The cognitive assessment and training market is projected to reach US$ 9.4 Bn by 2032, expanding at a CAGR of 16.5% across the 2022-2032 forecast period. The adoption of electronic devices for collecting clinical electronic data coupled with increasing digitization in healthcare sector has given a huge momentum to growth of global cognitive assessment & training market over the years.
From 2017 to 2021, demand for cognitive assessment and training solutions surged a CAGR of 16%. Businesses that provide cognitive assessment and training solutions and services experienced a temporary decline in growth as a result of the COVID-19 outbreak. However, its demand increased substantially in the healthcare sector, given the importance of mapping the psychological well-being of both infected and non-infected patients.
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Various industries, including corporate and education, have reaped the benefits of gamification’s potential. Growing awareness of brain fitness and continuous technological advancements in the healthcare industry are two other important factors driving the market growth.
Key Market Segments Covered in Cognitive Assessment and Training Report
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By Component
- Cognitive Assessment and Training Software
- Cognitive Assessment and Training Services
- Training
- Consulting
- Support & Maintenance
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By Type
- Cognitive Assessment and Training for Personal Computers (PC)
- Cognitive Assessment and Training for Mobile & Tablet
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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
Key takeaways from the Market Study
- Based on component, cognitive assessment and training software to yield 70% revenue
- Cognitive assessment and training solutions for mobile & tablet to account for 3 out of 5 sales
- By end user, healthcare industry to make maximum use, exhibiting a stellar 20% CAGR through 2032
- North America to accumulate 42% market share of the cognitive assessment and training industry
- East Asia to experience a CAGR of 16% with regard to cognitive assessment and training demand
- South Asia & Oceania to be the fastest growing market, flourishing at a CAGR of 19%
- Global cognitive assessment and training industry to be valued at over US$ 2 Bn in 2022
“Increasing emphasis on convergence of artificial intelligence (AI), internet of things (IoT), automation, block chain, 5G and edge computing platforms with business models in the digitization era has pushed key market players to seize myriad opportunities. This will strengthen their competitive position by leveraging these technologies”, Says a Fact.MR analyst.
Competitive Landscape
The cognitive assessment and training market is being shaped by key players who are focusing on developing mobile applications and software. Companies are focusing on technological innovations and new product launches to improve and expand their market results and product offerings.
- Total Brain collaborated with the Center for Adolescent Research and Education (CARE), a national collaborative of institutions and organizations dedicated to improving youth outcomes and reducing risk, in May 2020. By providing CARE collaborative teen beneficiaries with access to Total Brain’s neuroscience-based mental health and wellness assessment and screening tools, the partnership will promote positive youth development.
- ERT acquired APDM Wearable Technologies in June 2020 with the goal of reinventing endpoint measurement in clinical trials. Both companies will generate higher-fidelity and more powerful data, allowing clinical trials to be more predictable, cost-effective, and efficient.
- Shift Concussion Management Guelph and VoxNeuro announced their partnership in February 2021, allowing the formers concussion management programme to include objective brain health data.
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