Pune, India, Dec. 08, 2023 (GLOBE NEWSWIRE) — Global Cognitive Assessment and Training in Healthcare Market is projected to grow from USD 4.95 billion in 2023 to USD 29.74 billion by 2030, exhibiting a CAGR of 29.2% during forecast period. The surge in diseases like MCI contributes significantly to the increasing adoption of cognitive assessment and training in the healthcare sector.
Fortune Business Insights™ encapsulates these insights in the “Global Cognitive Assessment and Training in Healthcare Market, 2023-2030 report.”
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Key Industry Development:
August 2022: Cambridge Cognition Ltd. revealed its partnership with the University of Oxford to offer cognitive assessments for the ‘Impact of Semaglutide in Amyloid Positivity’ (ISAP) study.
Key Takeaways:
- According to a 2022 research article by Frontiers Media S.A., the worldwide occurrence of Mild Cognitive Impairment (MCI) stood at approximately 15-20%
- According to data released by the Alzheimer’s Association, in 2019, approximately 57 million individuals were affected by dementia. Projections indicate that this figure is poised to escalate to 153 million by the year 2050.
- Categorized by application, the market is segmented into screening and diagnostics, clinical trials, brain training, and other relevant areas.
- In 2022, the North American region dominated the market, securing the highest revenue share by generating USD 2.09 billion in revenue.
Discover the Leading Players Featured in the Report:
Cambridge Cognition Ltd (U.K.), CogniFit Inc. (U.S.), Cogstate Ltd. (Australia), CNS Vital Signs, LLC. (U.S.), WIRB-Copernicus Group (U.S.), Signant Health (U.S.), Posit Science (U.S.), Clario (U.S.), Cognetivity Neurosciences (Canada)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 29.2% |
| 2030 Value Projection | USD 29.74 billion |
| Base Year | 2022 |
| Market Size in 2022 | USD 3.90 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 151 |
| Segments covered | Assessment Type; Application; and Region |
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Segmentation:
Increasing utilization of cognitive disorder tests will boost growth for the pen and paper segment. In terms of assessment type, the market is divided into pen and paper, biometrics, and hosted, with the pen & paper segment securing the largest share in 2022. This is attributed to the segment’s application in detecting short-term memory loss, cognitive impairment, the impact of brain injury, and various cognitive conditions.
The adoption of cognitive assessments in clinical trials may see a rise to enhance patient outcomes. The market, categorized by application, encompasses screening and diagnostics, clinical trials, brain training, and others. In 2022, the clinical trials segment took the lead in the market share for cognitive assessment and training in healthcare, with the potential for a significant CAGR during the forecast period. This growth is linked to the increasing acceptance of these services in clinical trial settings.
Driving factor:
The market is poised for growth as clinical trials for neurological disorders continue to rise.
Analyzing cognitive changes in preclinical and clinical studies of neurological disorders, including Alzheimer’s, is crucial. The significant increase in clinical trials for these conditions stands out as a key driver for the demand in cognitive assessment tests. For instance, based on data from the National Center for Biotechnology Information (NCBI) until January 2022, approximately 143 drug candidates underwent study in 172 clinical trials for Alzheimer’s disease. These trials required the participation of around 50,575 patients, who also need consistent monitoring for cognitive changes. These factors contribute to the growing adoption of cognitive assessment and training in healthcare services.
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Regional insights:
North America is positioned to take the lead in the market due to the increasing prevalence of cognitive disorders.
In 2022, North America achieved the highest market revenue, reaching USD 2.09 billion. The regional market’s expansion can be credited to the growing incidence of cognitive disorders, prompting the development of innovative diagnostics and treatments. According to the U.S. CDC in 2019, Subjective Cognitive Decline (SCD) had a prevalence of 11% in the U.S., with a higher occurrence of 11.7% in the elderly population aged 65 years and above. These factors are poised to amplify the cognitive assessment and training in the healthcare market size in the region.
Competitive Landscape
Prominent companies are strategically emphasizing partnerships to expand their market reach and strengthen their market dominance.
Key players in the market include Cogstate Ltd., Cambridge Cognition Ltd., and CogniFit Inc., collectively holding the largest market share in 2022. Their dominance is attributed to a robust emphasis on market expansion, facilitated by strategic mergers and partnerships. Notably, in November 2022, Cambridge Cognition Ltd. bolstered its footprint in the Chinese market through a partnership with Luca Healthcare Limited, a company specializing in digital screening, treatment, and management tools.
FAQs
How big is the Cognitive Assessment and Training in Healthcare Market?
Cognitive Assessment and Training in Healthcare Market size USD 4.95 billion in 2023.
How fast is the Cognitive Assessment and Training in Healthcare Market growing?
The Cognitive Assessment and Training in Healthcare Market will exhibit a CAGR of 29.2% during the forecast period, 2023-2030
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- Cognitive Assessment and Training in Healthcare Market