Clinical trials and corporate training & recruitment sector are driving the market by volume and size of trials.Also, rapid growth in the aging population worldwide and growing penetration of cognitive assessment in academic sector are thereby driving the adoption globally.
The cognitive assessment market is further flourishing due to introduction of gamification and digitalization of technology.Advancements in technology such as synchronization of assessment with wearable device is expected to create new opportunities for the cognitive assessment services market during the forecasted period.
The cognitive assessment market in Europe for the healthcare end-use sector is growing at CAGR of 27.7% and is expected to reach US$ 2,606.5 Mn in 2025 from 372.2 Mn in 2017. The Global cognitive assessment market by component is dominated by software market revenue in 2017, and however the trend is going to change during the forecast period and it will lose some of its share to service market.The service market has highest growth rate during the forecast period.
Service revenues are anticipated to grow at an exponential rate over the years reflecting prominent companies adopting positive strategic steps to diversify their product offering. Service segment include both the traditional project and study management services and also the increasing amount of consultancy and modified development work being undertaken for customers for recruit and wearable projects. In our study, we have segmented the cognitive assessment market by component, application, and end-user.The cognitive assessment market on the basis of component has been segmented into software and service.
Also, these cognitive assessment tools find applications in a diverse end-user verticals for diverse purposes.Majorly, these tools are being used for clinical trials purposes to evaluate and treat the patients suffering from Alzheimer’s or other forms of dementia.
However, during the coming years, education, recruitment & training activities have also been anticipated to cash in on the potentials of the usage of these tools.Hence, the cognitive assessment market on the basis of applications has been segmented into scientific research, clinical trials, academic assessments, corporate training & recruitment, and others.
Also, the cognitive assessment market has been segmented on the basis of end-users into healthcare, enterprise, education, sports, government, defense, and others. On the basis of geography, the cognitive assessment market is analyzed into North America, Europe, Asia- Pacific (APAC), Middle East & Africa (MEA) and South America (SAM). Geographically, Europe is a highly diverse region consisting of more than 70 countries in it.While Europe boasts of a highly advanced healthcare sector, and the education sector, these sectors contribute to the high demands for cognitive assessment tools in the region.
Also, a highly advanced IT hub augurs in a good stead for increased usage of cognitive assessment tools.Over a period of years, the deployments of cognitive software in the various end-user sectors in Europe would saturate and hence, the market for services of these cognitive assessment tools would gain attraction.
The demand of extensive training session for an individual to overcome their weakness and advancement in technology is further increasing the growth of these cognitive assessment services in the forecast period.Major cognitive assessment service providers are based in North America, mainly US.
However, the market is penetrating at high growth rate in other region as well including APAC and European countries. Some of the key players operating in the cognitive assessment market are Cambridge Cognition Ltd, Groupe SBT, ImPACT Applications, Thomas International Ltd., Quest Diagnostics, Prophase, LLC, Cogstate Ltd., ERT Clinical, CogniFit, Neurocog Trials Inc., Bracket, Brain Resource, Posit Science Corp., Cogniciti, and Pearson Education among others.
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