According to a comprehensive research report by Brandessence Market Research (BMRC), “Healthcare Cognitive Computing Market Size, Share & Trends Analysis Report By Technology, By Application, By End-User, By Deployment Type, Based On Region, And Segment Forecasts, 2021- 2028”. The Healthcare Cognitive Computing Market was valued at USD 23.03 Billion in 2021 and expected to reach USD 108.45 Billion by 2028, amplifying with a CAGR of 24.78% over 2021-2028.
The application of cognitive computing technologies in the healthcare domain is referred to as healthcare cognitive computing. It is worth noting that cognitive computing is a part of AI that is equipped with the ability to simulate human thought processes and enhance decision-making by using data analysis, pattern recognition, natural language processing, and machine learning algorithms. These computing systems can process a large volume of healthcare data and interpret them with ease. This in turn allows healthcare professionals to make informed decisions.
This business intelligence report offers a deep dive assessment of the primary growth drivers, challenges, opportunities, and restraints. The report predominantly aims at empowering businesses with extensive knowledge about this industry vertical. A 360-degree outlook of the top segments and geographies are entailed in this study. It also sheds light into the competitive terrain of this market within depth information about each operating player.
Elaborating the key trends and dynamics of healthcare cognitive computing market
Growing prevalence of both chronic and infectious diseases, increased healthcare expenditure, along with rising volume of data generated in the healthcare sector are the primary factors aiding the expansion of this business sphere. Besides, surging R&D activities in the field, rising prominence of remote healthcare, and widespread digitalization are creating lucrative opportunities for this market space to prosper. Moreover, growing focus of healthcare organizations to reduce their overall operational costs and minimize the workload of medical professionals is another pivotal growth stimulant for this industry vertical.
Major growth drivers:
Increased volume of healthcare data- With rising burden of various diseases and injuries, a large number of individuals seek medical help every day. Thus, a huge volume of data in the form of patient records, test reports, clinical research documents, and medical images, among others are generated from healthcare facilities. The systematic storage, interpretation, and transfer of these sensitive data is quite important when it comes to making treatment decisions. This has increased the adoption of cognitive computing systems across healthcare facilities.
Escalating demand for personalized medicines- Personalized treatment options are gaining immense traction worldwide. Every individual has different health needs and require specialized form of care. To illustrate this, let us consider two cancer patients aged 18 and 78 respectively. The medicinal or therapeutic needs of an 18-year-old will be quite different than the elderly adult. Personalized treatments are tailored according to the age, physiological conditions, and presence of comorbidities of an individual and there can be regarded quite beneficial in treating a wide range of ailments. This in turn is creating an upward trend in this market.
Data security issues- Healthcare cognitive computing systems access and analyze sensitive patient data, including medical records, genetic information, and imaging data. Maintaining the privacy and security of this data is of utmost importance to comply with regulatory requirements and protect patients’ confidentiality. The increased instances of data thefts and other forms of cybercrime is hindering the remuneration of this business sphere.
Competitive landscape of healthcare cognitive computing market:
Brandessence Market Research