Global healthcare
cognitive computing market is expected to reach nearly USD 5,064.8
million by 2022, 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 2014, the natural language processing technology
market accounted for the largest share at 46.5%, 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.
Browse full research report on Healthcare Cognitive Computing Market: www.grandviewresearch.com/industry-analysis/healthcare-cognitive-computing-market
Further
key findings from the study suggest:
- North America dominated the overall market with a share of nearly
52%. Key reasons attributing to region's market position include
collaboration between information technology firms and healthcare firms
and research centers. The convergence of these two industries is leading
to reduction in the overall healthcare expenditure, in solving complex
medical problems and drug discovery.
- Asia Pacific is identified as the fastest growing market. This
region is expected to witness high public and private investment in the
healthcare sector to cater to the unmet medical needs. Owing to the advent
of digital healthcare services; the providers in this region are
supporting the use of advanced analytical tools to simplify the DNA analysis,
patient history and other records as a part of personalized healthcare
services.
- Key players operating in the market include Google, IBM, Apple,
PTC, Palantir, Microsoft and others. These companies have invested heavily
in the natural language processing and machine learning platforms to
develop new products catering to the healthcare industry. Additionally,
new startups working on these platforms are expected to intensify
competition and eventually lead to market consolidation.
Browse more reports of this category
by Grand View Research: www.grandviewresearch.com/industry/healthcare-it
Grand
View Research has segmented the Healthcare Cognitive Computing market on the
basis of application, and region:
Global
Healthcare Cognitive Computing Technology Outlook (Market Revenue in USD
Million, 2012 - 2022)
- Healthcare
Cognitive Computing Market, by Technology
- Natural
Language Processing
- Machine
Learning
- Automated
Reasoning
- Other
Technologies
Global
Healthcare Cognitive Computing End-Use Outlook (Market Revenue in USD Million,
2012 - 2022)
- Hospitals
- Pharmaceuticals
- Medical
Devices
- Insurance
- Others
Healthcare
Cognitive Computing Regional Outlook (Revenue, USD Million, 2014 – 2022)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- Asia Pacific
- Japan
- China
- Latin America
- Brazil
- MEA
- South
Africa
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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