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.
Growth Drivers
Challenges
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 |
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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 |
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By Deployment Model |
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By End User |
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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.
Author Credits: Radhika Pawar
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