Global Healthcare Cognitive Computing Market Insights Forecasts to 2033

• The Global Healthcare Cognitive Computing Market Size was Valued at USD 5.1 Billion in 2023
• The Market Size is Growing at a CAGR of 16.70% from 2023 to 2033
• The Worldwide Healthcare Cognitive Computing Market Size is Expected to Reach USD 23.9 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Healthcare Cognitive Computing Market Size is Anticipated to Exceed USD 23.9 Billion by 2033, Growing at a CAGR of 16.70% from 2023 to 2033.  

Market Overview

The term "cognitive computing" represents the electronic modeling of human cognitive processes. This kind of computation is very helpful in identifying fraud and dangers. In the healthcare industry, cognitive computing helps physicians in treating patients based on previous research. It has a reputation for handling a large volume of complex data. Due to its many benefits, healthcare cognitive computing is finding a wide range of uses in the medical field. Oncology, personalized medicine, skin cancer screening, EHR data analytics, medical imaging analysis, and the management of other chronic diseases are some of the primary drives in healthcare cognitive computing market. The market is primarily driven due to the rising number of people suffering from chronic diseases like diabetes, cancer, cardiovascular disease, and other diseases which is causing governments and healthcare providers to become increasingly concerned. Demand for individualized healthcare services, the explosion of structured and unstructured data, technological developments in data mining and analytics, and the expanding usage of cloud services are some of the major growth drivers in the healthcare cognitive computing market.

Report Coverage

This research report categorizes the market for the global healthcare cognitive computing market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global healthcare cognitive computing market. Recent market developments and competitive strategies such as expansion, product launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global healthcare cognitive computing market.

Driving Factors

The healthcare cognitive computing market is expanding due in large part to the widespread adoption of cloud services. Growth in the market is being driven by governments and healthcare providers' increased concern about the rising burden of disease brought on by chronic disorders such as diabetes, cardiovascular disease, and cancer, among others. The need for customized care, the need to reduce healthcare costs, and the scientific database's quick increase are among the primary factors driving the market. Due to the introduction of cognitive computing, the difficulty of assessing patient gene flaws for a certain disease decreased, these applications are driving the healthcare cognitive computing market. 

Restraining Factors

Healthcare cognitive computing market growth is expected to be restricted by high investment costs and inadequate digital health infrastructure. The healthcare cognitive computing market is expected to face restrictions due to a shortage of skilled labor.

Market Segmentation

The global healthcare cognitive computing market share is classified into technology, deployment model, and end user.

• The natural language processing segment is expected to hold the largest share of the global healthcare cognitive computing market during the forecast period.     

Based on the technology, the global healthcare cognitive computing market is divided into natural language processing, machine learning, automated reasoning, and others. Among these, the natural language processing segment is expected to hold the largest share of the global healthcare cognitive computing market during the forecast period. The development of machine learning and natural language processing has been a major factor drives in the healthcare cognitive computing market. In addition to making searching easier, using natural language for keywords also facilitates complex scenario design and analysis.

• The cloud-based segment is expected to hold the largest share of the global healthcare cognitive computing market during the forecast period.   

Based on the deployment model, the global healthcare cognitive computing market is divided into cloud-based and on-premise. Among these, the cloud-based segment is expected to hold the largest share of the global healthcare cognitive computing market during the forecast period. Because cloud-based choices make it easier to use machine learning's natural language processing capabilities, the healthcare sector's efficiency has grown and costs have decreased.   

• The hospitals segment is expected to hold the largest share of the global healthcare cognitive computing market during the forecast period.   

Based on the end user, the global healthcare cognitive computing market is divided into hospitals, pharmaceuticals, medical devices, and insurance. Among these, the hospitals segment is expected to hold the largest share of the global healthcare cognitive computing market during the forecast period. Cognitive computing solutions is essential in achieving high penetration levels in hospitals, particularly since they were first trialed in oncology, patient data management, and gene-based medicine.   

Regional Segment Analysis of the Global Healthcare Cognitive Computing Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the global healthcare cognitive computing market over the predicted timeframe.

North America is anticipated to hold the largest share of the global healthcare cognitive computing market over the predicted timeframe. The existence of high-tech technology companies, ongoing R&D investments, improved reimbursement scenarios, and extensive use of information technology to lower healthcare costs and enhance patient care are some of the factors contributing to North America strong market. The growing number of persons with chronic disease is largely responsible for the market growth. Six out of ten Americans are actively managing a chronic condition, such as diabetes, heart disease, or cancer, according to the National Center for Chronic Disease Prevention and Health.   

Asia Pacific is expected to grow at the fastest pace in the global healthcare cognitive computing market during the forecast period. The beneficial features of this market are the growth in public and private healthcare spending in Asia Pacific, appropriate demographics, and the region quicker acceptance of new technologies. The demand for cognitive computing is predicted to rise as a result of growing government measures to promote e-health projects and the explosion of information in the domains of cancer, genetics, and other disorders.

Europe is anticipated to hold a significant share of the global healthcare cognitive computing market over the predicted timeframe. The market growth in Europe is primarily attributable to the public sector's aggressive initiatives to improve healthcare quality management. It's also predicted that higher research and development spending would result in more profitable growth prospects for the area as cutting-edge technical solutions for improved data management are developed in this region. 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global healthcare cognitive computing market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• IBM
• Microsoft
• CognitiveScale
• Numenta
• Cognizant
• Vicarious
• Enterra Solutions
• Deepmind
• SparkCognition
• TIBCO Software Inc
• NakaTech
• Wipro Limited
• Nuance Communications, Inc,
• Intel Corporation
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In April 2023, Microsoft and Cognizant announced that their long-standing healthcare collaboration is being extended. The objective of this development is to improve company operations and member experiences through better interoperability, improve the efficiency of claims management, and give healthcare payers and providers convenient access to cutting-edge technical solutions.

• In March 2023, the first clinical documentation application to mix conversational and ambient AI with OpenAI's most advanced and competent model, GPT-4, is Dragon Ambient Experience (DAXTM) Express, which was launched by Nuance Communications, Inc., a Microsoft Company. The product is fully automated and integrates with workflows.  

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global healthcare cognitive computing market based on the below-mentioned segments: 

Global Healthcare Cognitive Computing Market, By Technology

• Natural Language Processing
• Machine Learning
• Automated Reasoning
• Others

Global Healthcare Cognitive Computing Market, By Deployment Model

• On-premises
• Cloud-based

Global Healthcare Cognitive Computing Market, By End User

• Hospitals
• Pharmaceuticals
• Medical Devices
• Insurance

Global Healthcare Cognitive Computing Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa