Global healthcare cognitive computing market is expected to reach nearly USD 5,064.8 million by 2022, according to a new report by Grand View Research, Inc. Key factors attributing to the market growth are rapid growth in the scientific database, demand for personalized healthcare, and the need to reduce healthcare expenditure levels. Increasing geriatric population is a major factor increasing the prevalence rate of several diseases.
Information technology and big data analytics penetration in the healthcare industry is presently very less, and to tackle the increasing healthcare expenditure and improve customer experience, many manufacturers and research organizations are actively collaborating with technology firms to improve their products and services.
In 2015, big healthcare firms such as Johnson and Johnson (J&J) and Medtronic have partnered with IBM to utilize its cognitive computing platform Watson. J&J plans to utilize Watson to create a personal concierge service which can be used to prepare patients for knee surgery. Medtronic will use Watson to develop an internet of things (IOT) platform around its medical devices to collect data from patient’s personal use to understand product performance and patient response.
Furthermore, Apple has also invested significantly in the Watson platform to develop an IOS vendor ecosystem for its HealthKIT and ReasearchKit tool systems. These vendors would develop apps and other systems for personal health data collection, and utilizing the data for clinical trials and other healthcare applications.
In 2014, the natural language processing technology market accounted for the largest share at 46.5%, due to its ability to learn natural language key words, and different languages, thereby enabling easy user interface. Additionally, platforms such as IBM Watson are enabling the new startups to collaborate and develop new mobile and cloud applications. However, automated reasoning is expected to be the fastest growing with a over the forecast period, owing to its ability to apply logical reasoning and solve complex problems.
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Further key findings from the study suggest:
- North America dominated the overall market with a share of nearly 52%. Key reasons attributing to region’s market position include collaboration between information technology firms and healthcare firms and research centers. The convergence of these two industries is leading to reduction in the overall healthcare expenditure, in solving complex medical problems and drug discovery.
- Asia Pacific is identified as the fastest growing market. This region is expected to witness high public and private investment in the healthcare sector to cater to the unmet medical needs. Owing to the advent of digital healthcare services; the providers in this region are supporting the use of advanced analytical tools to simplify the DNA analysis, patient history and other records as a part of personalized healthcare services.
- Key players operating in the market include Google, IBM, Apple, PTC, Palantir, Microsoft and others. These companies have invested heavily in the natural language processing and machine learning platforms to develop new products catering to the healthcare industry. Additionally, new startups working on these platforms are expected to intensify competition and eventually lead to market consolidation.
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