Pune, India, April 25, 2023 (GLOBE NEWSWIRE) -- The global cognitive assessment and training in healthcare market size was valued at USD 3.90 billion in 2022 and is projected to reach a valuation of USD 4.95 billion in 2023. The market is expected to reach USD 29.74 billion by 2030 with a CAGR of 29.2% during the forecast period. Cognition is a vital mental function that helps individuals acquire knowledge with the help of understanding, thought, and senses. Cognitive assessment tests are used by healthcare professionals to analyze the normal functioning of the brain. The rising incidence of diseases, such as MCI is one of the major factors fueling the adoption of cognitive assessment and training in healthcare. Fortune Business Insights™ presents this information in a report titled, "Global Cognitive Assessment and Training in Healthcare Market, 2023-2030."
Industry Development:
August 2022: Cambridge Cognition Ltd. announced its collaboration with the University of Oxford to provide cognitive tests for the ‘Impact of Semaglutide in Amyloid Positivity’ (ISAP) study.
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Report Scope
| 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 2023 | USD 4.95 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 151 |
Key Takeaways from the Cognitive Assessment and Training in Healthcare Market:
- The growing prevalence of virtual clinical trials is driving the need for cognitive assessment and training in the healthcare industry.
- The market is categorized into pen and paper, biometrics, and hosted based on the type of assessment.
- With a revenue of USD 2.09 billion in 2022, the North America region held the highest share of revenue in the market.
- The dominant position of leading players can be attributed to their increasing focus on partnerships for expanding their market reach.
Driving factor:
Rising Clinical Trials for Neurological Disorders to Boost Market Growth
It is important to analyze cognitive changes in the preclinical and clinical studies for neurological disorders, such as Alzheimer’s. The robust growth in clinical trials for these diseases is one of the major factors fueling the demand for cognitive assessment tests. For example, as per the National Center for Biotechnology Information (NCBI) data, till January 2022, nearly 143 drug candidates were studied in 172 clinical trials for Alzheimer’s disease. Around 50,575 patients were needed for conducting the ongoing clinical trials. These patients also need to be regularly monitored for cognitive changes. These factors will drive the adoption of cognitive assessment and training in healthcare services.
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Regional insights:
North America is Set to Lead the Market Owing to Rising Prevalence of Cognitive Disorders
The North America region recorded the highest market revenue of USD 2.09 billion in 2022. The growth of the regional market can be attributed to the rising prevalence of cognitive disorders, necessitating the creation of innovative diagnosis and treatments. According to the U.S. CDC in 2019, the prevalence of Subjective Cognitive Decline (SCD) was 11% in the U.S. Moreover, the occurrence of this disorder was 11.7% in the elderly population aged 65 years and above. These factors will boost the cognitive assessment and training in healthcare market size in the region.
Segmentation:
Rising Usage of Such Tests for Cognitive Disorders Will Augment Growth for Pen & Paper Segment
Based on assessment type, the market is segmented into pen and paper, biometrics, and hosted. Pen & paper segment held the largest share in 2022 as the tests are used in the detection of short-term memory loss, cognitive impairment, effects of brain injury, and other cognitive conditions.
Clinical Trials May Increase Adoption of Cognitive Assessments to Enhance Patient Outcomes
Based on application, the market covers screening and diagnostics, clinical trials, brain training, and others.
The clinical trials segment dominated the cognitive assessment and training in healthcare market share in 2022 and may record a significant CAGR during the forecast period. The segment’s growth is attributed to the rising adoption of these services in clinical trials.
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Competitive Landscape
Focus of Reputed Companies on Partnerships for Market Expansion to Enhance Their Market Dominance
Cogstate Ltd., Cambridge Cognition Ltd., and CogniFit Inc. are the key market players. These companies accounted for the largest market share in 2022. This is due to their strong focus on market expansion through mergers and partnerships with other players. For instance, in November 2022, Cambridge Cognition Ltd. enhanced its presence in the Chinese market by partnering with Luca Healthcare Limited, a digital screening, treatment, and management tools firm.
The Report Lists the Key Companies in the Cognitive Assessment and Training in Healthcare Market:
- 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)
Some major points from the Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Number of Clinical Trials Conducted - by Key Countries/ Regions, 2021
- Prevalence of Mild Cognitive Impairment (MCI) – by Key Countries/Regions, 2021/2022
- Key Industry Developments (Mergers, Acquisitions, Partnerships; etc.)
- Impact of COVID-19 on the Market
- Global Cognitive Assessment and Training in Healthcare Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Assessment Type
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- Pen and Paper
- Biometrics
- Hosted
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- Market Analysis, Insights and Forecast – By Application
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- Screening and Diagnostics
- Clinical Trials
- Brain Training
- Others
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- Market Analysis, Insights and Forecast – By Region
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- North America
- Europe
- Asia Pacific
- Rest of the World
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- North America Cognitive Assessment and Training in Healthcare Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Assessment Type
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- Pen and Paper
- Biometrics
- Hosted
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- Market Analysis, Insights and Forecast – By Application
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- Screening and Diagnostics
- Clinical Trials
- Brain Training
- Others
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- Market Analysis, Insights and Forecast – By Country
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- U.S.
- Canada
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- Europe Cognitive Assessment and Training in Healthcare Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Assessment Type
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- Pen and Paper
- Biometrics
- Hosted
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- Market Analysis, Insights and Forecast – By Application
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- Screening and Diagnostics
- Clinical Trials
- Brain Training
- Others
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- Market Analysis, Insights and Forecast – By Country/Sub-Region
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- Germany
- U.K.
- France
- Italy
- Spain
- Scandinavia
- Rest of Europe
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Continued…
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