According to the latest report by IMARC Group, titled “Global Healthcare Cognitive Computing Market Size, Share, Industry Trends, Growth, Opportunity and Forecast 2023-2027“, the global healthcare cognitive computing market reached a value of US$ 3.60 Billion in 2023. Looking forward, IMARC Group expects the market to reach a value of US$ 11.04 Billion by 2027, exhibiting a CAGR of 19.20% during 2023-2027.
Cognitive computing refers to self-learning systems that imitate human brain functions to enhance decision-making. It utilizes natural language processing (NLP), data mining techniques, pattern recognition, human senses processing, and system refinements based on the real-time acquisition of patient data and other information. Healthcare cognitive computing processes high volumes of data to answer specific queries and provide smart, customized recommendations while assisting healthcare professionals in designing personalized treatment modules. As a result, it has gained immense traction in the healthcare sector to support faster and more informed decisions, improved care quality, better treatment outcomes, and increased patient engagement.
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Report Metric |
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Historical: 2016-2021 |
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Base Year: 2023 |
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Forecast Year: 2023-2027 |
Healthcare Cognitive Computing Market Trends and Drivers:
The global healthcare cognitive computing market is primarily driven by the surging amounts of healthcare data from multiple sources and the growing incidences of chronic diseases. Additionally, the shifting consumer inclination toward personalized therapies and medicine, especially in oncology, has strengthened the need for cognitive computing.
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Along with this, the increasing applications in healthcare, such as personalized medicine, melanoma screening, electronic health record (EHR) data analysis, and medical imaging analysis, have catalyzed the product demand. Furthermore, several key players are developing advanced and unified cognitive technology platforms with simplified application programming interfaces (APIs) that enable users to leverage the potential of machine learning systems.
Other factors, including the widespread usage of cloud services, advancements in the healthcare sector, favorable government initiatives, and rising costs of drug delivery and clinical trials, are also anticipated to propel the market growth.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Healthcare Cognitive Computing Market 2023-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Apixio (Centene Corporation), Apple Inc., CognitiveScale, Enterra Solutions LLC, Google LLC (Alphabet Inc.), Healthcare X.0 GmbH, Intel Corporation, International Business Machines Corporation, MedWhat and Microsoft Corporation.
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The report has segmented the market on the basis of region, technology, deployment mode and end use.
Breakup by Technology:
- Natural Language Processing
- Machine Learning
- Automated Reasoning
- Others
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by End Use:
- Hospitals
- Pharmaceuticals
- Medical Devices
- Insurance
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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