Global Cognitive Assessment and Training in Healthcare Market Segmentation, By Assessment Type (Pen and Paper Based-Assessment, Hosted Assessment, Biometrics Assessment), Component (Solution, Services), Application (Clinical Trials, Screening and Diagnostics, Brain Training, Academic Research, Others) – Industry Trends and Forecast to 2031.
Cognitive Assessment and Training in Healthcare Market Analysis
According to the statistics published in February 2018, the World Health Organization estimates that there will be 2 billion elderly people worldwide during the next several years. The increase in geriatric population further boosts the growth of various disorders and disease, which will further boost market growth. Additionally, the improvements in IT systems and modern healthcare regulations also significantly contribute to the expansion of cognitive assessment solutions. Therefore, the global market for cognitive assessment and training in healthcare is anticipated to generate significant amounts of revenue over the forecast period.
Cognitive Assessment and Training in Healthcare Market Size
Global cognitive assessment and training in healthcare market size was valued at USD 7.43 billion in 2023 and is projected to reach USD 78.64 billion by 2031, with a CAGR of 34.30% during the forecast period of 2024 to 2031.
Report Scope and Market Segmentation
|
Attributes
|
Cognitive Assessment and Training in Healthcare Key Market Insights
|
|
Segmentation
|
|
|
Countries Covered
|
U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
|
|
Key Market Players
|
Bracket HQ (U.S.), Brain Resource Company (BRC) (Australia), Cambridge Cognition Ltd (U.K.), CNS Vital Signs, LLC (U.S.), CogniFit Inc. (U.S.), Cogstate Ltd (Australia), Impact Applications Inc (U.S.), ht neurocare Group Pty Ltd (Germany), Lumos Metaverse (Singapore), Medavante-ProPhase Inc. (U.S.), Posit Science (U.S.), Quest Diagnostics Incorporated (U.S.), Signant Health (U.S.), Synergy Wellness (U.S.) and VeraSci (Italy)
|
|
Market Opportunities
|
|
Cognitive Assessment and Training in Healthcare Market Definition
Cognitive assessment and training is a method of determining an individual's IQ, or degree of intellect, as well as their perceptual skills, verbal and nonverbal talents, and other criteria. It is a method of regularly evaluating a person's cognitive abilities and rate of information processing. It is also the mental process of learning and understanding things through experience and common sense. Numerous tasks, including the early identification of dementia in the general population, cognitive training for individuals, sports management, and others, benefit from cognitive evaluation.
Cognitive Assessment and Training in Healthcare Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Increasing Adoption of Gamification
The increasing use of gamification for cognitive evaluation is the main factor driving the global market for cognitive assessment and training. Gamification is a relatively new movement that focuses on applying game mechanics to non-game contexts to engage audiences, inject some fun into everyday routines, and produce positive effects on motivation and cognition. Many industries, including business and education, have benefited from gamification's potential.
- Prevalence of Various Disorders and Diseases
The adoption of cognitive evaluation and training solutions is made easier by the increased incidence of dementia among the elderly because these tools make dementia diagnosis and treatment simple and efficient. Another growth-promoting element is the increased use of tools to identify learning disorders and challenges in children, such as dyslexia and dyscalculia.
Furthermore, the factors such as growing awareness for brain fitness will accelerate the overall market expansion during the forecast period. Additionally, the factors such as the rise in the aging population and raised healthcare expenditure is anticipated to drive the growth rate of the cognitive assessment and training in healthcare market. The rise in the number of potential industry players will further positively impact the growth rate of the market during the forecast period.
Opportunities
- Advancements And The Utilisation of Gadgets
The various advancements in IT systems and healthcare technologies is estimated to generate lucrative opportunities for the market, which will further expand the cognitive assessment and training in healthcare market's growth rate in the future. Additionally, the increased usage of mobiles and tablets in cognitive assessment training further offer numerous growth opportunities within the market.
Restraints/Challenges
- Strict Government Regulations
The governments across the globe have made various regulations regarding the approval process. For creating brain training solutions, businesses must obtain clinical approval before launching their products for usage on consumers. These strict regulations across the globe further derail the overall market’s growth over the forecast period.
- Lack of Technical Expertise
The market growth rate will be further slowed down by a shortage of qualified personnel or technological know-how, particularly in developing and underdeveloped economies. The dearth of technical expertise is therefore estimated to be significant challenge for the cognitive assessment and training in healthcare market over the forecast period.
Also, the less availability in the developing countries is yet another major restraint that hurdles the market's overall growth.
This cognitive assessment and training in healthcare market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the cognitive assessment and training in healthcare market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Cognitive Assessment and Training in Healthcare Market
The cognitive assessment and training in healthcare market was immensely impacted by the outbreak of COVID-19. The COVID-19 epidemic has compelled organizations to adopt digital cooperation and production. Organizations that had been putting off their digital transformation are now moving quickly toward tech-driven advanced technologies. Profiting from the digital transformation of the pandemic are important providers of cognitive evaluation and training. As cognitive evaluation and training software may be provided without direct contact, COVID-19 has had little influence on the market.
Organizations have been forced to adopt digital collaboration and production due to the COVID-19 outbreak. Organizations that had been delaying their digital transformation are already advancing swiftly toward tech-driven, advanced technologies. Important cognitive training and evaluation providers are benefiting from the pandemic's digital transition. COVID-19 has had little of an impact on the market because cognitive evaluation and training software may be delivered without direct encounters.
Cognitive Assessment and Training in Healthcare Market Scope
The cognitive assessment and training in healthcare market is segmented on the basis of assessment type, component and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Assessment Type
- Pen and Paper Based-Assessment
- Hosted Assessment
- Biometrics Assessment
Component
- Solution
- Services
Application
- Clinical Trials
- Screening and Diagnostics
- Brain Training
- Academic Research
- Others
Cognitive Assessment and Training in Healthcare Market Regional Analysis
The cognitive assessment and training in healthcare market is analyzed and market size insights and trends are provided by country, assessment type, component and application as referenced above.
The countries covered in the cognitive assessment and training in healthcare market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the cognitive assessment and training in healthcare market because of the presence of a well-established infrastructure within the region over the forecast period of 2022 to 2029. Moreover, the presence of major players is further estimated to accelerate the expansion over the forecast period.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to increasing awareness regarding cognitive impairment and treatment options for the same within the region. The increasing number of market players is also a significant contributor to the expansion of the regional market.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Cognitive Assessment and Training in Healthcare Market Share
The cognitive assessment and training in healthcare market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to cognitive assessment and training in healthcare market.
Cognitive Assessment and Training in Healthcare Market Leaders Operating in the Market Are:
- Bracket HQ (U.S.)
- Brain Resource Company (BRC) (Australia)
- Cambridge Cognition Ltd (U.K.)
- CNS Vital Signs, LLC (U.S.)
- CogniFit Inc. (U.S.)
- Cogstate Ltd (Australia)
- Impact Applications Inc (U.S.)
- Neurocare Group Pty Ltd (Germany)
- Lumos Metaverse (Singapore)
- Medavante-ProPhase Inc. (U.S.)
- Posit Science (U.S.)
- Quest Diagnostics Incorporated (U.S.)
- Signant Health (U.S.)
- Synergy Wellness (U.S.)
- VeraSci (Italy)
Latest Developments in Cognitive Assessment and Training in Healthcare Market
- In June 2020, ERT purchased APDM Wearable Technologies to reimagine endpoint measurement in clinical trials. Clinical trials will be more predictable, economical, and efficient as a result of the more powerful and precise data that both businesses will produce
- In June 2020, ACE Applied Cognitive Engineering Ltd. created a software-based brain training platform to assist players in achieving peak performance by teaching their brains to react fast to certain situations for player performance. With the introduction of this service, the business will increase its revenue
SKU-