Description
Cognitive Assessment and Training Market
Product overview
Cognitive assessment and training are a method of measuring, along with other criteria, the IQ or level of intelligence, perceptual ability, and verbal and non-verbal abilities. It is a method of formal evaluation of the psychological functions and speed of information processing of an individual. Besides, through experience and meaning, it is the mental process of gaining knowledge and understanding. Cognitive evaluation is useful for various functions, such as early population dementia detection, individual cognitive training, sports management, and others. Various tools are used to identify people who are likely to need further assessment, and these tests are currently widely used by organizations as part of the recruitment process. This method is used to estimate the competence and suitability of a candidate for a role and to predict his or her future performance.
Market Highlights
Cognitive Assessment and Training Market is expected to project a notable CAGR of 29.7% in 2030.
Cognitive Assessment and Training Market to surpass USD 12.3 billion by 2030 from USD 3.1 billion in 2018 at a CAGR of 29.7% throughout the forecast period, i.e., 2019-30. Another major factor responsible for the high growth of the cognitive evaluation & training market is increased awareness of brain fitness. One of the key factors creating a positive outlook for the market is significant growth in the electronics industry across the globe. Furthermore, in most developed and developing countries, advances in IT systems and healthcare technologies play an important role in fueling the growth of cognitive assessment solutions. As a natural extension of the new generation of healthcare systems and IT solutions, developments in mobile health technologies have emerged. These factors are boosting the worldwide cognitive assessment & training market.
Cognitive Assessment and Training Market: Segments
Solution segment to grow with the highest CAGR during 2019-30
Cognitive Assessment and Training Market is segmented by component as solution and services. The solution segment is further sub-segmented into assessment, data management, project management, data analysis & reporting, and others. The service segment is further bifurcated into advisory and training activities. The solution accounted for the higher market share in 2018 and the dominance of the segment is due to the increasing demand for mobile-based cognitive solutions and web-based cognitive evaluation applications. Moreover, the global penetration of the Internet is driving the growth of the demand for cognitive testing and training. The growth of the services sub-segment, however, can be attributed to the development of training and consulting services around the world. It has been noted that in different companies and educational institutions, the demand for cognitive training is increasing rapidly.
Healthcare sector to grow with the highest CAGR during 2019-30
Cognitive Assessment and training market is segmented by vertical into BFSI, retail, IT & telecom, education, healthcare, and others. The healthcare segment is expected to hold the largest market share and has witnessed a very high demand over the forecast years. Cognitive assessment is used by healthcare and life science organizations to analyses people with mental or cognitive disabilities and is used in the detection and treatment of dementia. In early childhood or late adulthood, cognitive impairment can be induced. Cognitive disorders may also be caused by advanced age and conditions like dementia, stroke, substance abuse, and alcohol consumption. In any stage of life, brain/head injury and infections may cause impairment. It is expected that the need to detect and evaluate such conditions will drive the adoption of cognitive assessment and training solutions.
Cognitive Assessment and Training Market: Market Dynamics
Drivers
Adoption of BYOD in Clinical Trials
In the global cognitive assessment and training market, the emergence of digital technologies in the healthcare industry is a major factor boosting the healthcare sub-segment. Moreover, the increasing demand from doctors and hospitals to access patient databases on mobile devices or institution-owned mobile devices is promoting the increasing adoption of mobile applications and IT systems among healthcare organizations and other entities, which is also driving the market for cognitive assessment and training. Besides, due to increased knowledge, different countries are introducing the need for training in cognitive evaluation in businesses, universities, colleges, research organizations, and others, which is among the factors that are expected to propel the cognitive assessment market around the world
Rising adoption of gamification for cognitive assessment
In addition to generating motivational and cognitive benefits, gamification is a relatively new trend that focuses on applying game mechanics to non-game contexts to engage audiences and add a bit of fun to mundane activities. As an evolving theme, the digital healthcare domain has also begun to discuss this notion. A rapid rise in the adoption of gamification and serious games in health self-monitoring and management has been seen in the healthcare domain. The ability to inspire, interact and entertain serious games, as well as to give multiple systematic reviews, proves successful in encouraging specific improvements in health behavior and reducing a wide variety of symptoms linked to the disorder. Gamification is used to improve the user experience, increase teamwork, or engage and inspire workers to take part in strategically relevant projects for companies.
Restrain
Stringent government regulations and negative publicity about brain training efficiency
Companies are attempting to enhance brain fitness by increasing the number of solutions and applications built to improve neuroplasticity. However, businesses need to receive clinical approvals for releasing their products to be used on individuals after designing brain training solutions. As it takes a year to create a clinically validated brain fitness solution, the faster growth of the demand for cognitive evaluation and training is limited. The length of time for these solutions to be created is enormous, as specialists concentrate on designing training solutions that include complex algorithms to provide the brain with suitable exercises. Besides, the growing cases of Alzheimer’s, Attention Deficit Hyperactivity Disorder (ADHD), and other cognitive disorders have contributed to the need for effective treatments using the new technology.
Cognitive Assessment and Training Market: Regions
Cognitive Assessment and Training Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Cognitive Assessment and Training Market in North America held the largest market share of XX.X% in the year 2018 and it is expected to continue its market dominance in the future owing to the large base of the aging population and dementia patients while Asia Pacific (APAC) is projected to rise at the highest CAGR. In key countries such as China, India, and Japan, the increasing understanding of mental wellbeing and cognitive skills is expected to fuel the adoption of cognitive evaluation and training solutions and services. In these countries, technological developments and digitization are also expected to increase the demand for cognitive assessment and training solutions from key verticals, such as healthcare and life sciences, education, and industry. Due to growth in the education market, Europe is expected to witness steady demand.
Competitive Landscape:
The Cognitive Assessment and Training market, which is highly competitive, consists of several major players such as Cambridge Cognition (UK), Cogstate (US), Quest Diagnostics (US), Signant Health (US), Total Brain (US), Pearson (UK) hold a substantial market share in the Cognitive Assessment and Training market. Other players analyzed in this report are Philips (Netherlands), MedAvante-ProPhase (US), CogniFit (US), ERT (US), VeraSci (US), BrainCheck (US), MeritTrac (India), Berke (US), Neurotrack (US), BrainWare (US), Lumosity (US), The Brain Workshop (UAE), ImPACT Applications (US), Savonix (US), Winterlight Labs (Canada), Aural Analytics (US), Unmind (UK), Kernel (US), and Altoids among others.
The market competition has been stepped up by the availability of many players offering Cognitive Assessment and Training. For Instance, In June 2020, ERT acquired APDM Wearable Technologies to reinvent endpoint measurement in clinical trials. Both companies will generate higher-fidelity and more powerful data to enable clinical trials to be more predictable, cost-effective, and efficient.
Cognitive Assessment and Training Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Cognitive Assessment and Training Market: Key players
Cambridge Cognition Ltd
Company Overview
Business Strategy
Key Product Offerings
Financial Performance
Key Performance Indicators
Risk Analysis
Recent Development
Regional Presence
SWOT Analysis
Cogstate Ltd.
MedAvante, Inc.
ProPhase, LLC
Neurocog Trials, Inc.
Medavante, Inc.
Quest Diagnostics, Inc.
ProPhase, LLC
Eresearchtechnology Inc.
Gompf Brackets, Inc
Cognitive Assessment and Training Market report also contains analysis on:
Cognitive Assessment and Training Market Segments:
By Component:
Solutions
Assessment
Data Management
Data Analysis and Reporting
Cognitive Training
Others
Services
Training and Support
Consulting
By Organization Size:
Large Enterprises
Small and Medium-sized Enterprises (SMEs)
By Application:
Clinical Trials
Learning
Research
Others
By Vertical:
BFSI
Retail
IT and Telecom
Education
Healthcare
Others
Cognitive Assessment and Training Market Dynamics
Cognitive Assessment and Training Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
