The global cognitive assessment and training in healthcare market is forecast to reach USD 16.45 Billion by 2030, according to a new report by Reports and Data. Cognitive training and assessment [CT&A] can be considered as a program and evaluation of day-to-day mental activities. Its primary purpose is to enhance or maintain the cognitive abilities of an individual. The hypothesis that, like physical fitness that is developed by regular physical activities, cognitive skills can be improved by brain exercises is established by CT&A.
Strong evidence proves the fact that mental activities help in minimizing the risk of age-related cognitive issues like dementia. The market is forecasted to witness a significant growth during the forecast period. One of the mentionable facts supporting the market growth is the continuous rise in geriatric population and associated elevated occurrence rate of memory loss and other cognitive issues like Alzheimer’s disease. The mentioned cognitive issues are common with growing age. However, findings from different studies have established the fact that behavioral interventions helps in enhancing and maintaining cognitive performance in the latter part of one’s life. At present, there are no medications for conditions like dementia and Alzheimer’s disease, which has resulted in elevated dependence on behavioral interventions on the part of geriatric clinician.
Though various factors are propelling the demand for CT&A, factors like inhibitions about accessing mental care services in developing regions, stringent government regulations on marketing brain training products may have a negative effect on the market growth.
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In regards to region, North America is dominating the market. The dominance of North America in the market is the result of elevated awareness about mental health, presence of a large number of vendors providing CT&A, and the region being an early adopter of technological advancements in the healthcare sector.
Key Coverage of the Report
- Region and country wise statistics of the cognitive assessment and training in healthcare market from the period 2020-2030. 2020-2030 have been derived as forecasts.
- Estimation of the market size along with historical and forecasted trend analysis.
- Various types’ of alternatives available have been analyzed. Statistical analysis has been conducted on obtaining the individual share of these segments.
- The regulatory framework of each region.
- Regional up-coming research and application outlook.
- Status of on-going developments.
- Regional prevalence of cognitive assessment and training in healthcare has been mapped.
- Demand and Supply GAP Analysis
- Regional Competitors Pricing Strategy
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments.
Salient Trends of the Cognitive Assessment and Training in Healthcare Market
- The cognitive assessment and training in healthcare market is forecasted to grow at a rate of 32.6% during the forecast period and reach USD 45 Billion in 2030.
- Different initiatives by industry players are positively impacting the market growth. One of the mentionable initiative are new product launches. As an instance, in October 2016, Savonix, a San Francisco-based company, had launched Savonix Mobile that is a cognitive assessment app. The focus of this new launch is reducing the need for pen-and-paper exams for assessing cognitive function. New launches have a positive impact on the overall growth of the market, apart from increasing the revenue generation of the company.
- Continuous evolution of the market trend is another factor spurring the market growth. One of the mentionable evolution is gamification of CT&A activities. With the help of incorporating game as a part of cognition training and evaluation, the issue of repetitiveness and lack of engagement among participants can be effectively resolved, which in turn propels the market growth.
Companies considered and profiled in this market study
Bracket, Cambridge Cognition Ltd., Quest Diagnostics, Medavante Inc., Neurocog Trials, Cogstate Ltd., Prophase, LLC, ERT Clinical, Cognifit, and Brain Resource Company
The companies have emphasized on diverse approaches like new product launches, R&D activities, acquisitions and mergers, to retain their market dominance and penetrate in the untapped market.
- The valuation for the cognitive assessment and training in healthcare market was USD 1.71 Billion in 2018, and it is forecasted to experience a CAGR of 32.6% during the forecast period.
- In the context of Component, the Solutions segment dominated the market occupying a larger market share of 61.0% in 2018, with a CAGR of 32.0% during the forecast period. The rising demand for healthcare support and solutions with the help of which, the cognitive functioning & changes can be evaluated contributes to the market share occupied by this segment. Furthermore, one of the mentionable benefits of CT&A solutions is, it provides users with the benefit of accessing care services from home without directly visiting the physician, which has also resulted in its increased preference among care users.
- While discussing Component, it is mentionable here that the Services segment is forecasted to witness a faster CAGR of 4% during the forecast period, which would occupy 41.0% of the market by 2030. The growth rate experienced by the Services segment is resultant of continuous rising demand for cognitive training & support services because of increasing occurrence rate of conditions like dementia in which the mentioned services adds value to the cognitive solutions. Furthermore, rising awareness about brain fitness is also elevating the demand for cognitive services.
- In regards to Assessment Type, the Pen and Paper Based-Assessment segment held the largest market share of 50% by 2018, with a CAGR of 32.8% during the forecast period. Factors like extensive application of this assessment type, as it is one of the conventional and convenient way of measuring cognitive changes and decline, contributes to the market share occupied by this segment. In addition to that, this type of assessment being the standardized method of cognitive assessment in various healthcare organizations like clock drawing test, Alzheimer’s Disease Assessment Scale-Cognitive (ADAS-Cog) also contributes to the market share occupied by the Pen and Paper Based-Assessment segment.
- While discussing Assessment Type, it is mentionable here that the Computerized Cognitive Assessment segment is projected to witness the fastest growth rate of 33.7% during the forecast period, which is expected to occupy the second-largest market share of 30.0% by 2030. The growth rate experienced by the Computerized Cognitive Assessment segment is attributed to the various benefits associated with it, like the ease of administration, scope of availing care services without physically attending the physician, and reduced scope of human error.
- In regards to Application, the Brain Training segment is forecasted to witness the fastest growth rate of 33.7% during the forecast period, which is expected to occupy 16.0% of the market share by 2030. The growth rate experienced by the Brain Training segment is attributed to elevated understanding about mental health and the development of new brain training activities that are interesting and engaging.
- In context to region, North America is dominating the market occupying the largest market share of 41.0% in 2018, with a CAGR of 32.0% during the forecast period. Factors like elevated awareness about mental health, presence of a large number of vendors providing CT&A in the healthcare sector, and the region being an early adopter of technological advancements in the healthcare sector contributes to the market share occupied by the region.
Segments Covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the industry trends in each of the sub-segments from 2020 to 2030. For the purpose of this report, Reports and Data have segmented the 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; 2020-2030)
Assessment Type Outlook (Revenue, USD Million; 2020-2030)
- Biometrics Assessment
- Pen and Paper Based-Assessment
- Computerized Cognitive Assessment
Application Type Outlook (Revenue, USD Million; 2020-2030)
- Screening and Diagnostics
- Clinical Trials
- Academic Research
- Brain Training
Regional Outlook (Revenue, USD Million; 2020-2030)
- North America
- Asia Pacific
- Latin America
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