(PharmaNewsWire.Com, June 07, 2019 ) According to new market research report "Cognitive Assessment and Training in Healthcare Market by Assessment Type (Pen-and-Paper Based, Hosted, and Biometrics), Components, Application (Clinical Trial, Screening & Diagnostics, Brain Training, Academic Research), & Region - Global forecast to 2021", The cognitive assessment and training in healthcare market size is estimated to grow from USD 962.0 Million in 2016 to USD 4,127.2 Million by 2021, at a Compound Annual Growth Rate (CAGR) of 33.8%.
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The major forces driving this market are aging global population, increasing awareness about brain fitness, and advancements in technology. The growing market for cognitive solutions and increasing demand for brain training by next-generation tech-savvy population are contributing to the growth of the cognitive assessment and training in healthcare market.
Clinical trials in terms of application is expected hold the largest market share in the cognitive assessment and training in healthcare market during the forecast period
Clinical trials are mainly used to identify, measure, or monitor cognitive impairments and cognitive changes. The assessment of cognitive functions is an integral part of decision making during clinical drug development, as certain drugs can have an impact on the cognitive capabilities of the brain. The market is expected to contribute the highest revenue for vendors offering clinical trials.
Service segment is expected to grow at the highest CAGR in the cognitive assessment and training in healthcare market and the current trend is expected to continue during the forecast period
An Increasing demand for cognitive assessment and training tests and procedures in the global healthcare market also provides a significant scope for associated services as well. The growth of the services segment is expected to accelerate, due to an increasing level of awareness regarding the brain fitness. With the increasing utilization of cognitive assessment and training solutions, the services act as an add-on to these solutions making them more valuable. Providers of cognitive assessment and training solutions and services offer training and coaching services to deliver balanced cognitive rehabilitation solutions.
North America is expected to contribute the largest market share and Asia-Pacific (APAC) to grow at the highest rate
North America is expected to hold the largest market share and to dominate the cognitive assessment and training in healthcare market from 2016 to 2021, due to the increasing awareness among population about adopting medication for cognitive diseases. The new generation in this region is more concerned towards the benefits of cognitive training, which is not just limited to patients with cognitive dysfunctions. The U.S. market holds a majority of the market share in terms of adoption as well as revenue generation in the North American market, due to the rapidly aging population vulnerable to cognitive diseases in the region. The APAC region is expected to witness the highest growth rate during the forecast period, as the population in the region is more inclined towards adopting a healthier lifestyle. Hence, the concerns regarding cognitive diseases are growing in the region.
The major vendors in the cognitive assessment and training in healthcare market include Cambridge Cognition Ltd. (Cambridge, U.K.), Cogstate Ltd. (New Haven, U.S.), Bracket (Pennsylvania, U.S.), MedAvante Inc. (New Jersey, U.S.), Quest Diagnostic (New Jersey, U.S.), ProPhase, LLC (New York, U.S.), CogniFit (New York, U.S.), ERT Clinical (Pennsylvania, U.S.), NeuroCog Trials (North Carolina, U.S.), and Brain Resource Company (New South Wales, Australia).
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