Healthcare Cognitive Computing market size is worth around US$1

The latest research study “Cognitive Computing for Healthcare Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027” from IMARC Group, reveals that the global cognitive computing market for healthcare reached a value of US$3.60 billion in 2021. Looking ahead, IMARC Group expects the market to reach a value of US$11.04 billion by 2027, posting a CAGR of 19.20% during the period 2022-2027.

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Note: We regularly track the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.

Industry overview and application:

Self-learning systems that mimic the functions of the human brain to improve decision-making are called cognitive computing. It uses data mining, pattern recognition, natural language processing (NLP), processing of human senses, and system enhancements based on real-time collection of patient data and other information. Cognitive health informatics analyzes large amounts of data to provide intelligent, personalized recommendations, answer specific queries, and help healthcare professionals create individualized treatment plans. As a result, it has gained wide popularity in the healthcare industry for promoting faster, better-informed decisions, higher quality care, better treatment outcomes, and increased patient engagement.

Cognitive Computing for Healthcare Market Trends and Drivers:

The global cognitive computing for healthcare market is primarily driven by the growing amount of healthcare data from multiple sources and the growing incidence of chronic diseases. Additionally, the shifting consumer inclination toward personalized therapies and medicine, especially in oncology, has heightened the need for cognitive computing.

Along with this, growing healthcare applications such as personalized medicine, melanoma screening, electronic health record (EHR) data analysis and medical imaging analysis have catalyzed product demand. Additionally, several key players are developing advanced and unified cognitive technology platforms with simplified application programming interfaces (APIs) that enable users to leverage the potential of machine learning systems.

Other factors including widespread use of cloud services, advancements in the healthcare industry, favorable government initiatives, and rising cost of drug delivery and clinical trials are also expected to propel the market growth.

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Global Cognitive Computing for Healthcare Market Analysis and Segmentation 2022-2027:

Competitive landscape:

The competitive landscape of the market has been studied in the report along with the detailed profiles of key players operating in the market.

Apixio (Centene Corporation), Apple Inc., CognitiveScale, Enterra Solutions LLC, Google LLC (Alphabet Inc.), Healthcare X.0 GmbH, Intel Corporation, International Business Machines Corporation, MedWhat and Microsoft Corporation.

The report has segmented the market based on region, technology, mode of deployment and end use.

Breakdown by technology:
• Natural language processing
• Machine learning
• Automated reasoning
• Others

Breakdown by deployment mode:
• On the site
• Cloud-based

Breakdown by end use:
• Hospitals
• Pharmaceutical products
• Medical equipement
• Insurance
• Others

Breakdown 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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Main highlights of the report:
• Market performance (2016-2021)
• Market Outlook (2022-2027)
• Porter’s five forces analysis
• Market drivers and success factors
• SWOT analysis
• Value chain
• Complete mapping of the competitive landscape

If you need specific information that is not currently covered in the report, we can provide it to you as part of the customization.

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The IMARC Group is a leading market research firm providing management strategies and market research worldwide. We partner with clients across all industries and geographies to identify their most important opportunities, address their most critical challenges and transform their businesses.

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This press release was published on openPR.

Sherry J. Basler