The growth in the geriatric population, technological advancements in the healthcare sector, and the rising awareness about mental health are some of the factors boosting Cognitive Assessment and Training in Healthcare Market.
Market Size – USD 1.71Billion in 2018, Market Growth – CAGR of 32.6%, Market Trends – The rising demand for Computerized Cognitive Assessment.
The Global Cognitive Assessment and Training [CA&T] in Healthcare Market is forecast to reach USD 16.45 Billion by 2026, according to a new report by Reports and Data. The market is predicted to witness a significant growth during the forecast period. The rising awareness about mental health and its overall impact on the wellbeing of an individual is an integral factor supporting the market growth. Various other factors are spurring the market growth. One of these mentionable factors is, since 2016, various companies providing cognitive training services and products have come to the forefront and marketed their services & products to be capable of enhancing memory among adults, prevent Alzheimer’s and dementia. In 2017, moderate strength evidence was found by National Academies of Sciences, Engineering, and Medicine that indicated the fact that cognitive training has a positive impact on preventing dementia and cognitive decline with growing age. In 2018, cognitive training has been incorporated in the guidelines for the treatment of mild cognitive impairment by the American Academy of Neurology. The associated between these positive evidences of cognitive training and prevention of cognitive impairment results in propelling the market growth. Cognitive interventions can be grouped into three types- cognitive stimulation, cognitive rehabilitation, and cognitive training. In the cognitive training, intervention is made in a care user’s care plan, wherein he/she is provided with structured practice on tasks related to the issues of cognitive functioning that has a direct impact on the cognitive impairment. Thus, with the help of these interventions, the progression of cognitive impairments like dementia can be prevented. In regards to region, Europe occupies an integral market share. It is attributed to the continuous rise in geriatric population, rising investment in healthcare researches, and innovation.
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Further key findings from the report suggest
- The CA&T in Healthcare market held a market share of USD 1.71 Billion in the year 2018 and is forecasted to witness a CAGR of 32.6% during the forecast period.
- In context to Component, the Solutions segment generated a higher revenue of USD 1,043.5 Million in 2018, with the growth rate of 32.0% during the forecast period. The revenue generated by the Solutions segment is the resultant of rising demand for healthcare support and solutions with the help of which, the cognitive functioning & changes can be evaluated, and its benefits like accessing care services from home.
- In the Assessment Type, the Pen and Paper Based-Assessment segment can be seen to generate the highest revenue of USD 855.4 Million in 2018, with a CAGR of 32.8% during the forecast period. The extensive application of this type of assessment, as it is one of the convenient ways of measuring cognitive changes & decline and this assessment type being the standardized method of cognitive assessment in various healthcare organizations contributes to the revenue generated by this segment.
- In the Application, the Clinical Trials segment occupied the largest market share of 38.0% in 2018, with a CAGR of 32.5% during the forecast period. At the time of determining the clinical drug development, the evaluation of cognitive functioning plays an essential role that can be effectively performed by clinical trials, which contributes to the market share occupied by this segment. It is with the help of clinical trials, cognitive changes & impairment can be primarily measured, monitored, or identified.
- In regards to region, Asia Pacific is forecasted to witness the fastest growth rate of 34.0% during the forecast period, which occupied a market share of 23.0% in 2018. The rising awareness about mental health in developing regions, and increasing number of researches being conducted on cognitive functioning are some of the factors, propelling the market growth in this region.
- Key participants Bracket, Cambridge Cognition Ltd., Quest Diagnostics, Medavante Inc., Neurocog Trials, Cogstate Ltd., Prophase, LLC, ERT Clinical, Cognifit and Brain Resource Company.
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For the purpose of this report, global cognitive assessment and training in healthcare market has been segmented according to Component, Assessment Type, Application, and Region:
Component Type Outlook (Revenue, USD Million; 2020-2026)
Assessment Type Outlook (Revenue, USD Million; 2020-2026)
- Biometrics Assessment
- Pen and Paper Based-Assessment
- Computerized Cognitive Assessment
Application Type Outlook (Revenue, USD Million; 2020-2026)
- Screening and Diagnostics
- Clinical Trials
- Academic Research
- Brain Training
Regional Outlook (Revenue, USD Million; 2020-2026)
- North America
- Asia Pacific
- Latin America
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