North America to Accumulate 42% Market Share of the Cognitive Assessment and Training Industry: Fact.MR

The market for cognitive assessment and training is anticipated to reach US$ 9.4 billion by 2032, growing at a CAGR of 16.5% from 2022 to 2032. Over the years, the growth of the global market for cognitive assessment and training has been greatly accelerated by the adoption of electronic devices for the collection of clinical electronic data and the expansion of digitization in the healthcare sector.

 

The demand for cognitive assessment and training solutions increased at a CAGR of 16% from 2017 to 2021. As a result of the COVID-19 outbreak, businesses that offer cognitive assessment and training solutions and services temporarily experienced slower growth. However, given the significance of mapping the psychological wellbeing of both infected and non-infected patients, its demand significantly increased in the healthcare sector.

 

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Gamification's potential has been benefited by a number of industries, including corporate and education. Growing consumer interest in brain fitness and ongoing technological advancements in the healthcare sector are two additional key factors influencing market expansion.

 

Important conclusions from the market study

·         According to component, software for cognitive assessment and training will bring in 70% of the money.

·         Three out of five sales will be made of cognitive assessment and training solutions for mobile and tablet devices.

·         By end user, the healthcare sector will make the most use, displaying a fantastic 20% CAGR through 2032.

·         North America will take up 42% of the market for cognitive testing and training.

·         With regard to the demand for cognitive assessment and training, East Asia will see a CAGR of 16%.

·         The market with the fastest rate of growth, with a CAGR of 19%, is in South Asia and Oceania.

·         By 2022, the global market for cognitive testing and training will be worth more than $2 billion.

 

Expected Market Value for 2022	US$ 2.04 Bn
Projected Value in 2032	US$ 9.4 Bn
CAGR (2022-2032)	16.5%
Market Share of North America	42%
Growth Rate of East Asia	16% CAGR

 

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Competitive Environment

The market for cognitive assessment and training is being shaped by major players who are concentrating on creating mobile software and applications. To enhance and broaden their market performance and product offerings, businesses are concentrating on technological advancements and new product launches.

 

·         In May 2020, Total Brain worked with the Center for Adolescent Research and Education (CARE), a network of institutions and groups committed to enhancing youth outcomes and lowering risk. The partnership will support positive youth development by giving CARE collaborative teen beneficiaries access to Total Brain's neuroscience-based mental health and wellness assessment and screening tools.

·         In June 2020, ERT acquired APDM Wearable Technologies with the intention of modernising endpoint assessment in clinical trials. Clinical trials will be more efficient, predictable, and cost-effective as a result of the data that both businesses will produce being of higher fidelity and strength.

·         In February 2021, Shift Concussion Management Guelph and VoxNeuro announced their collaboration, enabling the former's concussion management programme to incorporate objective data on brain health.

 

Key  Companies Profiled

·         IBM Watson

·         Cambridge Cognition Limited

·         NeuroCog Trials

·         ERT Clinical

·         Brain Resource Company

·         Signant Health

·         Cogstate Limited

·         Quest Diagnostics, Inc.

 

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Key Market Segments Covered in Cognitive Assessment and Training Report

• By Component
• Cognitive Assessment and Training Software
• Cognitive Assessment and Training Services
• Training
• Consulting
• Support & Maintenance

 

• By Type
• Cognitive Assessment and Training for Personal Computers (PC)
• Cognitive Assessment and Training for Mobile & Tablet

 

• By End User
• Cognitive Assessment and Training for Healthcare
• Cognitive Assessment and Training for Research Organizations
• Cognitive Assessment and Training for Education
• Cognitive Assessment and Training for Other End Users

* This article was originally published here