Global Market for Cognitive Assessment & Training to reach US$ 9.4 Billion by 2032, Fact.MR Reports

NEW YORK, Feb. 23, 2022 /PRNewswire/ -- The global cognitive assessment and training market is expected to be worth US$ 2.04 billion in 2022, representing a 16.5% year-on-year growth rate from 2021. By the end of the 2022-2032 assessment period, the market is expected to be worth US$ 9.4 billion.

As the industry shifts toward electronic data collection, guidelines on the recommended approach for establishing similarity between an electronic version of a clinician-administered measure and the paper version are being developed. Over the next decade, the industry is expected to grow more than fourfold.

The adoption of electronic devices for collecting clinical electronic data, combined with increasing digitization in the healthcare sector, has provided significant momentum to the growth of the global cognitive assessment & training market in recent years.

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During the COVID-19 pandemic, the use of work-from-home initiatives, eLearning, and eHealth significantly increased the demand for cognitive assessment and training solutions. Given the negative psychological impact patients have experienced post-infection, tracking cognitive abilities has become an important assessment exercise for healthcare professionals.

Advances in IT systems and healthcare technologies have played an important role in fueling the growth of cognitive assessment solutions in many developed and developing countries.

Key Takeaways:

• Global market for cognitive assessment and training to be valued at over US$ 2 Bn in 2022
• Revenue from cognitive assessment and training software to account for 70% of the global market
• Healthcare industry to emerge as one of the primary end users, expanding at a whopping 20% CAGR
• Mobile & tablet based cognitive assessment and training software to accumulate 3/5^th revenue
• North America to comprise 42% revenue in the market for cognitive assessment and training
• South Asia & Oceania to experience a CAGR of 19% from 2022 to 2032
• East Asia to experience a CAGR worth 16% with respect to cognitive assessment and training demand

Growth Drivers:

l  Gamification is a relatively new trend that focuses on applying game mechanics to non-game contexts in order to engage audiences and inject some fun into mundane activities while also providing motivational and cognitive benefits.

l  Businesses across multiple industries are planning to deploy a wide range of cognitive assessment and training solutions to conduct assessments and track and improve brain health. The market is experiencing significant growth as a result of the growing emphasis on mental health and the ability of cognitive assessment and training solutions to be leveraged virtually.

Key Restraints:

l  Companies are attempting to improve brain fitness by increasing the number of solutions and applications for enhancing neuroplasticity. However, after developing brain training solutions, companies must obtain clinical approvals before releasing their products for human use. Because it takes a year to develop a clinically validated brain fitness solution, the cognitive assessment and training market is not growing as quickly as it could.

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Competitive Landscape:

To improve and expand their market results and product offerings, businesses are focusing on technological innovations and new product launches.

l  In June 2020, ERT acquired APDM Wearable Technologies with the goal of reinventing endpoint measurement in clinical trials. Both companies will generate more accurate and powerful data, allowing clinical trials to be more predictable, cost-effective, and efficient.

l  In February 2021, Shift Concussion Management Guelph and VoxNeuro announced their partnership, which will allow the former's concussion management program to include objective brain health data. The world's first objective brain health assessment that goes beyond diagnosis is provided by VoxNeuro.

More valuable Insights on Cognitive Assessment and Training Market

Fact.MR, in its report, offers a market analysis of the global Cognitive Assessment and Training market analysing forecast period through 2022 and beyond. This survey reveals the growth of technology in the Cognitive Assessment and Training Market with detailed segmentation as follows: -

By Component

• Cognitive Assessment and Training Software
• Cognitive Assessment and Training Services
• Training
• Consulting
• Support & Maintenance

By Type

• Cognitive Assessment and Training for Personal Computers (PC)
• Cognitive Assessment and Training for Mobile & Tablet

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

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Key Questions covered in the Cognitive Assessment and Training Market Report

l  What is the global Cognitive Assessment and Training Market scenario?

l  How far is the global demand expected to reach over the forecasted period?s

l  What was the last 5-year CAGR for the demand in the demand in the Cognitive Assessment and Training Market?

l  Who are the prominent players in the global Cognitive Assessment and Training Market?

l  Which is the leading region in the Cognitive Assessment and Training Market?

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