Healthcare Cognitive Computing Market: Trends, Insights, Size, and Demand Analysis

The Business Research Company recently released a comprehensive report on the Global Healthcare Cognitive Computing Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The healthcare cognitive computing market size has grown exponentially in recent years. It will grow from $6.02 billion in 2023 to $7.47 billion in 2024 at a compound annual growth rate (CAGR) of 24.0%. The growth in the historic period can be attributed to growing volume of healthcare data, enhanced image and pattern recognition, push for value-based healthcare, integration with electronic health records, focus on population health management, drug discovery and development.

The healthcare cognitive computing market size is expected to see exponential growth in the next few years. It will grow to $17.69 billion in 2028 at a compound annual growth rate (CAGR) of 24.1%. The growth in the forecast period can be attributed to expansion of genomic medicine, integration with wearable devices, focus on mental health solutions, utilization in precision oncology, enhanced cybersecurity measures, growth of virtual health assistants. Major trends in the forecast period include advancements in artificial intelligence (ai), automation of administrative tasks, virtual health assistants , collaborations and partnerships, genomic medicine integration, .

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Market Drivers and Trends:

The increasing demand for medical devices is expected to propel the growth of the healthcare cognitive computing market going forward. Medical devices refer to a broad category of instruments, apparatus, machines, or implants specifically designed for use in the diagnosis, treatment, monitoring, or prevention of medical conditions. Integrating cognitive computing into medical devices holds great promise for advancing healthcare delivery, improving patient outcomes, remotely monitoring patients, collecting real-time data on vital signs, and optimizing the efficiency of healthcare systems. For instance, in January 2021, according to gov.UK and UK Health Security Agency, the official website of the UK government, there are almost 600,000 medical devices in the UK. Further, in 2023 according to KPMG International Limited, a Netherlands-based professional services network, the global sales of the medical devices is expected to increase by 5% reaching $800 billion by 2030. Therefore, the increasing demand in medical devices is driving the growth of the healthcare cognitive computing market.

Technological advancement has emerged as the key trend gaining popularity in the healthcare cognitive computing market. Major companies operating in the market are developing advanced technologies to strengthen their position in the market. For instance, in 2022, Apixio Inc., a US-based company operating in healthcare cognitive computing, launched Apicare ChartSpace, an artificial-driven health data management solution to provide real-time data access with improved security of data. This provides a centralized location across programs for chart data management, which allows healthcare organizations to search, filter, view, and download charts directly anytime, and provides chart-level insights on diagnosis codes and ad-hoc analytics. Apicare ChartSpace also enables users to securely store and share charts of different formats (PDFs, images, HTML, CCDA, and FHIR) that have been retrieved from various EHRs and other data sources in a centralized location.

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Major Key Players of the Market:

Apixio Inc., CognitiveScale, Healthcare X.0 GmbH, MedWhat Technology, Palantir Technologies Inc., Apple Inc., Google LLC, Intel Corporation, Microsoft Corporation, International Business Machines Corporation, Enterra Solutions, Saffron Technology Inc., DeepMind Technologies Limited, SparkCognition Inc., TIBCO Software Inc., Wipro Limited, Marlabs LLC, SAP SE, Parametric Technology Corporation, Numenta Inc., Vicarious Systems Inc., Naka Technology Inc., Nuance Communications Incorporated, Ayasdi Inc., General Vision Inc., Health Fidelity Inc., Linguamatics Inc., Persado Inc., Suki Inc., Verint Systems Inc., Welltok Inc., Zephyr Health Inc., Zebra Medical Vision Ltd.

Healthcare Cognitive Computing Market 2024 Key Insights:

• The healthcare cognitive computing market size is expected to see exponential growth in the next few years. It will grow to $17.69 billion in 2028 at a compound annual growth rate (CAGR) of 24.1%.
• Driving Progress In Healthcare Through The Role Of Cognitive Computing In Addressing The Global Surge Of Chronic Diseases
• Apixio Inc. Leads Healthcare Cognitive Computing Advancements With Apicare Chartspace Launch
• North America was the largest region in the healthcare cognitive computing market share in 2023

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