Healthcare Cognitive Computing Market Size

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.