June 1, 2020- The global cognitive assessment & training market size was pegged at over US$ 1.5Bn in 2019 and is expected to witness a dexterous growth rate of over 16.5% during the forecast period (2020-2030). The adoption of electronic devices for collecting clinical electronic data coupled with increasing digitization in healthcare sector has given a huge momentum to growth of global cognitive assessment & training market over the historical years. The use of mobile devices in the healthcare sector and continuous developments & investments in clinical trial activities are also anticipated to leverage the cognitive assessment training market.
The overall growth projection of the global cognitive assessment & training market is expected to be on a lower trajectory than the previous forecast due to the ongoing COVID-19 pandemic. During the second quarter of 2020, an increment in sales of this software is anticipated as a result of increasing prevalence of mental disorders and increasing per capita spending on mental health. After the dissipation of the pandemic, demand for cognitive assessment testing across the globe will continue to increase, not only among the younger generation, but also among the widely expanding geriatric population pool.
Key Takeaways of Global Cognitive Assessment & Training Market Study:
- Currently, the software segment holds more than 2/3rd market share and is anticipated to create an absolute $ opportunity of more than US$ 3 Bn over the long-term forecast period.
- Adoption of cognitive assessment & training tools in the mobile & tablet segment has witnessed a significant increase over the historical years, projected to account for more than 60% of the market by 2020.
- Better healthcare infrastructure coupled with high presence of cognitive assessment & training providers has supported the strong sales of these tools in North America and Europe. However, Asia Pacific is expected to witness a strong growth rate owing to higher awareness around mental health.
- The fintech applications of IoT are anticipated to be seen across developed as well as developing countries. Increasing use of smart phones and evolving applications on social media platforms, gaming, calling, web browsing has led to high depression among millennials as well as baby boomers. Thus, the demand for cognitive assessment tools is expected to increase in the near future.
“Increasing emphasis on convergence of artificial intelligence (AI), internet of things (IoT), automation, block chain, 5G and edge computing platforms with business models in the digitization era has pushed key market players to seize myriad opportunities. This will strengthen their competitive position by leveraging these technologies”, Says a Fact.MR Analyst
The global cognitive assessment & training market is consolidated in nature. The tier 1 players held more than 50% share in 2019. After the end of COVID-19, the global market for cognitive assessment is likely to create a plethora of market opportunities for existing as well as new entrants on the back of increasing number of paid subscribers. With the industry shifting toward electronic data collection and cloud based solutions, the key players are greatly emphasizing on introducing new platforms to create new growth avenues in the high potential markets.
Some of the major competitors operating in the cognitive assessment & training market are IBM Watson, Cambridge Cognition Limited, NeuroCog Trials, ERT Clinical, Brain Resource Company, Signant Health, Cogstate Limited, Quest Diagnostics, Inc. and others.
Find More Valuable Insights on the Cognitive Assessment & Training Market
Fact.MR, in its new offering, provides an unbiased analysis of the global market for cognitive assessment & training, with historical data on demand (2015-2019) and expected projections for the period 2020-2030. The report discloses compelling insights into the demand for cognitive assessment & training based on component (software, services (training, consulting, and support & maintenance)), type (personal computer (PC) and mobile & tablet), and end user (healthcare, research organization, education, and others) across several major regions.
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