Healthcare Cognitive Computing Market Size & Share, by Technology (Natural Language Processing, Machine Learning, Automated Reasoning, Data Extraction, Interpretation, Language Processing & Training, Automated Planning, Computer Vision, Handwriting & OCR, Speech Recognition); Deployment Model (Cloud-based, On-premise); End-user (Hospitals, Pharmaceuticals, Medical Devices, Insurance) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 3252
  • Published Date: Jun 28, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Healthcare Cognitive Computing Market size was over USD 4.8 Billion in 2023 and is projected to exceed USD 50.8 Billion by 2036, witnessing over 19.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of healthcare cognitive computing is assessed at USD 5.6 Billion. One of the major factors that is anticipated to expand the global market during the forecast period is the rising amount of unstructured data in the healthcare sector. Only a small percentage of data that is being produced is structured and the rest is found in unstructured format. Approximately 80% of the global healthcare data, available currently is unstructured. The data is viable for the healthcare system and thus for analyzing and segregation of the data, high-level computing solutions such as healthcare cognitive computing services are required. Therefore, with the rising digital data in the healthcare industry, it is expected to bring favorable opportunities for market growth during the forecast period. 

Cognitive computing is the electronic representation of human thought processes. It is very beneficial for healthcare professionals to treat patients based on previous evidence in the healthcare sector. Through healthcare cognitive computing, all the important data and intelligence facts are stored and structured in software for effective use. The healthcare cognitive computing technology owing to its various advantages has found a wide range of applications in the healthcare industry with some of the key focus areas on oncology, personalized medicine, melanoma screening, EHR data analytics, medical imaging analysis, and management of other chronic diseases. Such factors couple up to bring new opportunities for the expansion of the global market during the forecast period.


Healthcare Cognitive Computing Market Share
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Healthcare Cognitive Computing Sector: Growth Drivers and Challenges

Growth Drivers

  • Infusion of Digital Health in Hospitals – In the recent period, a high focus is shifted toward the adoption of electronic health records (EHR) in hospitals and clinics. As a result, the integration of healthcare cognitive computing has been on the constant surge as it allows to improve the quality of healthcare by increasing the precision and clarity of medical records along with the reduction in the frequency of medical errors. Through recent data, it has been found that since 2011 only 28% of hospitals and 34% of physicians had implemented an EHR in the United States. Since then, there has been a significant 10-year advancement till 2021 with almost 96% of non-federal acute care hospitals and approximately four out of five office-based physicians approximately 78% had embraced certified EHRs.
  • High Amount of Data Present in the Healthcare Sector – Every day in the healthcare sector, a huge amount of data is generated in the form of published articles, blogs, books, images, audio, and video. An enormous amount of data needs high-quality healthcare management services such as healthcare cognitive computing for analyzing and extracting the needed information for future reference.  For instance, Icahn School of Medicine at Mount Sinai students are researching breast and ovarian cancer by analyzing enormous volumes of data from more than 2,000 Genetic sequences. The research takes place on a safe cloud-based platform by Amazon Web Services, and the data set is of volume more than 100 terabytes.
  • Favorable Initiatives to Improve the Healthcare System – In the past few years, governments of different nations are initiating programs for enhancing healthcare supply chain management through the adoption of the latest technology such as healthcare cognitive computing. Such initiatives are expected to increase the awareness level of healthcare cognitive computing across the world and help in increasing the adoption rate of it in global hospital settings.  Recently, the government of the United States has initiated the “Healthy People 2030” plan which has 355 specific goals for enhancing the standard of healthcare and guaranteeing that everyone has access to the services they require.
  • Increasing Prevalence of Chronic Disease – Growing cases of chronic disease have increased hospital visits and admission.  As a result, the amount of data on patients’ health records has subsequently risen along with the demand for better patient care and personalized treatments. This factor is anticipated to bring favorable opportunities for the adoption of healthcare cognitive computing across various healthcare settings and ultimately aid the development of the global market in the near future. According to the World Health Organization before the age of 70, around 17 million people per year pass away from an NCD. Non-communicable diseases (NCDs) account for 41 million annual fatalities or 74% of all fatalities worldwide.
  • Growing Adoption of Technology in Healthcare - Executive automation familiarity in healthcare increased worldwide from around 50% to 66% between 2019 and 2020, while the deployment of automation solutions rose from nearly 23% to 34%.
  • Integration of the Internet of Things (IoT) in Healthcare - By integrating advanced technology, including IoT is projected to enable the global healthcare industry to save up a lot of investment, from USD 250 billion to nearly USD 420 billion by 2030. Moreover, it is expected to benefit inventory management by giving nearly 100% compliant, secure, and reliable management.

Challenges

  • High cost of implementing the healthcare cognitive computing
  • Risk to data security present in the automated system- The potential of data breaches and other data privacy and security issues also exists in the healthcare sector. In order to make the most of their interaction, patients and professionals exchange a lot of private information. With the integration of automation, inappropriate data disposal, data loss, hacking IT incidents, data theft, unauthorized access, and other issues are among the most frequent dangers to data privacy and security.
  • Absence of analytics infrastructure and data systems.

Healthcare Cognitive Computing Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

19.9%

Base Year Market Size (2023)

USD 4.8 Billion

Forecast Year Market Size (2036)

USD 50.8 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Healthcare Cognitive Computing Segmentation

Deployment Model (Cloud-based, On-premise)

The global healthcare cognitive computing market is segmented and analyzed for demand and supply by deployment model into cloud-based and on-premise. Out of the two types of deployment models, the cloud-based segment is estimated to gain the largest market share of about 61% in the year 2036. The growth of the segment is primarily attributed to the rising adoption of cloud services in the global healthcare sector. Cloud solutions in healthcare automate backend tasks, streamline telehealth app development, and even make it simpler and safer to share medical records. In addition, owing to the cloud-based options, the efficiency of the healthcare sector has increased and expenditures are reduced as it facilitates using machine learning's natural language processing skills. Moreover, it is also utilized to run crucial applications, collect, and monitor crucial information from large amounts of unstructured data.

End-user (Hospitals, Pharmaceuticals, Medical Devices, Insurance)

The global market is also segmented and analyzed for demand and supply by end-user into hospitals, pharmaceuticals, medical devices, insurance, and others. Amongst these segments, the hospital segment is expected to garner a significant share of around 38% in the year 2036. The major factor for the expansion of the segment size is the increased revenue generated by the hospitals along with the rising patient pool which aids in generating a huge amount of data that needs to be segregated on a daily basis. Hospitals provide patient satisfaction since, all sorts of trained medical professionals, laboratories, and medical equipment are available in a single place. It was noticed that globally, around 65% of people desired to pay more for quality physician consultations. Additionally, the number of hospitals over the world is increasing along with the high investments in enhancing the hospital infrastructure. For instance, the number of hospitals in the U.S. grew from 6900 in 2019 to over 7300 in 2022.

Our in-depth analysis of the global market includes the following segments:

        By Technology

  • Natural Language Processing
  • Machine Learning
  • Automated Reasoning
  • Data Extraction
  • Interpretation
  • Language Processing & Language Training
  • Automated Planning
  • Computer Vision
  • Handwriting Recognition & Optical Character Recognition
  • Speech Recognition

        By Deployment Model

  • Cloud-based
  • On-premise

        By End User

  • Hospitals
  • Pharmaceuticals
  • Medical Devices
  • Insurance
  • Others

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Healthcare Cognitive Computing Industry - Regional Synopsis

North American Market Forecast

The market share of healthcare cognitive computing in North America, amongst the market in all the other regions, is projected to be the largest with a share of about 35% by the end of 2036. The growth of the market can be attributed majorly to the increasing number of cases of people suffering from chronic diseases. According to the National Center for Chronic Disease Prevention and Health, six in ten persons in the United States are currently coping with a chronic illness such as diabetes, heart disease, or cancer. In the US, chronic diseases rank among the top reason for deaths, with heart disease and cancer alone responsible for almost 38% of fatalities. Furthermore, the other reasons for market growth in the region are the rising collaboration between high-tech firms and healthcare research centers, along with continuous investments in R&D activities by pharmaceutical companies, and the growing adoption of advanced technologies in the medical sector to improve patient care.

APAC Market Statistics

The Asia Pacific healthcare cognitive computing market is estimated to be the second largest, registering a share of about 24% by the end of 2036. The growth of the market can be attributed majorly to the increasing geriatric population who are prone to illnesses and diseases and require proper treatment. As per recent statistics, it has been revealed that by 2050, one in four people in Asia and the Pacific will be over 60 years old. Furthermore, the population of older persons in the region is expected to triple between 2010 and 2050, reaching close to 1.3 billion people. Further, the presence of a strong healthcare network in the region, along with the availability of supportive policies by the regulatory bodies are also anticipated to contribute to the market growth in the region.

Europe Market Forecast

Further, the market in the European region, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2036. The growth of the market can be attributed majorly to the proactive efforts by both the public sector to enhance healthcare quality management. The increased investment in research and development activities to develop technologically advanced solutions for better management of data is also estimated to bring lucrative growth opportunities during the forecast period.

Research Nester
Healthcare Cognitive Computing Market Growth
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Companies Dominating the Healthcare Cognitive Computing Landscape

    • Saffron Technology, Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Nuance Communications, Inc.
    • Google LLC
    • Microsoft Corporation
    • Apixio, Inc.
    • Apple Inc.
    • Healthcare X.0 GmbH
    • Palantir Technologies
    • IBM Corporation
    • Medwhat.com, Inc.
    • Qualio, Inc.

In the News

  • IBM Watson Health and Mayo Clinic (US) announced an agreement to use IBM’s cognitive computing system for clinical trial matching. In the current scenario, the system is trained to support clinical trial matching for breast, lung, and gastrointestinal cancers.
  • Qualio, Inc. launched Design Controls for manufacturers of medical devices and software as medical devices. It aids medical device firms in reducing the time to launch the product in the market by combining product development and quality management into a single work

Author Credits:  Radhika Pawar


  • Report ID: 3252
  • Published Date: Jun 28, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of healthcare cognitive computing is assessed at USD 5.6 Billion.

The healthcare cognitive computing market size was over USD 4.8 Billion in 2023 and is projected to exceed USD 50.8 Billion by 2036, witnessing over 19.9% CAGR during the forecast period i.e., between 2024-2036. Increasing geriatric population, increasing prevalence of chronic diseases, and growing public and private investments in the pharmaceutical industry are the key factors driving market growth.

North America is expected to be the largest with a share of about 35% by 2036, attributed to increasing number of cases of people suffering from chronic diseases.

Saffron Technology, Inc., Nuance Communications, Inc., Google LLC, Microsoft Corporation, Apixio, Inc., Apple Inc., Healthcare X.0 GmbH, Palantir Technologies, IBM Corporation, Medwhat.com, Inc., Qualio, Inc.
Healthcare Cognitive Computing Market Report Scope
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