Market Research Report
Global Cognitive Assessment & Training Market By Component, By Application, By Organization Size (Large Enterprises and Small & Medium-sized Enterprises ), By End User, By Region, Industry Analysis and Forecast, 2020 - 2026
|Published by||KBV Research||Product code||982019|
|Published||Content info||296 Pages
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|Global Cognitive Assessment & Training Market By Component, By Application, By Organization Size (Large Enterprises and Small & Medium-sized Enterprises ), By End User, By Region, Industry Analysis and Forecast, 2020 - 2026|
|Published: December 31, 2020||Content info: 296 Pages||
The Global Cognitive Assessment & Training Market size is expected to reach $11.4 billion by 2026, rising at a market growth of 26.6% CAGR during the forecast period. Cognitive assessment and training is a formal test that evaluated a person's psychological functioning and speed of information processing. The cognitive tests help in increasing the focus of the individual to increase their efficiency and productivity. The increasing older population and increased healthcare spending also act as a major driver for the market growth during the forecast period. The increasing use of smartphones and tablets makes these tests easily accessible. Thus, it provides direction for the growth of the industry in the next decade.
One of the major neurological diseases in the world is Dementia, which can be detected by these cognitive solutions will boost the market during the forecast period. There are many advantages that these solutions provide such as personality management, psychological education for individuals, and sports management. There is an increasing number of students, who are appearing for the competitive exam which can further boost the growth of the market over the forecast period. The players operating in the market will increase the quality of the solutions and competition in the market that further contribute to the growth of the market. The information technology advancement also results in improving the quality of the cognitive solutions that will surge its demand.
At present, the global cognitive assessment and training market is observing vigorous growth. The cognitive assessments and training solutions are helping to detect the cognitive impairment signs at the initial stages. These solutions were initially used for conducting a formal assessment of the patient for their psychological functioning and the speed of information processing. Some impairment can be caused due to human aging, some are neural disorders and some are the result of exposure to drugs or medicines. The solution is combined with many tools for assessment, data analysis, and management that support the cognitive training, sports management, and detecting dementia at the initial stage for individuals, which are administered during the classroom sessions, clinical trials, research, brain training, corporate teaching, and diagnostics.
Based on Component, the market is segmented into Solution and Services. Solutions Segment is further bifurcated into Assessment & Data Management, Data Analysis & Reporting and Cognitive Training & Others. The services group is estimated to grow at a rapid speed during the forecast period. The growth is driven by the increasing demand for training and support services by the end-users to assess the cognitive ability of a person effectively and help the person by training and assisting for the future development and growth.
Based on Application, the market is segmented into Clinical Trials, Research, Learning and Others. The learning segment is estimated to register rapid growth due to the increasing concerns of the organizations to uplift the mental ability of the employees to improve their productivity in the future and perform better in the organization.
By Organization Size
Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises (SMEs). The Large Enterprises market dominated the Global Cognitive Assessment & Training Market by Organization Size 2019. The Small & Medium-sized Enterprises (SMEs) market is expected to witness a CAGR of 28.9% during (2020 - 2026).
By End User
Based on End User, the market is segmented into Healthcare & Life Sciences, Education, Corporate and Others. The market of cognitive assessment is attributed to the rising adoption of gamification in the assessment techniques. The gamification adds up to the assessment process and offers better engagement, along with maintaining the value of the process. Moreover, the advancement of cognitive assessment and training tools is increasing the adoption across the corporates in the recruitment process to evaluate the competency of the person.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America holds the major share in cognitive assessment and training market, due to its large base of the older generation population and dementia patients. Increasing incidents of neurological disorders and increasing adoption of these techniques in schools and colleges because of the smartphone and tablet proliferation can also stimulate the demand in Asia Pacific, Africa, and the Middle East region. Europe is also estimated to witness a stable demand because of the growth in the education industry.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Quest Diagnostics, Incorporated, Koninklijke Philips N.V.Cambridge Cognition Holdings PLC, Cogstate Ltd., WCG IRB (Medavante, Inc.), Cognifit, Inc., eResearch Technology, Inc., Lumos Labs, Inc. (Lumosity), Signant Health and Brain Resource Ltd.
Strategies deployed in Cognitive Assessment and Training Market
Oct-2020: Cogstate extended its collaboration with Eisai, a Japanese pharmaceutical company. Under this collaboration, Eisai secured the global development rights and exclusive commercialization rights of all cognitive function tests developed by Cogstate that includes Cogstate Brief Battery for use in healthcare and other markets.
Jul-2020: Cogstate partnered with ERT, the global leader in clinical endpoint data collection. This partnership allowed ERT to expand its industry-leading electronic Clinical Outcome Assessment (eCOA) solution with digital cognitive endpoint measurement to enhance safety and efficacy assessment in clinical trials that include capabilities for at-home testing.
Jun-2020: ERT acquired APDM Wearable Technologies, a next-generation provider of wearables and digital biomarkers. This acquisition aimed to generate higher-fidelity and more powerful data to allow clinical trials to be more predictable, cost-effective, and efficient.
May-2020: ERT collaborated with Dynatrace, a software intelligence company. Under this collaboration, Dynatrace helps ERT in automating DevOps processes, and accelerating delivery of new applications, from an average of six weeks to just four weeks. It also gathers data and produces reports, supplying researchers with the evidence that needs to secure approval for new medical advancements from the FDA and other regulators around the world.
Jan-2020: CogniFit introduced version 4.0 for iOs and Android. This new cognitive test aimed specifically at driving and was designed to make the user experience unique and getting through the application simpler than before.
Nov-2019: Cambridge Cognition broadened eCOA offering and signed its contract with the top 10 pharmaceutical companies. This enhancement aimed to improve complex forms, alerting, interview recording, and playback.
Nov-2019: Philips introduced its new cognitive assessment platform IntelliSpace Cognition. This platform provides healthcare professionals with a powerful aid for assessing cognitive impairment by using the power of artificial intelligence (AI) and Philips' cloud-based HealthSuite Digital Platform. It also improves well-established neuropsychological tests, offering new insights for clinicians treating patients with debilitating neurological conditions.
Jun-2017: Philips took over Electrical Geodesics, a US-based medical device company. This acquisition complement Philips' existing portfolio of imaging technologies and advanced informatics for neurological applications. It combined portfolios that allow Philips to address neurological disorders such as stroke, epilepsy, traumatic brain injury, and Parkinson's disease.
Mar-2017: Lumos Labs came into collaboration with Researchers at the Wyss Institute. This collaboration aimed to support PGP's and Lumos Labs' unique resources and expertise to investigate the relationship between genetics and memory, attention, and reaction speed.
Mar-2017: Cambridge Cognition introduced a web-based testing product. The product aimed to conduct academic and clinical research studies online. This product empowered the researchers to run near-patient testing of participants remotely. It also allowed studies to gather digital cognitive biomarkers at recurrent time-points for more accurate and rapid data to help in earlier decision-making and perform research projects virtually by decreasing the overall running costs of studies through proven neuropsychological assessments.
Jan-2017: Cambridge Cognition got FDA clearance for Cantab Mobile, the company's iPad-based assessment tool for memory issues in older adults. It serves as an early warning system for conditions like dementia and Alzheimer's. It also constructs a test for depression, permitting the test to determine between mood disorders and memory impairment.
Dec-2016: CogniFit added a new feature, which allows its users to seamlessly send a report of their cognitive results to their doctor in a couple of clicks. This feature offers a simpler way for physicians to monitor and track the cognitive status and progress of their patients.
Market Segments covered in the Report:
Assessment & Data Management
Data Analysis & Reporting
Cognitive Training & Others
By Organization Size
By End User
Rest of North America
Rest of Europe
Rest of Asia Pacific
Rest of LAMEA
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