The global healthcare cognitive computing market size is expected to reach nearly USD 44.65 billion by 2030, registering a CAGR of 27.0%. Key factors attributing to the market growth are rapid growth in the scientific database, demand for personalized healthcare, and the need to reduce healthcare expenditure levels. Increasing geriatric population is a major factor increasing the prevalence rate of several diseases.
Information technology and big data analytics penetration in the healthcare industry is presently very less, and to tackle the increasing healthcare expenditure and improve customer experience, many manufacturers and research organizations are actively collaborating with technology firms to improve their products and services.
In 2015, big healthcare firms such as Johnson and Johnson (J&J) and Medtronic have partnered with IBM to utilize its cognitive computing platform Watson. J&J plans to utilize Watson to create a personal concierge service which can be used to prepare patients for knee surgery. Medtronic will use Watson to develop an internet of things (IOT) platform around its medical devices to collect data from patient’s personal use to understand product performance and patient response.
Furthermore, Apple has also invested significantly in the Watson platform to develop an IOS vendor ecosystem for its HealthKIT and ReasearchKit tool systems. These vendors would develop apps and other systems for personal health data collection, and utilizing the data for clinical trials and other healthcare applications.
In 2023, the natural language processing technology market accounted for the largest share at 41.9%, due to its ability to learn natural language key words, and different languages, thereby enabling easy user interface. Additionally, platforms such as IBM Watson are enabling the new startups to collaborate and develop new mobile and cloud applications. However, automated reasoning is expected to be the fastest growing with a over the forecast period, owing to its ability to apply logical reasoning and solve complex problems.
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Information technology and big data analytics penetration in the healthcare industry is presently very less, and to tackle the increasing healthcare expenditure and improve customer experience, many manufacturers and research organizations are actively collaborating with technology firms to improve their products and services.
In 2015, big healthcare firms such as Johnson and Johnson (J&J) and Medtronic have partnered with IBM to utilize its cognitive computing platform Watson. J&J plans to utilize Watson to create a personal concierge service which can be used to prepare patients for knee surgery. Medtronic will use Watson to develop an internet of things (IOT) platform around its medical devices to collect data from patient’s personal use to understand product performance and patient response.
Furthermore, Apple has also invested significantly in the Watson platform to develop an IOS vendor ecosystem for its HealthKIT and ReasearchKit tool systems. These vendors would develop apps and other systems for personal health data collection, and utilizing the data for clinical trials and other healthcare applications.
In 2023, the natural language processing technology market accounted for the largest share at 41.9%, due to its ability to learn natural language key words, and different languages, thereby enabling easy user interface. Additionally, platforms such as IBM Watson are enabling the new startups to collaborate and develop new mobile and cloud applications. However, automated reasoning is expected to be the fastest growing with a over the forecast period, owing to its ability to apply logical reasoning and solve complex problems.
Healthcare Cognitive Computing Market Report Highlights
- The Natural Language Processing (NLP) segment dominated the market in 2023, with a share of 41.9%. The factors attributing to the market growth are the increased applications of NLP, as natural language keywords are utilized to make searching easier during scenarios and analysis.
- The cloud segment dominated the market in 2023, with a share of 72.0%. The market growth is due to the ability of cloud-based cognitive computing to scale, adapt, and be cost-efficient.
- North America dominated the global healthcare cognitive computing market with a revenue share of 38.8% in 2023. This growth was attributed to advanced technological infrastructure and increased investment by government and private institutes in artificial intelligence and cognitive technologies.
The leading players in the Healthcare Cognitive Computing market include:
- Microsoft
- IBM Corporation
- NVIDIA Corporation
- Intel Corporation
- Iterx Group
- GE Healthcare
- Medtronic
- Oracle
- Medidata
Why should you buy this report?
- Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments.
- Competitive Landscape: Explore the market presence of key players worldwide.
- Future Trends: Discover the pivotal trends and drivers shaping the future of the global market.
- Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions.
This report addresses:
- Market intelligence to enable effective decision-making
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
- Segment and regional revenue forecasts for market assessment
- Competition strategy and market share analysis
- Product innovation listing for you to stay ahead of the curve
- COVID-19's impact and how to sustain in these fast-evolving markets
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Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Healthcare Cognitive Computing Market Variables, Trends, & Scope
Chapter 4. Healthcare Cognitive Computing Market: Technology Estimates & Trend Analysis
Chapter 5. Healthcare Cognitive Computing Market: Deployment Estimates & Trend Analysis
Chapter 6. Healthcare Cognitive Computing Market: Regional Estimates & Trend Analysis
Chapter 7. Competitive Landscape
Companies Mentioned
The leading players in the Healthcare Cognitive Computing market include:- Microsoft
- IBM Corporation
- NVIDIA Corporation
- Intel Corporation
- Iterx Group
- GE Healthcare
- Medtronic
- Oracle
- Medidata
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 100 |
| Published | September 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 8.48 Billion |
| Forecasted Market Value ( USD | $ 44.65 Billion |
| Compound Annual Growth Rate | 27.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
