LONDON, Sept. 14, 2023 /PRNewswire/ -- According to a comprehensive research report by Brandessence Market Research (BMRC), "Healthcare Cognitive Computing Market Size, Share & Trends Analysis Report By Technology, By Application, By End-User, By Deployment Type, Based On Region, And Segment Forecasts, 2021- 2028". The Healthcare Cognitive Computing Market was valued at USD 23.03 Billion in 2021 and expected to reach USD 108.45 Billion by 2028, amplifying with a CAGR of 24.78% over 2021-2028.
The application of cognitive computing technologies in the healthcare domain is referred to as healthcare cognitive computing. It is worth noting that cognitive computing is a part of AI that is equipped with the ability to simulate human thought processes and enhance decision-making by using data analysis, pattern recognition, natural language processing, and machine learning algorithms. These computing systems can process a large volume of healthcare data and interpret them with ease. This in turn allows healthcare professionals to make informed decisions.
This business intelligence report offers a deep dive assessment of the primary growth drivers, challenges, opportunities, and restraints. The report predominantly aims at empowering businesses with extensive knowledge about this industry vertical. A 360-degree outlook of the top segments and geographies are entailed in this study. It also sheds light into the competitive terrain of this market within depth information about each operating player.
Key takeaways:- Healthcare Cognitive Computing Market is poised to amplify with a CAGR of 24.78% over 2021-2028.
- Growing prevalence of both chronic and infectious diseases, increased healthcare expenditure, along with rising volume of data generated in the healthcare sector are aiding industry expansion.
- MEA is projected to capture a substantial revenue share due to the growing burden of patients and increased healthcare expenditure.
Report Metric | Details |
Healthcare Cognitive Computing Market Revenue forecast in 2028 | USD 108.45 Billion |
Market Size in 2021 | USD 23.03 Billion |
Market Growth Rate | CAGR of 24.78% 2021-2028 |
Base Year | 2021 |
Study Period | 2021-2028 |
Key Players/Companies | Google, IBM, Palantir, Microsoft, PTC |
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Healthcare Cognitive Computing Market was valued at USD 23.03 Billion in 2021 and expected to reach USD 108.45 Billion by 2028, amplifying with a CAGR of 24.78% over 2021-2028.
Elaborating the key trends and dynamics of Healthcare Cognitive Computing Market
Growing prevalence of both chronic and infectious diseases, increased healthcare expenditure, along with rising volume of data generated in the healthcare sector are the primary factors aiding the expansion of this business sphere. Besides, surging R&D activities in the field, rising prominence of remote healthcare, and widespread digitalization are creating lucrative opportunities for this market space to prosper. Moreover, growing focus of healthcare organizations to reduce their overall operational costs and minimize the workload of medical professionals is another pivotal growth stimulant for this industry vertical.
Major growth drivers:
Increased volume of healthcare data- With rising burden of various diseases and injuries, a large number of individuals seek medical help every day. Thus, a huge volume of data in the form of patient records, test reports, clinical research documents, and medical images, among others are generated from healthcare facilities. The systematic storage, interpretation, and transfer of these sensitive data is quite important when it comes to making treatment decisions. This has increased the adoption of cognitive computing systems across healthcare facilities.
Escalating demand for personalized medicines- Personalized treatment options are gaining immense traction worldwide. Every individual has different health needs and require specialized form of care. To illustrate this, let us consider two cancer patients aged 18 and 78 respectively. The medicinal or therapeutic needs of an 18-year-old will be quite different than the elderly adult. Personalized treatments are tailored according to the age, physiological conditions, and presence of comorbidities of an individual and there can be regarded quite beneficial in treating a wide range of ailments. This in turn is creating an upward trend in this market.
Challenges:
Data security issues- Healthcare cognitive computing systems access and analyze sensitive patient data, including medical records, genetic information, and imaging data. Maintaining the privacy and security of this data is of utmost importance to comply with regulatory requirements and protect patients' confidentiality. The increased instances of data thefts and other forms of cybercrime is hindering the remuneration of this business sphere.
Competitive landscape of Healthcare Cognitive Computing Market:
- IBM
- Palantir
- Microsoft
- PTC
- Others
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Competitive landscape of Healthcare Cognitive Computing Market:
The prominent players defining the competitive terrain of this business vertical are Google, IBM, Palantir, Microsoft, and PTC.
Segmental Assessment:
By technology, the natural language processing segment is likely to amass notable gains over 2022-2029. This is attributable to the fact that NLP is equipped with the ability to extract meaning from human language and can be used to structure complex data.
Based on deployment type, the cloud-based services segment is poised to generate significant returns over the stipulated timeline. This is credited to the easy accessibility and affordability of cloud-based systems.
Geographical analysis & landscape:
Middle East & Africa Healthcare Cognitive Computing Market:
MEA is projected to capture a substantial revenue share over the assessment timeline. This is ascribed to the growing burden of patients, increased healthcare expenditure, and widespread technological advancements in the field. Besides, surging R&D activities along with the rapidly evolving healthcare infrastructure are fuelling the growth of this business sphere.
Europe:
Europe is reckoned to amplify significantly over the forecast duration. This is due to the rapidly evolving healthcare infrastructure, presence of prominent companies, and growing prominence of advanced technologies such as AI and ML. Moreover, growing burden of diseases and escalating demand for personalized medicine are creating an upward trend in this regional market.
Major developments in Healthcare Cognitive Computing Market:
In 2021, Change Healthcare, a healthcare technology company, announced the acquisitions of PDX, Inc.
Porter's Five Forces Analysis:
Threat of New Entrants: The healthcare cognitive computing market requires significant expertise in AI, machine learning, and healthcare domain knowledge. Entry barriers are relatively high due to the need for substantial investments in research and development, data infrastructure, and talent acquisition. Established companies already operating in this market have a competitive advantage with their existing technology, patents, and customer base, making it challenging for new entrants to gain a significant foothold.
Bargaining Power of Buyers: The bargaining power of buyers in the healthcare cognitive computing market is moderate to high. Buyers, such as healthcare institutions and pharmaceutical companies, have a variety of options when choosing cognitive computing solutions. They can demand customization and competitive pricing from vendors. Additionally, the quality and reliability of the cognitive computing systems significantly influence buyer decisions.
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Bargaining Power of Suppliers: The bargaining power of suppliers in this market is moderate. Suppliers include technology providers, data providers, and research organizations that contribute to building and improving cognitive computing solutions. While there are several suppliers available, certain specialized technologies or datasets may be controlled by a limited number of vendors, giving them some leverage.
Threat of Substitutes: The threat of substitutes in the healthcare cognitive computing market is relatively low. Traditional healthcare decision-making methods may not match the capabilities and efficiency of cognitive computing systems in analyzing vast amounts of medical data and providing actionable insights. While human expertise will remain essential in healthcare, cognitive computing adds unique value and is not easily replaceable by traditional methods.
Competitive Rivalry: The competitive rivalry in the healthcare cognitive computing market is high. The market is relatively concentrated with a few major players dominating the industry. IBM Watson, Google Health, Microsoft Azure Healthcare, and other tech giants compete for market share. Additionally, startups and smaller companies offer specialized cognitive computing solutions for niche applications, intensifying the competition. As the market grows, innovation and differentiation become crucial factors for companies to gain a competitive edge.
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