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Neurocognitive Assessment and Rehabilitation Market Overview and Future Dynamics 2024
neurocognitive assessment and rehabilitation market size
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According to The Business Research Company's, The neurocognitive assessment and rehabilitation market size has grown strongly in recent years. It will grow from $12.26 billion in 2023 to $13.40 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to an increased incidence of neurocognitive disorders, an aging population, increased awareness, and education, healthcare policy and funding, improved diagnostic techniques, and a rise in mental health issues.
The neurocognitive assessment and rehabilitation market size is expected to see strong growth in the next few years. It will grow to $19.23 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to personalized medicine approaches, corporate wellness programs, technological advancements, insurance coverage and reimbursement improvements, and integration with telehealth. Major trends in the forecast period include wearable technology adoption, regenerative medicine, and neuroplasticity research, personalized rehabilitation programs, virtual reality (VR) and augmented reality (AR) utilization, and interdisciplinary approaches.
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Market Drivers and Trends:
The increased adoption of cloud-based platforms is expected to propel the growth of the IT service management market going forward. Cloud-based platforms, often referred to as cloud platforms or cloud computing platforms, are online environments that provide a range of computing services over the internet. The adoption of cloud-based platforms is due to digital transformation, cost-effectiveness, security and compliance, integration and interoperability, and disaster recovery. ITSM principles and practices are crucial in effectively managing cloud-based platforms by aligning IT services with business needs, ensuring service quality and availability, promoting continual improvement, and addressing security and compliance requirements. For instance, in December 2023, according to the European Union, a Netherlands-based international organization, the percentage of European Union businesses that bought cloud computing services increased by 4.2 percentage points in 2023 compared to 2021. Therefore, the increased adoption of cloud-based platforms is driving the growth of the IT service management market.
Major companies operating in the neurocognitive assessment and rehabilitation market are developing innovative solutions, such as digital tests, to screen cognitive impairment and gain a competitive edge. Digital tests refer to assessments conducted using digital platforms or software to evaluate various cognitive functions such as memory, attention, language, and executive function. For instance, in November 2022, Neurotrack Technologies, a US-based company that provides web-based screening tools and cognitive health programs, launched a 3-minute digital test to screen for cognitive impairment. This tool enables primary care teams to swiftly screen for cognitive decline during annual wellness visits, aiding in the early detection of neurodegenerative diseases, including Alzheimer's. It has culturally-agnostic features that enhance accuracy and accessibility, addressing the critical need for cognitive screening amidst an aging population. This innovative solution empowers providers to integrate cognitive testing seamlessly into clinical workflows, potentially revolutionizing dementia care and intervention strategies.
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Major Key Players of the Market:
Cogstate Ltd, Posit Science Corporation, Lumos Labs Inc., The Magstim Company Ltd, MindMaze SA, CogniFit Inc, Cambridge Cognition Holdings plc, ImPACT Applications Inc., Neurotrack Technologies Inc., Neuroelectrics Corporation, SCHUHFRIED GmbH, Constant Therapy Health Inc., NeuronUP S.L., Qbtech AB, Neurometrix Inc., CogniVue Corporation, Neurohealth Associates LLP , BrainTrain Inc., NeuroEM Therapeutics Inc., HASOMED GmbH, Neurosoft Bioelectronics Corporation, AnthroTronix Inc., Flow Neuroscience AB, NPsych Limited
Neurocognitive Assessment And Rehabilitation Market 2024 Key Insights:
• The neurocognitive assessment and rehabilitation market size is expected to see strong growth in the next few years. It will grow to $19.23 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%.
• Rising Prevalence Of Neurological Disorders Fuels Growth In Neurocognitive Assessment And Rehabilitation Market
• Innovation In Neurocognitive Assessment Tools For Faster Assessment
• North America was the largest region in the neurocognitive assessment and rehabilitation market in 2023
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