The global healthcare cognitive computing market is experiencing a profound revolution, with its size valued at USD 8.48 billion in 2023 and projected to surge at an impressive CAGR of 27.0% from 2024 to 2030. This extraordinary growth is largely fueled by the burgeoning global adoption of cloud services and the alarming rise in chronic diseases such as diabetes, cardiovascular ailments, and cancer. The sheer volume of patient data is exploding, driving an urgent need for sophisticated big data and cognitive computing analysis within the healthcare sector, which, in turn, is significantly propelling market expansion.
Strategic initiatives by governments and leading medical institutes worldwide to develop and seamlessly integrate technological advancements are playing a pivotal role in this market's ascent. Moreover, a rise in disposable incomes and continuous advancements in healthcare infrastructure are creating fertile ground for market growth. Cognitive computing technology is already a powerful ally across various medical domains, including intricate medical imaging analysis, the development of truly personalized medicines, comprehensive Electronic Health Record (EHR) data analysis, and much more. This groundbreaking technology even aids in the meticulous study of gene defects in patients, effectively reducing the inherent complexity of such research. Consequently, these multifaceted factors are collectively responsible for the robust growth witnessed in this market.
Furthermore, the escalating prevalence of chronic diseases stands as a major contributor to market growth. This is creating an increased demand for highly targeted gene therapies, designed to precisely address cancer-causing cells while meticulously preserving healthy tissues. There's also a growing reliance on third-party platforms and the adoption of personalized patient care approaches to manage diseases like cancer, diabetes, and others more effectively. Crucially, increased disposable income is empowering patients to opt for these personalized and technologically advanced treatment options. These combined forces are demonstrably driving the expansion of this transformative market.
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Detailed Segmentation
Technology Insights
The Natural Language Processing (NLP) segment dominated the market in 2023, with a share of 41.9%. The factors attributing to the market growth are the increased applications of NLP, as natural language keywords are utilized to make searching easier during scenarios and analysis. Natural language processing is growing in the healthcare, retail, and finance sectors in applications such as virtual assistants and chatbots. Therefore, these factors are responsible for the market growth of this segment.
Deployment Insights
The cloud segment dominated the market in 2023, with a share of 72.0%. The market growth is due to the ability of cloud-based cognitive computing to scale, adapt, and be cost-efficient. Cloud solutions offer remote working and data sharing, which is increasingly used in the healthcare sector. Furthermore, medical institutes are willing to adopt cloud-based cognitive computing due to its versatility.
Regional Insights
North America dominated the global healthcare cognitive computing market with a revenue share of 38.8% in 2023. This growth was attributed to advanced technological infrastructure and increased investment by government and private institutes in artificial intelligence and cognitive technologies. Furthermore, increased disposable income has allowed patients and medical institutes to opt for more technological and personalized treatments with the help of cognitive computing.
Key Healthcare Cognitive Computing Companies:
The following are the leading companies in the healthcare cognitive computing market. These companies collectively hold the largest market share and dictate industry trends.
- Microsoft
- IBM Corporation
- NVIDIA Corporation
- Intel Corporation
- Iterx Group
- GE Healthcare
- Medtronic
- Oracle
- Medidata
Healthcare Cognitive Computing Market Segmentation
Grand View Research has segmented the global healthcare cognitive computing market report based on technology, deployment, and region:
Healthcare Cognitive Computing Technology Outlook (Revenue, USD Million, 2018 - 2030)
- Natural Language Processing
- Machine Learning
- Automated Reasoning
- Information Retrieval
Healthcare Cognitive Computing Deployment Outlook (Revenue, USD Million, 2018 - 2030)
- Cloud
- On-Premise
Healthcare Cognitive Computing Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Denmark
- Sweden
- Norway
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Thailand
- Latin America
- Brazil
- Argentina
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Kuwait
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Recent Developments
- In June 2024, NVIDIA Corporation announced the availability of general software NVIDIA AI Enterprise-IGX with NVIDIA Holoscan on the NVIDIA IGTX platform. Companies such as Medtronic, Barco use NVIDIA IGX with Holoscan for AI-powered solutions for medical diagnostics.
- In December 2023, Medtronic announced the agreement of expanding its partnership with Cosmo Intelligent Medical Devices of Cosmo Pharmaceuticals. The partnership helped in transforming endoscopy with the help of AI technology. The partnership focused on using platforms such as AI Access, which was designed to host multiple third-party applications in order to streamline medical AI processes.
