Healthcare Cognitive Computing Market Introduction and Overview
According to SPER Market Research, the Global Healthcare Cognitive Computing Market is estimated to reach USD 94.1 billion by 2033 with a CAGR of 27.21%.
The report includes an in-depth analysis of the Global Healthcare Cognitive Computing Market, including market size and trends, product mix, Applications, and supplier analysis. The electronic simulation of human thought processes is known as cognitive computing. Treating patients based on prior research in the medical field is highly advantageous for healthcare providers. All of the crucial information and intelligence facts are organized and saved in software for efficient use through healthcare cognitive computing. Due to its many benefits, healthcare cognitive computing technology has found many uses in the healthcare sector. Some of the main areas of focus include medical imaging analysis, personalized medicine, melanoma screening, oncology, EHR data analytics, and the management of other chronic diseases.
- The general software NVIDIA AI Enterprise-IGX with NVIDIA Holoscan was made available on the NVIDIA IGTX platform by NVIDIA Corporation in June 2024. NVIDIA IGX with Holoscan is used by businesses like Medtronic and Barco to provide AI-powered medical diagnostic solutions.
- The expansion of Medtronic's cooperation with Cosmo Intelligent Medical Devices of Cosmo Pharmaceuticals was announced in December 2023. Using AI technologies, the collaboration contributed to the transformation of endoscopy. In order to expedite medical AI procedures, the collaboration concentrated on using platforms like AI Access, which was made to host numerous third-party applications.
Market Opportunities and Challenges
Opportunities:
Growing Demand for Personalized Treatment
The development of personalized medicine, which entails adjusting medical procedures and treatments for each patient according to their particular features, is greatly aided by cognitive computing. Cognitive computing systems can assess enormous volumes of patient data, such as genetic information, lifestyle characteristics, medical history, and environmental exposures, by utilizing artificial intelligence (AI) and machine learning (ML) techniques. Healthcare professionals can create more accurate and successful treatment plans and obtain a better grasp of each patient's unique health needs thanks to this analysis. The healthcare cognitive computing market is anticipated to increase significantly as the need for individualized medication keeps rising.
Challenges: Modern cognitive computing technologies might not be compatible with the outdated IT systems used by many healthcare organizations. It can be technically difficult to integrate sophisticated cognitive systems with these antiquated technologies; it may call for significant improvements or adjustments, which would raise the implementation's complexity and cost. Systems for cognitive computing frequently need data in particular formats or according to certain standards. It may be challenging to ensure smooth data integration and interchange due to disparate data formats or standards used by existing IT infrastructure. Data inconsistencies and integration problems may result from this lack of uniformity. As a result, the market's expansion is being hindered by the difficulty of integrating cognitive systems with the current IT infrastructure.
Market Competitive Landscape
Major companies in the Healthcare Cognitive Computing Market are investing extensively in R&D to obtain a competitive advantage. Leading Healthcare Cognitive Computing Market vendors are working on providing unique solutions to handle the various difficulties that healthcare providers encounter. The main players in the lithography equipment sector are IBM, Microsoft, Amazon Web Services, Medtronic, SAP, Oracle, Koninklijke Philips N.V., Hewlett Packard Enterprise, Cerner Corporation, Siemens Healthineers.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Component, By Application, By End-User, By Deployment Model, By Technology.
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| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
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| Companies Covered | IBM, Microsoft, Amazon Web Services, Medtronic, SAP, Oracle, Koninklijke Philips N.V., Hewlett Packard Enterprise, Cerner Corporation, Siemens Healthineers. |
COVID-19 Impact on Global Healthcare Cognitive Computing Market
The COVID-19 pandemic significantly disrupted healthcare operations, causing delays in the adoption and use of cognitive computing technology. Many healthcare organizations prioritized urgent pandemic response and patient care over investing in cutting-edge technologies. Resources were diverted to manage COVID-19 patients and deal with the crisis, resulting in a decreased focus and investment in cognitive computing initiatives. This trend influenced the development and implementation of cognitive computing systems in healthcare settings. Managing and integrating this massive influx of data with existing systems proved difficult, reducing the usefulness of cognitive computing applications. Thus, the COVID-19 pandemic had a negative effect on the market.
By Technology Insights
The Natural Language Processing (NLP) category dominated the market in 2023. Increased uses of NLP, such as natural language keywords, are contributing to market growth by making searching easier during scenarios and analysis. Natural language processing is becoming more prevalent in the healthcare, retail, and finance industries, with applications such as virtual assistants and chatbots. As a result, these elements contribute to the segment's market growth.
Key Target Audience:
- Healthcare Providers
- Pharmaceutical Companies
- Health IT Companies
- Government and Regulatory Bodies
- Academic and Research Institutions
- Insurance Companies
- Patients and Caregivers
- Healthcare Equipment Manufacturers
- Telehealth Service Providers
Our in-depth analysis of the Healthcare Cognitive Computing Market includes the following segments:
| By Component: | HardwareSoftwareServices |
| By Application: | Drug Discovery and DevelopmentClinical ResearchPrecision MedicineMedical ImagingDiagnostics |
| By End-User: | Healthcare ProvidersPharmaceutical and Biotechnology CompaniesMedical Research Institutions |
| By Deployment Model: | Cloud-basedOn-premises |
| By Technology: | Machine LearningDeep LearningNatural Language ProcessingComputer Vision |
Key Topics Covered in the Report:
- Global Healthcare Cognitive Computing Market Size (FY’2024-FY’2033)
- Overview of Global Healthcare Cognitive Computing Market
- Segmentation of Global Healthcare Cognitive Computing Market By Component (Hardware, Software, Services)
- Segmentation of Global Healthcare Cognitive Computing Market By Application (Drug Discovery and Development, Clinical Research, Precision Medicine, Medical Imaging, Diagnostics)
- Segmentation of Global Healthcare Cognitive Computing Market By End-User (Healthcare Providers, Pharmaceutical and Biotechnology Companies, Medical Research Institutions)
- Segmentation of Global Healthcare Cognitive Computing Market By Deployment Model (Cloud-based, On-premises)
- Segmentation of Global Healthcare Cognitive Computing Market By Technology (Machine Learning, Deep Learning, Natural Language Processing, Computer Vision)
- Statistical Snap of Global Healthcare Cognitive Computing Market
- Expansion Analysis of Global Healthcare Cognitive Computing Market
- Problems and Obstacles in Global Healthcare Cognitive Computing Market
- Competitive Landscape in the Global Healthcare Cognitive Computing Market
- Impact of COVID-19 and Demonetization on Global Healthcare Cognitive Computing Market
- Details on Current Investment in Global Healthcare Cognitive Computing Market
- Competitive Analysis of Global Healthcare Cognitive Computing Market
- Prominent Players in the Global Healthcare Cognitive Computing Market
- SWOT Analysis of Global Healthcare Cognitive Computing Market
- Global Healthcare Cognitive Computing Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPERs internal database
2.1.4. Premium insight from KOLs
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Global Healthcare Cognitive Computing Market.
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTERs Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Healthcare Cognitive Computing Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Healthcare Cognitive Computing Market
7. Global Healthcare Cognitive Computing Market, By Component (USD Million) 2020-2033
7.1. Global Healthcare Cognitive Computing Market Size, Share and Forecast, By Component, 2020-2026
7.2. Global Healthcare Cognitive Computing Market Size, Share and Forecast, By Component, 2027-2033
7.3. Hardware
7.4. Software
7.5. Services
8. Global Healthcare Cognitive Computing Market, By Application (USD Million) 2020-2033
8.1. Global Healthcare Cognitive Computing Market Size, Share and Forecast, By Application, 2020-2026
8.2. Global Healthcare Cognitive Computing Market Size, Share and Forecast, By Application, 2027-2033
8.3. Drug Discovery and Development
8.4. Clinical Research
8.5. Precision Medicine
8.6. Medical Imaging
8.7. Diagnostics
9. Global Healthcare Cognitive Computing Market, By End-User (USD Million) 2020-2033
9.1. Global Healthcare Cognitive Computing Market Size, Share and Forecast, By End-User, 2020-2026
9.2. Global Healthcare Cognitive Computing Market Size, Share and Forecast, By End-User, 2027-2033
9.3. Healthcare Providers
9.4. Pharmaceutical and Biotechnology Companies
9.5. Medical Research Institutions
10. Global Healthcare Cognitive Computing Market, By Deployment Model (USD Million) 2020-2033
10.1. Global Healthcare Cognitive Computing Market Size, Share and Forecast, By Deployment Model, 2020-2026
10.2. Global Healthcare Cognitive Computing Market Size, Share and Forecast, By Deployment Model, 2027-2033
10.3. Cloud-based
10.4. On-premises
11. Global Healthcare Cognitive Computing Market, By Technology (USD Million) 2020-2033
11.1. Global Healthcare Cognitive Computing Market Size, Share and Forecast, By Technology, 2020-2026
11.2. Global Healthcare Cognitive Computing Market Size, Share and Forecast, By Technology, 2027-2033
11.3. Machine Learning
11.4. Deep Learning
11.5. Natural Language Processing
11.6. Computer Vision
12. Global Healthcare Cognitive Computing Market Forecast, 2020-2033 (USD Million)
12.1. Global Healthcare Cognitive Computing Market Size and Market Share
13. Global Healthcare Cognitive Computing Market, By Region, 2020-2033 (USD Million)
13.1. Global Healthcare Cognitive Computing Market Size and Market Share By Region (2020-2026)
13.2. Global Healthcare Cognitive Computing Market Size and Market Share By Region (2027-2033)
13.3. Asia-Pacific
13.3.1. Australia
13.3.2. China
13.3.3. India
13.3.4. Japan
13.3.5. South Korea
13.3.6. Rest of Asia-Pacific
13.4. Europe
13.4.1. France
13.4.2. Germany
13.4.3. Italy
13.4.4. Spain
13.4.5. United Kingdom
13.4.6. Rest of Europe
13.5. Middle East and Africa
13.5.1. Kingdom of Saudi Arabia
13.5.2. United Arab Emirates
13.5.3. Qatar
13.5.4. South Africa
13.5.5. Egypt
13.5.6. Morocco
13.5.7. Nigeria
13.5.8. Rest of Middle-East and Africa
13.6. North America
13.6.1. Canada
13.6.2. Mexico
13.6.3. United States
13.7. Latin America
13.7.1. Argentina
13.7.2. Brazil
13.7.3. Rest of Latin America
14. Company Profile
14.1. IBM
14.1.1. Company details
14.1.2. Financial outlook
14.1.3. Product summary
14.1.4. Recent developments
14.2. Microsoft
14.2.1. Company details
14.2.2. Financial outlook
14.2.3. Product summary
14.2.4. Recent developments
14.3. Amazon Web Services
14.3.1. Company details
14.3.2. Financial outlook
14.3.3. Product summary
14.3.4. Recent developments
14.4. Medtronic
14.4.1. Company details
14.4.2. Financial outlook
14.4.3. Product summary
14.4.4. Recent developments
14.5. SAP
14.5.1. Company details
14.5.2. Financial outlook
14.5.3. Product summary
14.5.4. Recent developments
14.6. Oracle
14.6.1. Company details
14.6.2. Financial outlook
14.6.3. Product summary
14.6.4. Recent developments
14.7. Koninklijke Philips N.V
14.7.1. Company details
14.7.2. Financial outlook
14.7.3. Product summary
14.7.4. Recent developments
14.8. Hewlett Packard Enterprise
14.8.1. Company details
14.8.2. Financial outlook
14.8.3. Product summary
14.8.4. Recent developments
14.9. Cerner Corporation
14.9.1. Company details
14.9.2. Financial outlook
14.9.3. Product summary
14.9.4. Recent developments
14.10. Siemens Healthineers
14.10.1. Company details
14.10.2. Financial outlook
14.10.3. Product summary
14.10.4. Recent developments
14.11. Others
15. Conclusion
16. List of Abbreviations
17. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
