IMARC Group, a leading market research company, has recently releases report titled “Healthcare Cognitive Computing Market Report by Technology (Natural Language Processing, Machine Learning, Automated Reasoning, and Others), Deployment Mode (On-premises, Cloud-based), End Use (Hospitals, Pharmaceuticals, Medical Devices, Insurance, and Others), and Region 2024-2032”, Offers a comprehensive analysis of the industry, which comprises insights on the global healthcare cognitive computing market.
How Big Is the Healthcare Cognitive Computing Market?
The global healthcare cognitive computing market size reached US$ 5.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 21.4 Billion by 2032, exhibiting a growth rate (CAGR) of 16.8% during 2024-2032.
Industry Overview of Healthcare Cognitive Computing
Healthcare cognitive computing relies on advanced technologies, such as artificial intelligence (AI), machine learning (ML), natural language processing (NLP), and other computational techniques to analyze and interpret complex medical data. It involves the development of systems that can learn, reason, and understand natural language to help clinicians and healthcare organizations make more informed decisions and improve patient outcomes. It also enables the selection of medicine by analyzing patient data and providing tailored treatment plans based on the individual needs of the patients as per their medical history and genetic information. It also assists in improving diagnostic accuracy, reducing errors, and increasing efficiency, which reduces healthcare costs and improves the overall value of healthcare delivery. Healthcare cognitive computing is also employed in analyzing large volumes of medical records quickly and accurately and providing recommendations for treatment plans, clinical trials, and drug interactions. At present, it is used in various healthcare applications, such as diagnosis, treatment, drug discovery, personalized medicine, and patient engagement, across the globe.
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What are the growth prospects and trends in the healthcare cognitive computing industry?
The growing geriatric population and rising consumer consciousness about health are catalyzing the demand for personalized medicines that are prepared according to individual history. This represents one of the key factors positively influencing the market across the globe. In addition, rapid digitization and widespread adoption of electronic health records (EHRs) are propelling the demand for healthcare cognitive computing to analyze data, provide health insights and improve outcomes.
Moreover, the rising adoption of advanced technologies, such as AI, ML, and the internet of things (IoT) for analyzing complex healthcare data and providing accurate predictions and recommendations for patient care is bolstering the market growth. Apart from this, the increasing prevalence of chronic diseases, including diabetes, cancer, and cardiovascular disorders, is increasing the need for efficient and effective healthcare delivery. Healthcare cognitive computing also helps clinicians make more decisions about patient care in real-time, which aids in reducing healthcare costs.
In line with this, governments of various countries are extensively investing in healthcare infrastructure to improve healthcare delivery, which is creating a favorable market outlook. Moreover, the increasing adoption of cloud computing in healthcare organizations to store and analyze large volumes of medical data more efficiently is strengthening the market growth. Besides this, healthcare cognitive computing is used to develop virtual assistants that can interact with patients and help them manage their health. They also help in monitoring patient progress and connecting healthcare providers, which is stimulating the growth of the market around the world.
Leading Companies Operating in the Global Healthcare Cognitive Computing Industry:
- Apixio (Centene Corporation)
- Apple Inc.
- CognitiveScale
- Enterra Solutions LLC
- Google LLC (Alphabet Inc.)
- Healthcare X.0 GmbH
- Intel Corporation
- International Business Machines Corporation
- MedWhat
- Microsoft Corporation
Healthcare Cognitive Computing Market Report Segmentation:
The report has segmented the market into the following categories:
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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