Cognitive Assessment And Training Global Market Report 2022

Major players in the cognitive assessment and training market are Cambridge Cognition, Cogstate, Pearson, CogniFit, Lumosity, Posit Science Corp., Bracket Global, Neurocog Trials Inc., Total Brain, Medavante Inc., Signant Health, ProPhase LLC, CNS Vital Signs, LearningRX, Listen and Learn Centre, Philips, MedAvante-ProPhase, VeraSci, Oxford Learning, MeritTrac, Berke, Neurotrack, GL Assessment, Savonix, Winterlight Labs, Aural Analytics, Unmind and Altoida Inc.

The global cognitive assessment and training market is expected to grow from $4.26 billion in 2021 to $5.74 billion in 2022 at a compound annual growth rate (CAGR) of 34.8%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $15.66 billion in 2026 at a CAGR of 28.5%.

The cognitive assessment and training market consists of sales of cognitive assessment and training solutions by entities (organizations, sole traders, and partnerships) that are engaged in providing cognitive assessment and training solutions to cater to various industries.A standardized examination that assesses a person’s psychological functioning and speed of information processing is called cognitive assessment and preparation.

These assessments aid in more effectively identifying and acting on human needs.

The main types of components for the cognitive assessment and training market are solutions and services.Solutions in the market consist of offerings such as assessment, data management, data analysis, and reporting and cognitive training.

The components are used in small and medium-sized enterprises (SMEs) and large enterprises. These are applied to clinical trials, learning, research, and others by healthcare and life sciences, education, corporate, and others industry verticals.

North America was the largest region in the global cognitive assessment and training market in 2021.Asia-Pacific is expected to grow faster in the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Increased adoption of e-learning is expected to propel the growth of the cognitive assessment and training market during the forecast period.The delivery of learning and training through digital resources such as computers is known as eLearning.

Assessment is an important aspect of the online classroom.A cognitive assessment offers a profile of an individual’s academic abilities and challenges, as it provides a managed snapshot of their performance, thus helping to track progress in e-learning.

There has been a significant increase in the adoption of e-learning, which in turn has increased the demand for cognitive testing.According to the e-learning statistics 2020 published by EdApp, a company that creates micro-learning-based learning management systems, the global e-learning industry grew by 200% at a value of $250 billion in 2020.

Moreover, the e-learning market is projected to reach over $300 billion by 2025. Therefore, increased adoption of e-learning drives the growth of the cognitive assessment and training market.

Key players focusing on developing mobile applications and software equipped with the latest technologies such as artificial intelligence and the Internet of Things are shaping the cognitive assessment and training market.The companies are focusing on technological innovations and new product launches for better and enhanced results and product offerings to the market.

For instance, in November 2019, Royal Philips, a health technology company, launched its first clinical product- IntelliSpace Cognition to assist cognitive assessment in the USA.IntelliSpace Cognition uses artificial intelligence (AI) and Philips’ cloud-based health suite digital platform to provide healthcare practitioners a valuable tool for evaluating cognitive disability.

Also, in 2019, UK based Cambridge Cognition launch of an improved electronic clinical outcomes assessment (eCOA) platform, which includes complex forms, alerting, interview recording and playback and can be rapidly configured for each new clinical trial, reducing turn-around from contract agreement to study deployment.

In January 2020, Alpine Investors’ portfolio firm, Riverside Insights, a US-based publisher of clinical and educational standardized tests acquired ImPACT Applications, Inc., for an undisclosed amount. Alpine continues its policy of catalyzing growth by partnering with complementary companies in the education and healthcare sectors. With the acquisition of ImPACT Applications, Riverside strengthens its offerings in the healthcare and education sector. ImPACT Applications, Inc. is a US-based provider of research-backed concussion assessments. The company provides FDA-cleared immediate post-concussion assessment and cognitive testing for ages 12-59 which involves processing speed, memory, and visual-motor abilities of the brain.

The countries covered in the cognitive assessment and training market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.