PUBLISHER: The Business Research Company | PRODUCT CODE: 1659117
PUBLISHER: The Business Research Company | PRODUCT CODE: 1659117
Healthcare cognitive computing involves leveraging logic, language processing, machine learning, and human-like abilities to tackle problems and analyze vast volumes of unstructured healthcare data. Its application in the healthcare sector is crucial for handling extensive datasets encompassing patient histories, diagnoses, illnesses, and scholarly research papers.
The key technologies within healthcare cognitive computing comprise natural language processing (NLP), machine learning, automated reasoning, and other related advancements. NLP specifically empowers machines to comprehend, interpret, and extract meaning from human languages. These technologies can be deployed through on-premises systems or cloud-based platforms, catering to a range of end-users including hospitals, pharmaceutical companies, medical device manufacturers, insurance providers, and various other stakeholders within the healthcare industry.
The healthcare cognitive computing market research report is one of a series of new reports from The Business Research Company that provides healthcare cognitive computing market statistics, including healthcare cognitive computing industry global market size, regional shares, competitors with a healthcare cognitive computing market share, detailed healthcare cognitive computing market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare cognitive computing industry. This healthcare cognitive computing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The healthcare cognitive computing market size has grown exponentially in recent years. It will grow from $7.32 billion in 2024 to $8.99 billion in 2025 at a compound annual growth rate (CAGR) of 22.8%. The growth in the historic period can be attributed to growing volume of healthcare data, enhanced image and pattern recognition, push for value-based healthcare, integration with electronic health records, focus on population health management, drug discovery and development.
The healthcare cognitive computing market size is expected to see exponential growth in the next few years. It will grow to $22.34 billion in 2029 at a compound annual growth rate (CAGR) of 25.6%. The growth in the forecast period can be attributed to expansion of genomic medicine, integration with wearable devices, focus on mental health solutions, utilization in precision oncology, enhanced cybersecurity measures, growth of virtual health assistants. Major trends in the forecast period include advancements in artificial intelligence (ai), automation of administrative tasks, virtual health assistants, collaborations and partnerships, genomic medicine integration,.
The escalating prevalence of chronic diseases is poised to drive the healthcare cognitive computing market forward. Chronic diseases, which persist over extended periods, result from a complex interplay of genetic, physiological, environmental, and behavioral factors. Cognitive computing facilitates novel discoveries about the correlations between genes, proteins, pathways, phenotypes, and diseases. Its capacity to generate concise summaries, highlighting crucial aspects of a patient's situation, benefits both patients and healthcare providers, thereby bolstering the healthcare cognitive computing market. According to the World Health Organization (WHO), chronic diseases or non-communicable diseases (NCDs) account for 74% of global deaths, claiming 41 million lives annually in 2022. Hence, the surge in chronic diseases drives the growth of the healthcare cognitive computing market.
The rising demand for medical devices is anticipated to propel the expansion of the healthcare cognitive computing market. Medical devices encompass a wide array of instruments, apparatus, machines, or implants designed for diagnosis, treatment, monitoring, or prevention of medical conditions. Integrating cognitive computing into these devices holds immense potential in advancing healthcare delivery, enhancing patient outcomes, remote patient monitoring, real-time vital sign data collection, and optimizing healthcare system efficiency. According to reports from gov.UK and the UK Health Security Agency, the UK possesses nearly 600,000 medical devices. Moreover, by 2030, global sales of medical devices are estimated to surge by 5%, reaching $800 billion, as projected by KPMG International Limited in 2023. Therefore, the mounting demand for medical devices propels the healthcare cognitive computing market's growth.
Technological advancement emerges as a pivotal trend shaping the healthcare cognitive computing market. Major industry players are dedicated to developing advanced technologies to fortify their market positions. For example, in 2022, Apixio Inc., operating in healthcare cognitive computing, introduced Apicare ChartSpace, an AI-driven health data management solution. This solution ensures real-time data access while enhancing data security. It centralizes health data management across programs, allowing healthcare organizations to search, filter, view, and download charts directly, offering insights on diagnosis codes and ad-hoc analytics. Apicare ChartSpace securely stores and shares charts in various formats retrieved from different Electronic Health Record (EHR) systems and data sources in a centralized location.
Major companies in the healthcare companion robot market are focusing on innovative technologies, such as proactive engagement, to enhance patient care, improve emotional support, and facilitate communication between patients and healthcare providers. Their ultimate goal is to create a more personalized and efficient healthcare experience. Proactive engagement involves anticipatory interactions and support designed to address individuals' needs and enhance their well-being before issues emerge. For example, in March 2022, Intuition Robotics Ltd., an Israel-based manufacturer of social companion robots, launched ElliQ. This robot is specifically designed to reduce loneliness and encourage physical activity and social engagement among older adults, helping them lead happier and more independent lives. ElliQ acts as a companion that motivates users to connect with their families and caregivers.
In March 2022, Microsoft Corporation, a prominent US-based technology giant, finalized the acquisition of Nuance Communications, Inc., with the transaction amount undisclosed. Microsoft's strategic aim behind this acquisition is to fortify its suite of cloud-based AI solutions tailored for the healthcare sector. By integrating Nuance Communications' expertise, Microsoft aims to elevate consumer, patient, clinician, and employee experiences within healthcare settings, enhancing productivity and bolstering financial performance. Nuance Communications, Inc., a US-based company, specializes in artificial intelligence-driven cognitive computing solutions specifically crafted for the healthcare industry. This acquisition is poised to augment Microsoft's capabilities in delivering innovative AI-powered solutions and services within the healthcare domain. Nuance Communications, Inc. is a US-based firm operating in artificial intelligence-based healthcare cognitive computing solutions.
Major companies operating in the healthcare cognitive computing market are Apixio Inc., CognitiveScale, Healthcare X.0 GmbH, MedWhat Technology, Palantir Technologies Inc., Apple Inc., Google LLC, Intel Corporation, Microsoft Corporation, International Business Machines Corporation, Enterra Solutions, Saffron Technology Inc., DeepMind Technologies Limited, SparkCognition Inc., TIBCO Software Inc., Wipro Limited, Marlabs LLC, SAP SE, Numenta Inc., Nuance Communications Incorporated, Ayasdi Inc., Health Fidelity Inc., Linguamatics Inc., Suki Inc., Verint Systems Inc., Welltok Inc., Zephyr Health Inc., Zebra Medical Vision Ltd.
North America was the largest region in the healthcare cognitive computing market share in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare cognitive computing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the healthcare cognitive computing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The healthcare cognitive computing market consists of revenues earned by entities by providing cognitive computing solutions to accomplish tasks that require the parsing of large amounts of data to extract and use the information to enhance decision-making capabilities in the healthcare sector such as clinical research, maintaining electronic health records, personalized care, and medical image processing. The market value includes the value of related goods sold by the service provider or included within the service offering. The healthcare cognitive computing market also includes the sales of cognitive computing systems that analyze and provide healthcare insights. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Healthcare Cognitive Computing Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on healthcare cognitive computing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for healthcare cognitive computing ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The healthcare cognitive computing market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.