Product Code: RP-ID-10151922 |
Published Date: 21 Oct 2022 |
Region: Global |
Category: Healthcare & Pharmaceuticals |
Report ID: 10151922
Market Overview:
Global Cognitive Computing in Healthcare Industry Market Research 2019
" In 2021, the global healthcare cognitive computing market is estimated to achieve the revenue of USD 4 billion, projected to foster at a CAGR of 28% over the period 2022-2030. The main drivers of growth include the explosive growth of information from structured and unstructured data, technological advances in data mining and analysis, the increasing popularity of cloud computing services, and the demand for personalized healthcare services.
Data stored in structured format only accounts for 20% to 25%, and the rest is in unstructured format. Digital data is provided in the form of published articles, blogs, books, images, audio and video. Analyzing these data is a very challenging process and requires the use of advanced computing solutions. For example, cancer, diabetes and cardiovascular disease are the main concerns of governments and healthcare providers around the world.
The US government’s personalized medical plans and other favorable regulations may drive growth. As part of this plan, a large amount of patient data is expected to be generated, and the demand for big data and cognitive computing analysis is expected to be very high during the forecast period. The field of cognitive computing is receiving extensive attention from companies such as Google, IBM, Facebook, and Apple. These companies are actively looking for startups.
Some recent acquisitions in 2015 include Google's acquisition of DeepMind technology, IBMs acquisition of Explorys and Phytel, and PTCs acquisition of Coldlight. The healthcare industry and some key areas of focus are oncology, personalized medicine, melanoma screening, EHR data analysis, medical image analysis, and management of other chronic diseases. Due to the emergence of cognitive computing, the complexity of analyzing genetic defects in patients with specific diseases has been greatly reduced, and these applications are expected to actively promote market growth in the next seven years.
TECHNICAL INSIGHT:
The cognitive computing market in the healthcare sector is segmented according to technologies such as natural language processing, machine learning, and automatic reasoning. The emergence of natural language processing and machine learning has strongly supported the development of data analysis in the healthcare field. In 2020, the natural language processing sector accounted for the largest proportion, close to 39%. Using natural language for keywords simplifies the search process and helps to plan and analyze complex scenarios. End users can easily interact with the computer interface and query feeds, and train the system how to process specific data sets and obtain meaningful information. However, it is expected that automatic reasoning technology will become the fastest growing part, mainly due to this domain. This technology is used to understand the context and complexity of data, and use logical reasoning to obtain meaningful insights that can be used to support business development and organizational growth.
END USE INFORMATION:
Hospitals, pharmaceuticals, medical devices, insurance and clinical research institutions are the main end users of this market. In 2020, hospitals accounted for the largest market share, about 42%. The main reasons for such a high usage rate include the growing demand for personalized medicine, gene-specific therapy, oncology, and patient health record management.
Cognitive computing solutions were first tried in oncology, patient data management, and gene-based therapy, and therefore played an important role in high penetration rates. By 2022, the pharmaceutical sector is expected to be the fastest growing market. In recent years, the use of big data analytics and cloud services has seen positive growth and has created a platform for cognitive computing solutions. During the forecast period, the rising cost of drug discovery and clinical trials is a key factor driving the use of cognitive computing solutions.
REGIONAL INFORMATION:
North America accounted for the largest proportion in 2020, close to 50%. Some of the factors that support such a high market share include the presence of high-tech technology companies, continued investment in research and development, better repayment options, and the extensive use of information technology to reduce medical costs and improve patient care. Become the fastest growing regional market during the forecast period. Increasing levels of public and private medical expenditures, appropriate demographic factors, and faster adoption of technology in the region are some encouraging variables associated with this market. The governments increased support for e-health programs and the explosion of information in cancer, genomics, and other diseases are expected to drive the demand for cognitive computing.
COMPANY MARKET SHARE ANALYSIS :
The cognitive health informatics market is a rapidly developing field, and the competition for market dominance is very fierce. Some of the pioneers of this technology include companies such as IBM, Google, Microsoft, Palantir, and PTC. In 2014, IBM invested US$1 billion to create the WATSON analytics platform, which can be used for oncology, personalized medicine, patient data management, and various other applications. The IBM WATSON ecosystem includes several startups dedicated to developing different cloud and application-based solutions for the healthcare industry. In addition, due to technological advancements, many new application areas of cognitive analysis are expected to develop and actively promote growth during the forecast period.
ANALYTICAL PERSPECTIVE:
Due to the use of natural learning, automatic reasoning, and machine learning to solve complex problems and analyze unstructured data, cognitive computing from the analyst;s perspective is considered the most advanced artificial intelligence platform. The arrival of big data companies, cloud computing and mobile companies is changing the landscape of healthcare services. The healthcare industry generates a large amount of data in the form of patient records, clinical trials, drug discovery, etc. every year. In order to tap the market, software giants and the healthcare industry are investing billions of dollars in these platforms. Because IBMs Watson is used for oncology and patient data management platforms, this technology has gained great appeal. This research focuses on the industry dynamics, political and socio-economic factors that affect the market, and outlines the technological landscape, end users, and major players operating in the market."
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