It's forecasts the cognitive assessment and training market size will 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%.
Major factors contributing to the growth of the market include aging global population, increasing awareness for brain fitness, and advancements in technology. These factors are expected to drive the adoption rate of cognitive assessment and training in the coming years.
The cognitive assessment and training market is segmented by assessment type, component, application, vertical, and region. The components segment is further classified into solutions and services. The various solutions are categorized into assessment, data management, project management, data analysis & reporting, and others (rater training, concussion management, and prescreening solution). These solutions are used to monitor changes in the cognitive function, following the treatment with drugs or other types of interventions. The services segment includes training & support and consulting.
Training and support services are expected to grow at the highest CAGR during the forecast period. Cognitive assessment and training solution and service providers offer training and coaching services to deliver balanced cognitive rehabilitation solutions. The coaching and training segment comprises spreading awareness as well as educating the community and professionals about challenges related to brain and mental health.
The applications segment includes clinical trials, classroom learning, brain training, corporate learning, and research (including patient recruitment and patient engagement). The clinical trials application is expected to grow at the highest CAGR during the forecast period. Cognitive assessment solutions are extensively used to improve clinical Research and Development (R&D). Market Dynamics
Aging Global Population
Increasing Awareness for Brain Fitness
Advancement in Technology
Time Constraint in Developing Clinically Validated Brain Fitness Software
Negative Publicity in the Media About Brain Training Efficiency
Stringent Government Regulations Across the Globe
Increasing Use of Advanced Cognitive Assessment and Training Tools
Rise in Demand for Improved Brain Fitness
Appropriateness of the Cognitive Assessment Process