Cognitive Assessment and Training in Healthcare Market
Number of pages: 100 | Report Format: PDF | Published date: March 31, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 4.25 billion |
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Revenue Forecast in 2031 |
US$ 30.87 billion |
|
CAGR |
24.65% |
|
Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Assessment Type, Component, Application, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global cognitive assessment and training in healthcare market was valued at US$ 4.25 billion in 2022 and is expected to register a revenue CAGR of 24.65% to reach US$ 30.87 billion by 2031.
Cognitive Assessment and Training in Healthcare Market Fundamentals
Cognitive assessment and training analyze an individual's development regarding information processing, conceptual resources, perceptual competence, language learning, and other aspects of brain development and cognitive psychology. Such assessment is often performed in healthcare settings, particularly for individuals experiencing cognitive difficulties due to a medical condition, injury, or aging. Cognitive training involves techniques and strategies to improve cognitive abilities, such as memory training, attention training, and problem-solving exercises. Cognitive training is often used with a cognitive assessment to develop a personalized treatment plan to address cognitive deficits and improve overall cognitive functioning.
The training and assessment evaluate and manage cognitive impairments in mature adults, including those with dementia, Alzheimer's disease, and other age-related cognitive decline. Moreover, this assessment and training are also used to evaluate and manage cognitive deficits resulting from neurological conditions such as stroke, traumatic brain injury, and multiple sclerosis. Moreover, with ongoing advances in technology, research, and clinical practice, the field of cognitive evaluation and training in healthcare is expected to grow in the coming years.
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Cognitive Assessment and Training in Healthcare Market Dynamics
The increasing incidence rate of dementia is the major factor in increasing global cognitive assessment and training in the healthcare market. Four major risk factors increasing the risk of dementia are rising cases of obesity, increasing incidence of high blood pressure, increasing smoking trends, and low awareness. According to the World Health Organization (WHO) estimates, in 2023, currently, there will be more than 55 million dementia patients, 60% of whom are from low- and middle-income nations. Additionally, the organization stated that around 10 million new instances of dementia are reported every year. This rate is anticipated to rise in the coming years. According to the Institute for Health Metrics and Evaluation, by 2050, 153 million people are anticipated to have dementia, up from 57 million in 2019, mostly due to population expansion and aging.
Technological advancement in cognitive assessment and training tools is increasing the global cognitive assessment and training in healthcare market. In healthcare, cognitive training and assessment are becoming more essential applications of artificial intelligence (AI). One of the key advantages of employing AI in cognitive evaluation and training is the ability to evaluate cognitive function more precisely and objectively. Artificial intelligence-powered cognitive evaluation systems employ machine learning algorithms to evaluate vast volumes of data and spot trends that human assessors would overlook. Moreover, AI-powered cognitive training programs can be personalized to meet the specific needs of individual patients based on their cognitive strengths and weaknesses. These programs can also adapt to a patient's progress, providing feedback and adjusting the difficulty level to ensure the patient is continually challenged.
Increasing awareness about cognitive assessment and training is expected to increase the global cognitive assessment and training in healthcare market. The Alzheimer's Association is committed to promoting the early identification and diagnosis of dementia. It is the top non-profit organization in Alzheimer's care, support, and research. The association has developed a simple procedure to evaluate cognition at the Medicare Annual Wellness Visit to assist.
Furthermore, increasing grants by the government and non-government organizations for research and development for cognitive assessment and training is another factor driving the global cognitive assessment and training in healthcare market. For instance, in February 2022, The National Institute of Health (NIH) officially announced a funding opportunity announcement for developing an ultramodern cognitive assessment and training platform. Increasing funding will create opportunities for new inventions to introduce in the market.
Despite the growing demand for cognitive assessment and training in the healthcare market, the high cost of these services remains a significant restraining factor. Additionally, patients' lack of awareness and education about the benefits of cognitive assessment and training can hinder global cognitive assessment and training in the healthcare market.
Cognitive Assessment and Training in Healthcare Market Ecosystem
The global cognitive assessment and training in healthcare market are analyzed from four perspectives: assessment type, component, application, and region.
Cognitive Assessment and Training in Healthcare Market by Assessment
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Based on the assessment, the global cognitive assessment and training in healthcare market is segmented into biometric assessment, pen & paper-based assessment, and hosted assessment.
The pen & paper-based assessment segment has dominated the global cognitive assessment and training in healthcare, with the largest revenue share in 2022. This large revenue share is attributed to the easy availability and affordability of cognitive assessment and training in healthcare. Moreover, pen and paper-based cognitive assessment and training are traditional methods used for decades to evaluate and improve cognitive abilities such as memory, attention, and problem-solving skills. Despite the emergence of digital technologies for cognitive assessment and training, these methods are still widely used today. Pen and paper-based cognitive assessment and training provide a more comprehensive evaluation of cognitive abilities, including problem-solving, reasoning, and memory. Additionally, it allows for greater flexibility in adapting to individual needs and preferences compared to biometric assessments.
However, the biometric assessment segment is expected to increase its revenue share during the forecast period. Biometric cognitive assessment and training can assist individuals in improving their cognitive abilities and enhance their performance in various areas such as academics, sports, and professional work. It can also aid in the early detection of cognitive decline and provide personalized interventions to prevent or slow down its progression.
Cognitive Assessment and Training in Healthcare Market by Component
Based on the component, the global cognitive assessment and training in healthcare market are segmented into solutions and services.
The services segment has dominated the global cognitive assessment and training in healthcare market. The segment is sub-segmented into assessment, data analysis & reporting, and data management. The services component in cognitive assessment and training provides patients with personalized care plans and support from healthcare professionals, which can lead to improved cognitive function and quality of life. Additionally, using technology in these services allows for remote monitoring and communication, increasing accessibility and convenience for patients. This can lead to better overall health outcomes, increased independence, and a higher quality of life for patients.
The solution segment is expected to grow in revenue share during the forecast period. The segment is further sub-segmented into training & support and consulting. The solutions component in cognitive assessment and training in the healthcare market offers numerous benefits, such as personalized training programs, real-time feedback, and remote monitoring. It also helps healthcare professionals to track patient progress, identify areas of improvement, and adjust treatment plans accordingly.
Cognitive Assessment and Training in Healthcare Market by Application
Based on application, the global cognitive assessment and training in healthcare market is segmented into clinical trials, screening & diagnostics, brain training, and academic research.
The clinical trial segment is expected to increase with significant revenue share in the global cognitive assessment and training in healthcare market. Cognitive assessment and training in healthcare can improve the accuracy of clinical trial results by providing a more objective measure of cognitive function and identifying potential cognitive side effects of treatments. It can also help develop personalized interventions for patients with cognitive impairments.
Moreover, cognitive assessment and training can provide valuable insights into the efficacy of CNS drugs, particularly in conditions such as Alzheimer's disease and schizophrenia. By measuring cognitive function before and after treatment, researchers can better understand the drug's impact on the brain and potentially improve patient outcomes.
The screening & diagnostics segment is expected to increase with a sizable revenue share during the forecast period. Cognitive assessment and training in healthcare can provide early detection of cognitive decline and help diagnose neurological disorders. It can also improve patient outcomes by identifying areas of cognitive weakness and developing personalized treatment plans.
Cognitive Assessment and Training in Healthcare Market by Region
Based on the region, the global cognitive assessment and training in healthcare market is segmented into North America, Europe, Asia Pacific, Latin America, & the Middle East & Africa.
North America dominated the cognitive assessment and training in healthcare market with the largest revenue share. Cognitive assessment and training in healthcare in North America have become increasingly important and demanding due to an increasingly aging population suffering from cognitive disorders. Additionally, the development of various technological tools and interventions to improve cognitive function and quality of life is increasing. Moreover, advanced healthcare standards in the region increase the adoption of cognitive assessment and training in healthcare.
The European cognitive assessment and training in healthcare market is expected to experience significant revenue growth due to the increasing demand to treat patients with cognitive disorders such as dementia and Alzheimer's. Additionally, many top players in Europe are influencing the revenue growth of global cognitive assessment and training in the healthcare market.
Asia Pacific is expected to be the fastest-growing geographic region in the global cognitive assessment and training in healthcare market. Cognitive assessment and training are becoming increasingly important as healthcare providers in the Asia Pacific region recognize the value of improving patient outcomes and reducing healthcare costs. Moreover, increasing government funding in improving patient comfort supports the revenue growth of the global cognitive assessment and training in healthcare market in the Asia Pacific.
Competitive Landscape in Cognitive Assessment and Training in Healthcare Market
The prominent companies operating in the global cognitive assessment and training in healthcare market with large revenue shares are:
The pen & paper-based assessment segment accounts for the largest revenue share in the global cognitive assessment and training in healthcare market.
The global cognitive assessment and training in healthcare market was valued at US$ 4.25 billion in 2022.
The global cognitive assessment and training in the healthcare market are expected to grow at a revenue CAGR of 24.65% during the forecast period.
CogniFit Inc., Cogstate Ltd., CNS Vital Signs, LLC, and Brain Resource Company are key players in the global cognitive assessment and training in healthcare market.
The Asia Pacific region is expected to register the highest revenue growth during the forecast period.
*Insights on financial performance are subject to the availability of information in the public domain