NEW YORK, Jan. 08, 2018 (GLOBE NEWSWIRE) -- According to new market research report published by P&S Market Research, global healthcare cognitive computing market is forecasted to attain revenue of $13.3 billion by 2024, the APAC healthcare cognitive computing industry is expected to witness the fastest growth in demand, at a CAGR of 41.6%, during the forecast period
The global healthcare cognitive computing market is forecasted to attain revenue of $13.3 billion by 2024, growing at a CAGR of 34.0% during the forecast period. The growth in the healthcare cognitive computing market size will be led by increasing burden of chronic diseases, technological advancements in the healthcare industry encouraging the use of cognitive computing in healthcare, and rising adoption of third computing platforms.
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Although cognitive computing is being increasingly used in healthcare by various healthcare professionals, it is the healthcare providers category that is expected to witness the fastest growth, as the end-user base, in the healthcare cognitive computing market during the forecast period. Healthcare providers have been estimated to lead the global market, occupying a 44.5% share in 2017. This growth in the demand for healthcare cognitive computing solutions by healthcare providers can be attributed to the increased usage of cognitive platforms by the providers for the detection and treatment of rare diseases. For instance, in October 2016, Rhön-Klinikum AG, a private hospital group in Germany, teamed up with IBM Corporation on a 12-month pilot project to help detect rare diseases and find their cure using the IBM’s Watson platform.
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The APAC healthcare cognitive computing industry is expected to witness the fastest growth in demand, at a CAGR of 41.6%, during the forecast period, owing to rising geriatric population, increasing healthcare expenditure, growing public and private investments in the healthcare sector to cater to unmet medical needs, and burgeoning pharmaceutical industry in the region.
According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), people aged 65 years and above constituted approximately 11.4% of the population in 2013, and the count is estimated to increase by approximately 20% by 2050. Since the elderly generally need help in meeting their medication needs, including keeping track of their visits to the doctor, medication timings, exercise reminders, and dietary recommendations, there is ample scope for the healthcare cognitive computing market to flourish in the region.
Companies in the healthcare cognitive computing market are also increasingly getting involved in research and development to provide better healthcare solutions. For instance, in August 2016, IBM Watson aided in the detection of a rare form of leukemia in a patient in Japan. The cloud-based, AI-powered supercomputer of IBM is capable of cross-referencing and analyzing data from millions of oncology papers from research institutes all over the world.
Some of the other key players operating in the healthcare cognitive computing market include IBM Corporation, Microsoft Corporation, Enterra Solutions, LLC, Intel Corporation, Alphabet Inc., Hewlett Packard Enterprise (HPE), CognitiveScale, Healthcare X.0 GmbH, and MedWhat.com Inc.
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