(MENAFN- GlobeNewsWire - Nasdaq) Newark, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 5.16 billion in 2022 global healthcare cognitive computing market will reach USD 103.74 billion in 2032. Cognitive computing is the computer depiction of human thought processes. Cognitive computing helps doctors in the healthcare sector by assisting them in prescribing treatments based on earlier studies. It is well known for managing a substantial amount of complex data. The extensive use of cloud services is one of the main drivers driving the growth of the healthcare cognitive computing industry. Governments and healthcare providers are growing increasingly worried due to the rising burden of disease brought on by chronic disorders such as diabetes, cardiovascular disease, and cancer, among others; this is driving market expansion.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 5.16 billion |
| Market Size in 2032 | USD 103.74 billion |
| CAGR | 35% |
| No. of Pages in Report | 231 |
| Segments Covered | Technology, End-User |
| Drivers | Technical Improvements |
| Opportunities | Government Initiatives |
| Restraints | High Cost |
Key Insight of the Global Healthcare Cognitive Computing Market
North America will dominate the market during the forecast period.
Some elements contributing to such a large market share are high-tech technology businesses, continuous expenditures in research and development, stricter reimbursement rules, and widespread use of information technology to improve patient care and reduce healthcare costs. Positive market indicators include rising public and private healthcare spending, acceptable demographic trends, and a quicker uptake of new technologies in this field. The explosion of knowledge on cancer, genetics, and other ailments and government backing for e-health initiatives is expected to drive greater demand for cognitive computing.
The natural language processing segment dominated the market, with a market share of around 31% in 2022.
The technology segment is divided into natural language processing, automated planning, machine learning, computer vision, automated reasoning, data extraction, interpretation, handwriting recognition/ optical character recognition, language processing & language training, and speech recognition. The natural language processing segment dominated the market, with a market share of around 31% in 2022.
The hospital segment dominated, with a market share of around 38% in 2022.
The end-user segment is divided into hospitals, medical devices, pharmaceuticals, and insurance. The hospital segment dominated, with a market share of around 38% in 2022.
Advancement in market
Bennett University and i-Hub Anubhuti, IIITD Foundation have agreed to advance research in data-driven cognitive computing solutions. The partnership focuses on several industries: health, law and security, education, and environmental sustainability. Bennett University claims that by collaborating with the IIITD Foundation and i-Hub Anubhuti, they would enhance research projects and innovation across a range of fields and promote data-driven technologies, smart healthcare, and cognitive systems. The university said the partnership would support healthcare businesses by creating a startup centre fostering innovative concepts and technologies. The institution declared that it would organise collaborative academic and training courses, fellowships, and exchange trips to promote cross-learning and sharing information and technology.
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Market Dynamics
Driver: Technological Advancements.
The desire for customised healthcare services, the explosion of structured and unstructured data, data mining and analytics advancements, and growing cloud service utilisation are some of the key growth drivers. The majority of the data is kept unstructured, with about 20% to 25% being preserved in an organised manner. Published articles, blogs, books, images, audio files, and videos all contain digital data. This data analysis is a difficult process that calls for using cutting-edge computing tools.
Restraints: Exorbitant Expenses.
Exorbitant investment costs and insufficient digital health infrastructure are projected to impede the sector's growth.
Opportunities: Government Initiatives.
The market is growing due to government actions responding to the rising rates of certain diseases, such as diabetes, cancer, and cardiovascular disorders. Applications in the healthcare industry, such as those for medical imaging analysis, personalised medicine, melanoma screening, oncology, EHR data analysis, and the treatment of various chronic disorders, are driving the market's growth.
Challenges: the lack of skilled workforce.
A skilled workforce shortage will challenge the healthcare cognitive computing market throughout the projected period.
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Some of the major players operating in the global healthcare cognitive computing market are:
. IBM
. Microsoft
. CognitiveScale
. Numenta
. Vicarious
. Enterra Solutions
. Deepmind
. SparkCognition
. TIBCO Software Inc
. NakaTech
. Wipro Limited
Key Segments covered in the market:
By Technology
. Natural Language Processing
. Automated Planning
. Machine Learning
. Computer Vision
. Automated Reasoning
. Data Extraction
. Interpretation
. Handwriting Recognition/ Optical Character Recognition
. Language Processing & Language Training
. Speech Recognition
By End-User
. Hospitals
. Medical Devices
. Pharmaceuticals
. Insurance
By Region
. North America (U.S., Canada, Mexico)
. Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
. Asia-Pacific (China, Japan, India, Rest of APAC)
. South America (Brazil and the Rest of South America)
. The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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