The U.S. Cognitive Assessment market held a market value of USD 572.3 Million in 2020 and is estimated to reach USD 3,283.8 Million by the year 2027. The market is expected to register a growth rate of 28.7% over the projected period.
Cognitive assessment tools are essential for testing the cognitive impairment, such as deficiency in thought process, knowledge, or judgement. They are mostly used by Psychiatrists for conducting the mental status exam. The market is witnessing significant growth owing to the factors such as growing adoption of gamification for cognitive assessment. Furthermore, demand for mobile technologies in the healthcare sector, is expected to provide lucrative opportunities for market growth.
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The market is expected to be negatively influenced by high dependency on the traditional assessment methods. The COVID-19 pandemic has tremendously increased the demand for online learning and has also raised the pressure to cater to the growing gap in workforce skills. The pandemic also created awareness regarding the necessity of creating equity in learning across the globe, in order to ensure that everybody has access to high-quality content and digital products needed to achieve their potential. This has positively influenced the market growth during the pandemic.
Growing adoption of gamification for cognitive assessment
Gamification is a process of adding game mechanics into non-game environments, such as an online community, website, and learning management system or business intranet for increasing participation. Gamification majorly focuses on engaging with employees, consumers, and partners for encouraging collaboration, sharing, and interaction. Various gaming tools have been developed for training and testing people suffering from ADHD and other disorders. It is found through various studies that games appear to be highly engaging to users and also increase the time spent on training in few cases. Also, ADHD patients mostly find computer games very appealing, as they provide rapid rewards, immediate feedback, and time-pressure, which are exactly the type of stimulus, ADHD brain curves desire.
The U.S. Cognitive Assessment market is segmented into solution, application, and end-user.
o Cloud/Web Based
? Data Analysis
? Study Management
? Technical Consultancy
? Reporting and Analytics
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The services segment is anticipated to hold the largest market share in 2020 owing to its growing adoption of services in the market. The Software segment is also expected to grow at significant rate and within the software segment, the cloud/web-based segment is expected to hold the largest market share and also witness the fastest growth rate of 27.9% during the forecast period.
o Clinical Research
o Pharmaceutical Trials
o Academic Research
Training and Development
The healthcare research segment is estimated to hold the largest market share of 69.9% owing to rising research activated for development of new cognitive tools. Within the healthcare research segment, the clinical research segment is expected to hold the largest market share and surpass a market value of USD 646.3 million by 2024. The talent management segment is anticipated to witness the fastest growth rate of around 30.7% over the projected period owing to rapid demand of these tools at workplaces.
The medical segment is estimated to hold the largest market share of 61% owing to rising use of cognitive assessment in diagnosis of brain disorders such as ADHD. The pharmaceutical segment is anticipated to witness the fastest growth rate of around 31.9% owing to increasing demand for cognitive assessment tools for clinical trials.
Major players operating in the U.S. Cognitive Assessment market include Pearson, Medavante-ProPhase, Inc., VeraSci, Lumos Labs Pvt Ltd, Signant Heath, ImPACT Applications Inc., Quest Diagnostics Incorporated, Thomas International Ltd, CogniFit Inc., Cambridge Cognition Ltd, and Savonix, Inc., and Other Prominent Players.
These market players are investing in product launches, collaborations, mergers & acquisitions, and expansions to create a competitive edge in the market. For instance, in October 2021, Pearson partnered with The Smith School of Enterprise and Environment at the University of Oxford for launching 2 online programs by June 2022.
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The U.S. Cognitive Assessment market report provides insights on the below pointers:
Market Penetration: Provides comprehensive information on the market offered by the prominent players
Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the U.S. Cognitive Assessment market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The U.S. Cognitive Assessment market report answers questions such as:
What is the market size and forecast of the U.S. Cognitive Assessment Market?
What are the inhibiting factors and impact of COVID-19 on the U.S. Cognitive Assessment Market during the assessment period?
Which are the products/segments/applications/areas to invest in over the assessment period in the U.S. Cognitive Assessment Market?
What is the competitive strategic window for opportunities in the U.S. Cognitive Assessment Market?
What are the technology trends and regulatory frameworks in the U.S. Cognitive Assessment Market?
What is the market share of the leading players in the U.S. Cognitive Assessment Market?
What modes and strategic moves are considered favorable for entering the U.S. Cognitive Assessment Market?
What is the goal of the report?
• The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
• During the forecast period, the report analyzes the growth rate, market size, and market valuation.
• The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
• The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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