Healthcare Cognitive Computing Market Size & Share | 2031
Healthcare Cognitive Computing Market Size & Share | 2031
Segments - Healthcare Cognitive Computing Market by Type (Machine Learning, Automated Reasoning, Natural Language Processing, and Others), Deployment Mode (Cloud-based and On-premise), End-user (Hospitals, Medical Devices, Pharmaceuticals, Insurance, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :HC-5057
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| 178 Pages
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Report Description
The global healthcare cognitive computing market size was valued at USD 13.15 Billion in 2022 and is likely to reach USD 94.51 Billion by 2031, expanding at a CAGR of 26.95% during the forecast period, 2023–2031. Increasing cases of chronic diseases is likely to boost the market. Furthermore, rising awareness about the advantages of cognitive computing include analytical accuracy, customer interaction & experience, business process efficiency, and employee productivity & service quality is expected to fuel the market.
Cognitive computing is a technology that combines various artificial intelligence (AI) techniques such as Natural Language Processing (NLP), machine learning, and neural networks to stimulate human-like cognitive processes. In the healthcare industry, cognitive computing involves the use of AI technologies to assist healthcare professionals in clinical decision-making, patient diagnosis, and treatment.
Cognitive computing is applied in healthcare in several ways, such as medical diagnosis, treatment recommendation, drug discovery, personalized medicine, and electronic health records. Cognitive computing has the potential to revolutionize healthcare by improving patient outcomes, reducing costs, and increasing efficiency in the healthcare system.
The market report finds that the COVID-19 pandemic has fueled the healthcare cognitive computing market. Globally, patients are opting for virtual consulting instead of physical consultations due to the pandemic. Manufacturers are focused on developing various ways to connect patients and doctors.
Impact of Artificial Intelligence on Healthcare Cognitive Computing Market
Artificial intelligence is anticipated to drive the healthcare cognitive computing market during the forecast period. Cognitive computer systems handle important amounts of data, potentially improving the quality of medical care by answering inquiries and performing specialized analyses. Advances in cognitive and AI technology improve guidance, customer service, and population health.
The recent COVID pandemic has shown the importance of establishing quality healthcare organizations. The fusion of cognitive computing and AI helps to enhance healthcare in several ways such as a enabling better understanding of patient needs, providing personalized medicine, providing physician guidance, improving mobile health apps, and innovative ways to properly utilize ICU facilities. Such advantages are likely to boost the integration of AI in various health solutions.
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In March 2023, Nuance Communications, Inc. and Microsoft announced the first fully AI-automated application for clinical documentation. Groundbreaking Nuance Dragon Ambient eXperience (DAX) express is the next milestone in a growing portfolio of solutions uniting OpenAI’s GPT-4 with recognized workflow-integrated technology to describe the upcoming intelligence-infused healthcare experiences.
Healthcare Cognitive Computing Market Dynamics
Major Drivers
Increasing use of cognitive technology in the healthcare industry is driving the market. In the healthcare industry, the use of internet of things and wearable is increasing due to the advancements in distributed computing models. Moreover, rising adoption of healthcare IT solutions is driving healthcare cognitive computing market. Increasing demand for personalized medicine and easy availability of large amounts of healthcare data analysis are boosting the market.
Restraints
A lack of awareness regarding cognitive computing among users is restraining the market. Lack of quality medical data and methodological research flaws are the common challenges of AI in the healthcare sector, which hampers the healthcare cognitive computing market.
Opportunities
Increasing research & development (R&D) in cognitive systems is expected to create lucrative opportunities for the market players. Cognitive computing allows doctors, researchers, and other healthcare professionals to personalize care with a greater diagnostic certainty. Additionally, it allows healthcare providers to take decisions and provide patients with insights to understand their health and receive personalized care.
Scope of Healthcare Cognitive Computing Market Report
The market report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Healthcare Cognitive Computing Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Type (Machine Learning, Automated Reasoning, Natural Language Processing, and Others), Deployment Mode (Cloud-based and On-premise), and End-user (Hospitals, Medical Devices, Pharmaceuticals, Insurance, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Cognitive Computing Market Size and Analysis, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Google LLC; IBM; Saffron Tech Pvt Ltd; MEDWHAT; Apple Inc.; Nuance Communications, Inc.; Apixio; Microsoft; Healthcare X.0; and Intel Corporation |
Healthcare Cognitive Computing Market Segment Insights
Type Segment Analysis
Based on type, the healthcare cognitive computing market is divided into machine learning, automated reasoning, natural language processing, and others. The natural language processing (NLP) segment is expected to expand at a significant pace during the projection period. NLP is used to transcribe physician notes, which is a time-consuming and error-prone task.
To transcribe notes, healthcare professionals save time and reduce errors by using NLP, which allows them to focus on providing patient care instead of documentation.
The automated reasoning segment is anticipated to hold a key share of the market in the coming years, owing to the high investments. Automated reasoning technology is used to recognize the complexity, and data context, and uses logical reasoning to derive the insights which are used to support business development and organizational growth.
Deployment Mode Segment Analysis
On the basis of deployment mode, the global market is segmented into cloud-based and on-premise. The cloud-based segment is expected to register a robust growth rate during the forecast period, due to the increasing adoption of cloud services in the healthcare sector. In the healthcare industry, cloud computing makes medical records safer, and easier, automates the backend operations, and even facilitates the maintenance of telepath apps.
End-user Segment Analysis
Based on end-user, the global market is segregated into hospitals, medical devices, pharmaceuticals, insurance, and others. The hospital segment is projected to register a considerable CAGR during the forecast period, owing to the increasing demand for personalized medicine, oncology, and gene-specific therapies. The expansion of the segment is further attributed to the increasing incidences of chronic disorders and growing geriatric population.
- In February 2023, Apixio, an AI platform providing value-based care, introduced its new Apicare Post-visit offering, an EHR-integrated intelligent workflow solution for health plans and providers. It is an AI-integrated solution that automates & scales the review process, enhances risk capture accuracy, and facilitates value-based care.
The pharmaceuticals segment is anticipated to account for a major market share in the coming years, due to the use of big data analytics and cloud services. High cost of drugs and clinical trials is boosting cognitive computing solutions, which is expected to drive the segment.
Regional Analysis
In terms of region, the global healthcare cognitive computing market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period, owing to the increasing demand for healthcare expenditure and rising adoption of cloud-based technologies.
The regional market growth is due to the increasing technological advancements such as machine learning, artificial intelligence, and robotics that offer new opportunities for providers and other healthcare organizations.
The market in Asia Pacific is anticipated to expand at a rapid pace in the coming years, owing to the increasing geriatric population and increasing government and private expenditures in the healthcare sector.
The population of older persons around over 60 years in the region is triple between 2010 and 2050, reaching close to around 1.3 billion people. The regional market growth is due to the presence of a strong healthcare network and the availability of supportive policies by regulatory bodies.
Segments
The global healthcare cognitive computing market has been segmented on the basis of
Type
- Machine Learning
- Automated Reasoning
- Natural Language Processing
- Others
Deployment Mode
- Cloud-based
- On-premise
End-user
- Hospitals
- Medical Devices
- Pharmaceuticals
- Insurance
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Google LLC
- IBM
- Saffron Tech Pvt Ltd
- MEDWHAT
- Apple Inc.
- Nuance Communications, Inc.
- Apixio
- Microsoft
- Healthcare X.0
- Intel Corporation
Competitive Landscape
Key players competing in the global healthcare cognitive computing market are Google LLC; IBM; Saffron Tech Pvt Ltd; MEDWHAT; Apple Inc.; Nuance Communications, Inc.; Apixio; Microsoft; Healthcare X.0; and Intel Corporation. These players are adopting strategies such as partnerships, acquisitions, collaboration, mergers, R&D investments, and product launches to increase their market share.
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In August 2022, Apixio launched Apicare ChartSpace, a health data management solution, which provides real-time data access to centralized medical charts and audit file retrieval. It allows the surfacing of actionable insights across value-based care programs.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Healthcare Cognitive Computing Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Healthcare Cognitive Computing Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Healthcare Cognitive Computing Market - Supply Chain
4.5. Global Healthcare Cognitive Computing Market Forecast
4.5.1. Healthcare Cognitive Computing Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Healthcare Cognitive Computing Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Healthcare Cognitive Computing Market Absolute $ Opportunity
5. Global Healthcare Cognitive Computing Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Healthcare Cognitive Computing Market Size and Volume Forecast by Types
5.3.1. Machine Learning
5.3.2. Automated Reasoning
5.3.3. Natural Language Processing
5.3.4. Others
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Healthcare Cognitive Computing Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. Healthcare Cognitive Computing Market Size and Volume Forecast by End Users
6.3.1. Hospitals
6.3.2. Medical Devices
6.3.3. Pharmaceuticals
6.3.4. Insurance
6.3.5. Others
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Healthcare Cognitive Computing Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Healthcare Cognitive Computing Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Healthcare Cognitive Computing Demand Share Forecast, 2019-2026
8. North America Healthcare Cognitive Computing Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Healthcare Cognitive Computing Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Healthcare Cognitive Computing Market Size and Volume Forecast by Types
8.4.1. Machine Learning
8.4.2. Automated Reasoning
8.4.3. Natural Language Processing
8.4.4. Others
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America Healthcare Cognitive Computing Market Size and Volume Forecast by End Users
8.7.1. Hospitals
8.7.2. Medical Devices
8.7.3. Pharmaceuticals
8.7.4. Insurance
8.7.5. Others
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Healthcare Cognitive Computing Demand Share Forecast, 2019-2026
9. Latin America Healthcare Cognitive Computing Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Healthcare Cognitive Computing Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Healthcare Cognitive Computing Market Size and Volume Forecast by Types
9.4.1. Machine Learning
9.4.2. Automated Reasoning
9.4.3. Natural Language Processing
9.4.4. Others
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America Healthcare Cognitive Computing Market Size and Volume Forecast by End Users
9.7.1. Hospitals
9.7.2. Medical Devices
9.7.3. Pharmaceuticals
9.7.4. Insurance
9.7.5. Others
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Healthcare Cognitive Computing Demand Share Forecast, 2019-2026
10. Europe Healthcare Cognitive Computing Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Healthcare Cognitive Computing Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Healthcare Cognitive Computing Market Size and Volume Forecast by Types
10.4.1. Machine Learning
10.4.2. Automated Reasoning
10.4.3. Natural Language Processing
10.4.4. Others
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe Healthcare Cognitive Computing Market Size and Volume Forecast by End Users
10.7.1. Hospitals
10.7.2. Medical Devices
10.7.3. Pharmaceuticals
10.7.4. Insurance
10.7.5. Others
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Healthcare Cognitive Computing Demand Share Forecast, 2019-2026
11. Asia Pacific Healthcare Cognitive Computing Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Healthcare Cognitive Computing Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Healthcare Cognitive Computing Market Size and Volume Forecast by Types
11.4.1. Machine Learning
11.4.2. Automated Reasoning
11.4.3. Natural Language Processing
11.4.4. Others
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific Healthcare Cognitive Computing Market Size and Volume Forecast by End Users
11.7.1. Hospitals
11.7.2. Medical Devices
11.7.3. Pharmaceuticals
11.7.4. Insurance
11.7.5. Others
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Healthcare Cognitive Computing Demand Share Forecast, 2019-2026
12. Middle East & Africa Healthcare Cognitive Computing Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Healthcare Cognitive Computing Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Healthcare Cognitive Computing Market Size and Volume Forecast by Types
12.4.1. Machine Learning
12.4.2. Automated Reasoning
12.4.3. Natural Language Processing
12.4.4. Others
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa Healthcare Cognitive Computing Market Size and Volume Forecast by End Users
12.7.1. Hospitals
12.7.2. Medical Devices
12.7.3. Pharmaceuticals
12.7.4. Insurance
12.7.5. Others
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Healthcare Cognitive Computing Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Healthcare Cognitive Computing Market: Market Share Analysis
13.2. Healthcare Cognitive Computing Distributors and Customers
13.3. Healthcare Cognitive Computing Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Google LLC
13.4.2. IBM
13.4.3. Saffron Tech Pvt Ltd
13.4.4. MEDWHAT
13.4.5. Apple Inc.
13.4.6. Nuance Communications, Inc.
13.4.7. Apixio
13.4.8. Microsoft
13.4.9. Healthcare X.0
13.4.10. Intel Corporation
Methodology
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