What is the Projected Market Size & Growth Rate of the Healthcare Cognitive Computing?

Around the world, the number of clinical trials and drugs being discovered is increasing, which is leading to the generation of massive volumes of data. To assimilate and analyze all this data to understand the medical condition of patients and offer effective therapy, the use of machine learning, natural language processing (NLP), information retrieval, and automated reasoning is rising around the world. Numerous hospitals in Europe and North America have already integrated these advanced technologies in their operations. For instance, the Roald Dahl Foundation, which is a charity organization, and Alder Hey Children’s Hospital adopted these solutions in May 2016.

Thus, with the rising incorporation of these technologies in patient care, the healthcare cognitive computing market, which valued $1,722.0 million in 2017, is projected to grow to $13,300.0 million by 2024, at a CAGR of 34.0% during 2018–2024 (forecast period). Among the above mentioned technologies, NLP is the most widely used, and its integration rate in healthcare settings would also rise the fastest in the coming years. This is attributed to the ability of this cognitive computing technology to convert human speech to computer language, which ultimately results in better patient care. 

With the rapid developments in the healthcare infrastructure of emerging economies, the use of cognitive computing technologies in this sector is expected to burgeon further in the coming years. With rising disposable income, people in such countries have been better able to afford various medical services. This is resulting in a surge in the hospital admission rate, which means that medical centers have more patient information than ever to deal with. Similarly, the popularity of personalized medicine is also growing, which requires the efficient collection and analysis of every individual patient’s data, in order to devise appropriate medication and therapies. 

Presently, the flag bearer of the healthcare cognitive computing market is North America, on account of the rapid drug development being pursued by the major pharmaceutical companies, increasing spending on healthcare, growing geriatric population, and surging number of hospitals. Additionally, technology companies, medical research firms, and healthcare providers are rapidly entering into collaborations, regarding the various cognitive computing technologies. In the immediate future, though the net adoption of the technologies will be highest here, the fastest rise in their procurement will be seen in Asia-Pacific (APAC), for almost similar reasons as in North America. 

Thus, with advancements in the healthcare ecosystem, the use of cognitive computing will continue growing.