Global Healthcare Cognitive Computing Market by End-Use (Medical Devices, Pharmaceuticals, Insurance, Hospitals), by Technology (Data Extraction, Automated Planning, Machine Learning, Handwriting Recognition/ Optical Character Recognition, Speech Recognition, Natural Language Processing, Computer Vision, Interpretation, Language Processing And Language Training, Automated Reasoning) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

The global healthcare cognitive computing market was worth nearly USD 738.5 millions in 2014. The key growth drivers are the information explosion in structured and unstructured data, technological advances in data mining and analytics and growing use of cloud services. There is also a demand for personalized healthcare services.

North America Healthcare Cognitive Computing Market by Technology, 2012-2022 (USD Million).

Only 20% to 25% of data is stored in structured formats, while the rest is unstructured. Digital data can be found in the form published articles, books, images and audio. Analyzing these data can be very difficult and requires high-level computing solutions.

Governments and healthcare providers around the world are concerned about the rising burden of chronic diseases like cancer, diabetes, and cardiovascular disease. Growth will be boosted by the U.S. government's personalized medical initiative and other favorable regulations. This program is expected generate a lot of patient data. The demand for big data analytics and cognitive computing is also expected to rise over the forecast period.

Google, IBM and Facebook are all paying attention to cognitive computing. These companies are actively looking for start-ups. Recent acquisitions include Google's acquisition DeepMind technologies, IBM acquisitions of Explorys, Phytel and PTC acquisition of Coldlight.

The cognitive computing technology is also used in many healthcare industries. Some of the key areas include oncology and personalized medicine. Cognitive computing has made it easier to analyze patient gene defects for particular diseases. These applications will be a positive catalyst for market growth over the next seven year.

Technology Insights

Segmentation of the healthcare cognitive computing market can be made on the basis technology such as machine learning, natural language processing and automated reasoning. The growth of data analytics has been strongly supported by the introduction of machine learning and natural language processing in healthcare.

The largest share, nearly 45.0%, was attributed to the natural language processing segment in 2014.

Natural language has been used to search for keywords. This simplifies the process and allows for complex analysis and planning. End users can interact easily with the computer interface, feed queries and train the system to handle certain data sets. This allows them to derive meaningful insights.

Automated reasoning technology will be the fastest growing segment due to its high investment. This technology uses logic reasoning to extract meaningful insights that can be used to support organizational growth and business development.

End-Use Information

This market is dominated by hospitals, pharmaceuticals, medical equipment, insurance, and clinical research organisations. Hospitals accounted for 40% of the market in 2014. The key reasons for such high usage are the growing demand for personalized medicine and gene-specific treatments, as well as oncology and patient record management. Cognitive computing solutions were initially tested in oncology, gene-based treatments, and patient data management. They have been highly successful in achieving high penetration.

The pharmaceutical market is expected to grow at the fastest rate by 2022. Big data analytics and cloud services have seen positive growth over the last few years, creating a platform for cognitive computing. The forecast period will see a significant increase in cognitive computing solutions usage due to the rising cost of drug discovery and clinical trials.

Regional Insights

North America held the largest market share, accounting for nearly 52% in 2014. This high market share is due to the presence of high-tech tech companies, continuous investments in R&D and better reimbursement. Also, high use of information technology to lower healthcare costs and improve patient care are some of the factors.

Asia Pacific, on the other hand is expected to grow the fastest over the forecast period. This market is characterized by positive factors such as a rise in healthcare spending, favorable demographic factors, and faster adoption of technology in the region. The demand for cognitive computing will rise due to increased government support for e-health initiatives and the information explosion in cancer, genomics and other diseases.

Analyse of Company Market Share

Healthcare cognitive computing is an evolving market and there is fierce competition to be the market leader. PTC, Palantir and Google are some of the early adopters of this technology. IBM invested 1 billion dollars in 2014 to build its WATSON analytics platform. This platform can be used for personalized medicine, oncology, and many other applications. The IBM WATSON ecosystem is made up of several startups that are developing cloud- and app-based solutions in the healthcare industry. Technological advancements will allow for many new applications in cognitive analytics, which should positively boost growth during the forecast period.

Analyst Perspective

Cognitive computing is the most advanced platform for artificial intelligence. It uses natural learning, machine learning and automated reasoning to solve complex problems and analyze large amounts of data. The healthcare delivery landscape is changing with the advent of big data, cloud and mobile enterprises. The healthcare industry generates huge amounts of data every year, including patient records, clinical trials and drug discovery. It is also the largest area for cognitive computing in 2105.

Software and healthcare companies are investing billions in these platforms to tap the market. This technology gained considerable traction after the introduction of IBM Watson for oncology, as well as patient data management platforms. This report focuses on the market dynamics, socio-economic and political factors, as well as a review of the technology landscape, end users, and key players in the market.

Healthcare Cognitive Computing Market Report Scope

These are the most frequently asked questions about this report

b. Global healthcare cognitive computing market was valued at USD 2.52 Billion in 2019, and is forecast to grow to USD 3.23 Billion by 2020.

b. Global healthcare cognitive computing market will grow at a compound annual rate of 27.4% between 2016 and 2022, to reach USD 5.06 Billion by 2022.

b. With a market share of 43.1%, the natural language processing segment dominated healthcare cognitive computing in 2019. This can be attributed to the increasing use of natural language in keywords, which simplifies the search process as well as helps with complex scenario planning and analysis.

b. Google, IBM, Apple; PTC and Palantir are some of the key players in the market for healthcare cognitive computing.

b. The market growth is driven by the information explosion of unstructured and structured data, technological advances in data mining and analysis, growing use cloud services and the demand for personalized healthcare services.

Up Market Research published a new report titled “Healthcare Cognitive Computing Market research report which is segmented by End-Use (Medical Devices, Pharmaceuticals, Insurance, Hospitals), by Technology (Data Extraction, Automated Planning, Machine Learning, Handwriting Recognition/ Optical Character Recognition, Speech Recognition, Natural Language Processing, Computer Vision, Interpretation, Language Processing And Language Training, Automated Reasoning), By Players/Companies Google; IBM; Apple; PTC; Palantir; Microsoft; and others”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Healthcare Cognitive Computing Market Report Segments:

The market is segmented by End-Use (Medical Devices, Pharmaceuticals, Insurance, Hospitals), by Technology (Data Extraction, Automated Planning, Machine Learning, Handwriting Recognition/ Optical Character Recognition, Speech Recognition, Natural Language Processing, Computer Vision, Interpretation, Language Processing And Language Training, Automated Reasoning).

Healthcare Cognitive Computing Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Healthcare Cognitive Computing Market

Overview of the regional outlook of the Healthcare Cognitive Computing Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Healthcare Cognitive Computing Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Healthcare Cognitive Computing Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Medical Devices

                2. Pharmaceuticals

                3. Insurance

                4. Hospitals

                1. Data Extraction

                2. Automated Planning

                3. Machine Learning

                4. Handwriting Recognition/ Optical Character Recognition

                5. Speech Recognition

                6. Natural Language Processing

                7. Computer Vision

                8. Interpretation

                9. Language Processing And Language Training

                10. Automated Reasoning

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Healthcare Cognitive Computing Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Healthcare Cognitive Computing Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.