Healthcare Cognitive Computing Market

Publisher: AnalystView Market Insights
Publication Date: June, 2020
Healthcare / Medical Equipment
Pages: 200
Delivery Format: PDF

By Technology (Automated Planning, Natural Language Processing, Machine Learning, Computer Vision, Data Extraction, Language Processing & Language Training, Handwriting Recognition/ Optical Character Recognition Interpretation, and Automated Reasoning) End-Use (Pharmaceuticals, Hospitals, Medical Devices, Insurance) and By Geography (EU, NA, APAC, LATAM, and MEA) Ð Analysis, Size, Share, Trends, & Forecast from 2020-2026

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REPORT HIGHLIGHT

Healthcare cognitive computing market was valued at USD 3.67 billion by 2019, growing with 24.5% CAGR during the forecast period, 2020-2026.

Cognitive computing is widely used in diverse industries such as government, healthcare, retail, banking, IT & telecom, security, and insurance. A large volume of complex data is being generated owing to increasing digitalization. This data could be in various forms, including videos, human language, and pictures. With the help of cognitive computing systems, this dark data can be analyzed to deduce useful insights. Healthcare cognitive computing is the method of self-learning systems that utilize data mining techniques, system refinements, voice recognition, pattern recognition, natural language, and human senses processing. The cognitive computing enabled physicians and other healthcare providers to better diagnose and treat their patients based on real-time monitoring and diagnosis of patients.

Market Dynamics

Increasing the prevalence of chronic diseases coupled with the growing adoption of advanced technologies such as cloud platforms, machine learning for the treatment of such conditions will support the global healthcare cognitive computing market growth. As per the World Health Organization (WHO), more than 18 million cancer cases were recorded in 2018, globally. The organization estimated that one in 5 men and 6 women worldwide develop cancer during their lifetime. Hence, such a huge population of cancer can be treated, monitor, and diagnosed with advanced cognitive computing technologies, driving the market growth.

Favorable government support for the development of big data and the cognitive computing sector would, in turn, establish a healthy platform for industry growth. For instance, in March 2020, Health Information Technology for Economic & Clinical Health (HITECH) expanded the exchange of electronically protected health information (ePHI) between hospitals, doctors, and other healthcare entities. The amendment has also suggested the use of Electronic medical records (EMRs) in almost 70-90% of healthcare providers and allocated USD 2 billion for workforce training and infrastructure improvement. Such initiatives will strongly support the development of healthcare cognitive industry, augmenting the industry growth. In addition, increasing R&D by private companies in this sector coupled with an increasing number of pharmaceutical players supports the overall industry growth to some extent. Conversely, a lack of skilled professional for use of this advanced technology is predicted to impede the growth of the cognitive computing technology market.

Technology Takeaway

In terms of technology, the worldwide healthcare cognitive computing market is categorized into machine learning (ML), natural language processing (NPL), and automated reasoning (AR). Among which, the natural language processing category accounted for the majority of industry share in 2019, around 45% share throughout the study period. Increasing adoption of cloud-based solutions and smart devices usage coupled with growing usage of NLP-based applications to improve customer service support the segment growth. On the flip side, machine learning, and automated reasoning categories are growing with a positive annual growth rate. Advancement in technologies is considered to be one of the primary driving factors for the growth of these segments.

End-use Takeaway

Depending on the end-use, the overall market is bifurcated into medical devices, pharmaceuticals, hospitals, and insurance. Among these, the hospitals have captured the highest revenue share and are projected to continue its dominance over the study period. Rising need to analyze structured and unstructured data including various insurance data, medical records, and clinical data in hospitals will support the segment growth. On the flip side, pharmaceutical, and medical device companies are projected to grow with a promising growth rate during the study period. Increasing chronic disease conditions coupled with the growing demand for medical devices will support the segment growth.

Regional Takeaway

Regionally, the overall market is divided into North America, Middle East & Africa, Asia Pacific, Latin America, and Europe. The North America healthcare cognitive computing market registered the majority of market share in 2019. Regional growth is mainly attributed to the high healthcare expenditure, coupled with the growing adoption of advanced technologies in medical sectors. As per the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA) in 2018, the U.S. government has saved more than USD 4 billion by implementing advanced technologies in healthcare.

Furthermore, increasing chronic disease conditions support the uptake of such technologies in the medical sectors. According to the American Cancer Society (ACS), there were more than 740,000 cancer cases registered in the U.S. in 2019. Such factors would, in turn, establish a healthy platform for market growth. On the other hand, the Asia Pacific is anticipated to be the fastest-growing region throughout the forecast. Large number of patient populations coupled with favorable government initiatives to support the medical sector will help this region to grow consistently.

COVID-19 Impact

Due to the sudden outbreak of COVID-19, the industry is witnessing a surge in the utilization of advanced technologies for recording the clinical data. Furthermore, many prominent players have started investing in the healthcare cognitive computing, artificial intelligence, and machine learning sectors. For instance, in April 2020, Microsoft donated around USD 20 million to support COVID-19-related research efforts in data science, artificial intelligence, and diagnostics. This grant will support the companyÕs efforts of AI for Health initiative. Likewise, at the same time, HCA healthcare collaborated with the Google Cloud to develop new open data platform to promote data sharing during the COVID-19 pandemic. Thus, such developments will significantly support the overall growth of the healthcare cognitive computing field during the near future.

Key Vendor Takeaway

The leading players of the global healthcare cognitive computing market are Enterra Solutions, Vicarious, Numenta, Saffron Technologies, PTC, Inc., Palantir Technologies, CognitiveScale, Microsoft Corporation, Google, Inc., and IBM Watson Health. Among these, IBM Company is identified as one of the market leaders, primarily due to the companyÕs extensive service portfolio in oncology, clinical trials, clinical advisory functions, and others.

Key players are actively involved in strategic mergers and acquisitions to capture a large customer base. For example, recently, in February 2020, Google closed the acquisition of California based data analytics startup, Looker Data Sciences, Inc. This acquisition helped the company to obtain a strong position for supporting all cloud data management systems in the global industry.

The market size and forecast for each segment and sub-segments has been considered as below:

Historical Year Ð 2015 to 2018
Base Year Ð 2019
Estimated Year Ð 2020
Projected Year Ð 2026
TARGET AUDIENCE

Traders, Distributors, and Suppliers
Manufacturers
Government and Regional Agencies
Research Organizations
Consultants
Distributors
SCOPE OF THE REPORT

The scope of this report covers the market by its major segments, which include as follows:

HEALTHCARE COGNITIVE COMPUTING MARKET KEY PLAYERS

Numenta
Saffron Technologies
PTC, Inc.
Palantir Technologies
CognitiveScale
Microsoft Corporation
Google, Inc.
IBM Watson Health
Enterra Solutions
Vicarious
Other Key Players
HEALTHCARE COGNITIVE COMPUTING MARKET, BY TECHNOLOGY

Automated Reasoning
Natural Language Processing
Machine Learning
Automated Planning
Interpretation
Language Processing And Language Training
Computer Vision
Data Extraction
Handwriting Recognition/ Optical Character Recognition
Others
HEALTHCARE COGNITIVE COMPUTING MARKET, BY DEPLOYMENT MODEL

On-Premise
Cloud-Based
HEALTHCARE COGNITIVE COMPUTING MARKET, BY END USERS

Medical Devices
Insurance
Hospitals
Pharmaceuticals
Others
HEALTHCARE COGNITIVE COMPUTING MARKET, BY REGION

North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Singapore
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Rest of LATAM
Middle East and Africa
Saudi Arabia
United Arab Emirates
Rest of MEA

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Healthcare Cognitive Computing Market

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