and psychiatric disorders, including Alzheimer's disease, Parkinson's disease, and depression. For example, the FDA approved Aduhelm, the first drug to target the underlying pathology of Alzheimer's disease, based on cognitive assessment data demonstrating its effectiveness. Similarly, the FDA approved a new drug called Inmazeb, which was developed to treat the Ebola virus, based on clinical trial data that included cognitive assessment measures.
Top 12 Players Holds More than 51% Revenue Share of US Cognitive Assessment Market
Pearson and Quest Diagnostics are two of the major players in the US cognitive assessment market. However, Pearson is the only player that have captured more than 15% revenue share of the US cognitive assessment market. The company's primary focus is on education and learning, but it also offers a wide range of assessment products and services for various domains, including healthcare and employment. Its market position is strong, thanks to its long-standing reputation in the education sector and its broad portfolio of assessment products and services. The company's strong brand recognition and wide customer base give it a competitive advantage over other players in the market.
Pearson's growth strategy is centered around investing in technology and innovation to create products and services that meet the changing needs of customers. The company has been expanding its digital offerings and investing in adaptive learning technologies that personalize the learning experience for students. Pearson has also been investing in artificial intelligence (AI) and machine learning (ML) to develop new products and services that improve learning outcomes.
On the other hand, Quest Diagnostics is the second leading provider of diagnostic testing services, including cognitive assessments, with a market share of 4.9%. The company's cognitive assessment tools are used to assess cognitive function in areas such as memory, attention, and language.
Quest Diagnostics' growth strategy is focused on expanding its diagnostic testing services, including cognitive assessments, to new markets and customers. The company has been investing in new technologies, such as genetic testing and precision medicine, to offer more comprehensive diagnostic testing services. Quest Diagnostics has also been expanding its partnerships with healthcare providers and insurance companies to offer its services to a wider range of customers.
Some of the Top Market Players Are:
Pearson Medavante-ProPhase VeraSci Lumos Labs Signant Health ImPACT Applications Quest Diagnostics Thomas International Cognifit Cambridge Cognition Savonix Cogstate Philips BrainCheck Berke Neurotrack Brainware The Brain Workshop MedAvante, Inc. Other Prominent Players
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