The Detailed Market intelligence report on the Healthcare Cognitive Computing Market applies the most effective of each primary and secondary analysis to weighs upon the competitive landscape and also the outstanding market players expected to dominate Healthcare Cognitive Computing Market place for the forecast 2022– 2028.
Global Healthcare Cognitive Computing Market is valued at USD 23.03 Billion in 2021 and expected to reach USD 108.45 Billion by 2028 with a CAGR of 24.78% over the forecast period.
The data which is amassed in a structured format adds up only for 20–25% and the rest is in an unstructured form. The digital info is accessible in the form of published blogs, articles, images, books, video, and audio and analyzing these info is a very hard process and needs the employment of high-level computing solutions.
Cognitive computing is the recreation of human thought techniques in an automated way. Cognitive computing comprises self-learning techniques that employ data mining, pattern recognition, and natural language processing to mimic the way a human brain operates. The goal of cognitive computing is to create computerized IT systems that are capable of solving issues which do not require human help. Cognitive computing is employed in different artificial intelligence applications, which comprise robotics, natural language programming, neural networks, expert systems, and virtual reality. The term cognitive computing is associated directly with the cognitive computer system by IBM.
The healthcare cognitive computing market is divided by technology as automated reasoning, machine learning, natural language processing, and others. Pharmaceuticals, hospitals, insurance and clinical research organizations, and medical devices are the major end-users of this market.
The major players included in the global healthcare cognitive computing market forecast are,
Major growth factors comprise information explosion of technological advancements in the field of data analytics & mining, unstructured and structured data, requirement for tailored healthcare services, and increasing employment of cloud services. The data which is amassed in a structured format adds up only for 20–25% and the rest is in an unstructured form. The digital info is accessible in the form of published blogs, articles, images, books, video, and audio and analyzing these info is a very hard process and needs the employment of high-level computing solutions.
Rising disease burden owing to chronic diseases such as diabetes, cancer, and cardiovascular diseases is a huge concern for healthcare providers and governments all over the world. The personalized medicine initiative by US government together with other favorable laws is expected to power the market growth. As fraction of this initiative, huge patient info is predicted to be created and the requirement for cognitive computing and big data analytics is predicted to be extremely high over the coming period.
The cognitive computing domain is attaining a lot of traction from players such as IBM, Google, Apple, and Facebook. These companies are scouting actively for possible start-ups and some latest purchases in the year 2015, comprise IBM’s purchase of Phytel and Explorys, Google’s purchase of DeepMind technologies, and PTC’s purchase of Coldlight.
Moreover, the cognitive computing tech has different applications in the healthcare sector and some major focus regions are personalized medicine, oncology, EHR data analysis, melanoma screening, management of other chronic disorders, and medical imaging analysis. The complication in studying defects in patient gene for a specific disease has been extremely lowered owing to the arrival of cognitive computing and these applications are predicted to positively impact market development in the coming years.
North America added up for the biggest share of the global healthcare cognitive computing market. Some factors supporting such high market growth comprise continuous investments in R&D, the attendance of high-tech tech firms, high employment of information tech to lower healthcare prices, better reimbursement scenario, and improve patient care.
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 23.03 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 108.45 Billion|
|Tables, Charts & Figures:||175|
|Companies||Google, IBM, Palantir, Microsoft, PTC|
|Segments Covered||By Technology, By End-User, By Application, By Deployment Type|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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