Healthcare Cognitive Computing Market By Technology (Natural Language Processing, Machine Learning, Automated Reasoning, Data Extraction, Interpretation, Language Processing And Language Training, Automated Planning, Computer Vision, Optical Character Recognition, Speech Recognition); By Deployment Mode (Cloud, On-Premises); By End-Use (Healthcare Providers, Pharmaceuticals Company, Medical Device Companies, Insurance and Others); By Region (North America, Asia-pacific, Europe, Latin America and Middle-East and Africa)- Analysis 2019-2030
Healthcare Cognitive Computing Market to surpass USD 194.6 billion by 2030 from USD 21.4 billion in 2021 at a CAGR of 27.80% throughout the forecast period 2021-31
Cognitive computing in healthcare merges the working of human beings’ brains and machines to enhance the decision-making process. It involves automatic systems that use the data mining approach, pattern identification, natural language & human senses processing, and system improvements based on real-time procurement of patient and other information. In other words, these systems mimic the way the human brain works and continue to learn. It makes diagnosis and treatment easy. Cognitive computing has unveiled great favorable prospects in the healthcare sector in present times and is quickly changing the delivery of medical facilities all across the globe. Cognitive computing systems imitate the way humans think using a digital model. Doctors and students in different parts of the world are rapidly embracing cognitive systems to make a quick and more efficient selection, improve patient results, and refine the gross quality of healthcare. Moreover, cognitive computing has strengthened patient involvement and upgrades to the use of services. Researchers and students are utilizing the potential of cognitive systems to make clinical try-outs more inclusive and practical, opening a vast amount of interesting opportunities in the healthcare market.
Healthcare Cognitive Computing Market is expected to project a CAGR of 27.80% during the forecast period, 2021-2031
The Healthcare Cognitive Computing Market is estimated to grow on the back of the following reasons. Rapid data surge of structured and unstructured information, growing medical burden due to prevalence of long-term diseases, technological innovations, rising concern of governments and healthcare providers globally, and increased demand for personalized healthcare services are some of the major factors driving the healthcare cognitive computing market. Due to personalization and supportive regulations, abundant patient data is projected to be collected and the demand for big data and cognitive computing analytics is anticipated to be very high during the forecast period. However, security and privacy concerns relating to the health of the patient may obstruct the growth of the smart home healthcare market during the forecast period.
Automated Reasoning segment to fuel the market growth during the forecast period
Based on technology, the healthcare cognitive computing market is segmented into Natural Language Processing, Machine Learning, Automated Reasoning, Data Extraction, Interpretation, Language Processing, and Language Training, Automated Planning, Computer Vision, Optical Character Recognition and Speech Recognition. The natural language processing segment accounted for the largest share of USD XX billion in 2021 owing to the simplification of the search process and better patient care as compared to other technologies. Though, the automated reasoning segment is anticipated to grow at a faster CAGR during the forecast period, owing to high investments in this segment.
Cloud Computing model to boost the market
Based on the deployment model, the healthcare cognitive computing market is categorized into cloud and on-premise models. The cloud computing segment accounted for a major market share in 2019 and is projected to grow at a CAGR of 27.80% during the forecast period. The cloud computing segment is directed by its capacity to store abundant data, cost-effective, permitting even smaller medical care to use the details they need to offer the best medical facilities.
Pharmaceuticals Companies to capture the largest market share
Based on end-user, the market is segmented into Healthcare Providers, Pharmaceuticals companies, Medical Device Companies, Insurance, and Others. The pharmaceuticals company segment is expected to grow at the highest CAGR and capture the largest market share during the forecast period owing to increasing patient pool, growing demand for personalized medicine, gene-specific treatments, increasing oncology cases, and patient health account management.
Improving the overall demand for e-health facilities
Rising demand for personalized medication and improving healthcare amenities in developing countries are the factors extending enormous growth scenarios to the players functioning in the healthcare cognitive computing market. Moreover, improving the standard of living due to rising disposable income of the population in the developing countries, which is further enhancing the accessibility to advanced treatment options to the patients? This has facilitated the hospitals and other care providers to centralize their resources on the selection of several technologies to provide advanced medical facilities.
Increasing Security and Safety Concerns
Major factors restricting the growth of the healthcare cognitive computing market are the increasing safety and security concerns, increased capital spending, conservation prerequisite, and lack of awareness about healthcare cognitive computing technologies in emerging economies. Moreover, the lack of technical experts is also creating an adverse impact on the growth of the market.
North America to grow at the highest CAGR during the forecast period
Global Healthcare Cognitive Computing Market is segmented on the basis of regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific, and Middle-East & Africa. Geographically, North America is likely to dominate the market due to increasing research and development in drugs by key players, increased public and private healthcare expenditure, rapidly increasing geriatric population, a growing number of hospitals, and rapid usage of information technology to decrease healthcare expenditure and improve patient care. Moreover, increasing government policies to support health initiatives, paired with information outbursts in the fields of cancer and other diseases is expected to propel the overall market growth.
Company overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The Healthcare Cognitive Computing Market size was estimated at USD 21.4 billion in 2021 and is expected to reach USD 194.6 billion by 2030
Microsoft Corporation, IBM Corporation, MedWatch, Apple, Google, Saffron Technology, Nuance Communications Inc, Palantir, NVIDIA Corporation.
Automated Reasoning segment and Cloud Computing model are anticipated to hold the Healthcare Cognitive Computing Market
Drivers. Improving the overall demand for e-health facilities
Cognitive computing in healthcare merges the working of human beings’ brains and machines to enhance the decision-making process. It involves automatic systems that use the data mining approach, pattern identification, natural language & human senses processing, and system improvements based on real-time procurement of patient and other information.
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