Healthcare Cognitive Computing Market Size, Share & Trends Analysis Report By Technology (Natural Language Processing, Machine Learning, Automated Reasoning), By Deployment, By Region, And Segment Forecasts, 2024 - 2030

Healthcare Cognitive Computing Market Size, Share & Trends Analysis Report By Technology (Natural Language Processing, Machine Learning, Automated Reasoning), By Deployment, By Region, And Segment Forecasts, 2024 - 2030

Healthcare Cognitive Computing Market Growth & Trends

The global healthcare cognitive computing market size is expected to reach nearly USD 44.65 billion by 2030, registering a CAGR of 27.0%, according to a new report by Grand View Research, Inc. Key factors attributing to the market growth are rapid growth in the scientific database, demand for personalized healthcare, and the need to reduce healthcare expenditure levels. Increasing geriatric population is a major factor increasing the prevalence rate of several diseases.

Information technology and big data analytics penetration in the healthcare industry is presently very less, and to tackle the increasing healthcare expenditure and improve customer experience, many manufacturers and research organizations are actively collaborating with technology firms to improve their products and services.

In 2015, big healthcare firms such as Johnson and Johnson (J&J) and Medtronic have partnered with IBM to utilize its cognitive computing platform Watson. J&J plans to utilize Watson to create a personal concierge service which can be used to prepare patients for knee surgery. Medtronic will use Watson to develop an internet of things (IOT) platform around its medical devices to collect data from patient’s personal use to understand product performance and patient response.

Furthermore, Apple has also invested significantly in the Watson platform to develop an IOS vendor ecosystem for its HealthKIT and ReasearchKit tool systems. These vendors would develop apps and other systems for personal health data collection, and utilizing the data for clinical trials and other healthcare applications.

In 2023, the natural language processing technology market accounted for the largest share at 41.9%, due to its ability to learn natural language key words, and different languages, thereby enabling easy user interface. Additionally, platforms such as IBM Watson are enabling the new startups to collaborate and develop new mobile and cloud applications. However, automated reasoning is expected to be the fastest growing with a over the forecast period, owing to its ability to apply logical reasoning and solve complex problems.

Healthcare Cognitive Computing Market Report Highlights

• 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.
• 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.
• 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.

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