NEW YORK, April 12, 2017 /PRNewswire/ -- Rapidly aging global population, increasing awareness about brain fitness, and advancements in technology are driving the cognitive assessment and training market
The cognitive assessment and training market size is expected to grow from USD 1.98 billion in 2016 to USD 8.06 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 32.3% during the forecast period. The growing number of aged people across the globe is one of the factors driving the incidents of cognitive impairments. With the increase in the number of baby boomers in developing countries crossing the age of 65 years, the incidence of cognitive impairments is expected to increase dramatically. Moreover, it has become very crucial to introduce new approaches to prevent and tackle the primary, secondary, and tertiary cognitive impairments.
People are becoming more concerned regarding their memory performance and enhancement. Today, almost all the assessment and training methods involve at least one measure, which is monitored, scored, or interpreted with the help of computers or other technologies. However, stringent government regulations across the globe, negative publicity about brain training efficiency, and time constraints in developing clinically validated brain fitness software have hindered the growth of the cognitive assessment and training market.
Pen- and paper-based assessment is expected to contribute to the highest revenue among other assessment type methods during the forecast period
The pen- and paper-based assessment type is a traditional approach for measuring the cognitive behavior of an individual and remains largely the standard for the assessment of cognitive decline. The segment includes revenues generated by performing and analyzing pen- and paper-based cognitive assessment tests, such as Standardized Mini-Mental Status Examination (SMMSE), Alzheimer's Disease Assessment Scale-Cognitive (ADAS-Cog), and clock drawing test by doctors and other professionals.
Clinical trial is projected to grow at the highest CAGR during the forecast period
Clinical trials are mainly used to identify, measure, or monitor cognitive impairments and cognitive changes; such assessments are performed across multiple languages and cultural groups in different clinical and social settings. The use of clinical trial involves the procedure to develop drug for cognitively impaired patient. It is a long procedure that requires high amount of funding from pharmaceutical vendors and other organization. Hence, the need to develop drugs and requirement of clinical testing of patient would boost the growth for clinical trials.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people.
The break-up of profiles of primary participants is as follows:
• By Company: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
• By Designation: C-level: 35%, Director level: 25%, and Others: 40%
• By Region: North America: 45%, Europe: 20%, Asia-Pacific (APAC): 30%, and Rest of World (RoW): 5%
The cognitive assessment and training ecosystem comprises the following major vendors:
1. Cambridge Cognition Ltd. (Cambridge, U.K.)
2. Cogstate Ltd. (New Haven, U.S.)
3. Bracket (Pennsylvania, U.S.)
4. MedAvante, Inc. (New Jersey, U.S.)
5. Quest Diagnostics (New Jersey, U.S.)
6. ProPhase, LLC (New York, U.S.)
7. CogniFit (New York, U.S.)
8. ERT Clinical (Pennsylvania, U.S.)
9. NeuroCog Trials (North Carolina, U.S.)
10. Brain Resource Company (New South Wales, Australia)
11. Pearson Education (London, U.K.)
12. CRF Health (London, U.K.)
The main objective of this report is to define, describe, and forecast the cognitive assessment and training market, which is segmented on the basis of assessment types, components (solutions and services), applications, verticals, and regions. The assessment types include pen- and paper-based, hosted, and biometrics assessments.
The next segment is component types, which is divided into solutions and services; the solutions segment is further segmented into assessment, data management, project management, data analysis & reporting, and others (including rater training and prescreening solution); the services segment has been categorized into training & support and consulting. The applications segment consists of clinical trials, classroom learning, corporate learning, brain learning, research, and others which include screening and diagnostics, patient engagement, and patient recruitment. Segmentation based on verticals includes education, healthcare, corporate, sports, defense, and pharmaceuticals. The report attempts to forecast the market size with respect to five main regions, namely, North America, Europe, APAC, Middle East & Africa (MEA), and Latin America.
Reasons to Buy the Report:
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the cognitive assessment and training market comprehensively and provides the closest approximations of the revenue numbers for the overall market, and the subsegments across different end-users and regions.
2. The report helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions.
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