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US cognitive assessment market was valued at US$ 922.0 Mn in 2022 and is projected to reach US$ 9,378.5 by the end of 2031 at a CAGR of 28.7% over the forecast period 2023-2031. The number of people living with cognitive impairment in the United States is equal to twice the population of New York City. More than 16 million people in the United States are living with cognitive impairment.
The rapid adoption of gamification for cognitive assessment is a major driver of growth in the US market. Gamification, which applies game mechanics to non-game contexts, is proving to be an effective way to encourage positive behavioral changes. In the healthcare industry, gamification has been particularly successful in monitoring and assessing health, enabling individuals to perform self-health monitoring and adopt healthy practices.
The development of gaming tools for training and testing individuals with ADHD and other disorders has also contributed to the growth of the market. ADHD patients are particularly drawn to computer games because they provide rapid rewards, immediate feedback, and time-pressure, which are the type of stimulus that ADHD brains crave.
The increasing demand for mobile technologies in the healthcare sector, particularly in the wake of the Covid-19 pandemic, presents a lucrative opportunity for market growth. However, the market is hindered by the high dependency on traditional pen and paper-based assessment methods.
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The increase in the elderly population in the US is a significant driver of the cognitive assessment market. As individuals age, they are more likely to experience cognitive decline, leading to concerns about their ability to function independently. This concern has led to an increased demand for cognitive assessment tests that can detect early signs of cognitive decline, allowing for early intervention and management. Furthermore, the aging population is also likely to increase the demand for cognitive assessment tests in long-term care facilities and nursing homes.
Another driver of the cognitive assessment market is the growing awareness among healthcare providers and the general public about the importance of early detection and management of cognitive impairment. Early detection can help identify individuals at risk of developing cognitive impairment and can allow for timely interventions to slow the progression of the condition. This awareness has led to an increased demand for cognitive assessment tests that are effective in detecting cognitive impairment at an early stage.
The high cost of cognitive assessment tests is a significant restraint on the market, particularly for individuals who cannot afford them. Many cognitive assessment tests are not covered by insurance or government-funded healthcare programs, leaving individuals to pay out-of-pocket for these tests. The high cost can limit access to these tests, particularly for low-income individuals, leading to unequal access to early detection and management of cognitive impairment.
Another significant restraint on the cognitive assessment market is limited reimbursement. Some cognitive assessment tests may not be covered by insurance or may be reimbursed at a lower rate than other medical tests or procedures. This can limit the use of these tests by healthcare providers and reduce the overall demand for them, which can impact the revenue and growth potential of companies in this market. Furthermore, the limited reimbursement can also result in higher out-of-pocket costs for individuals, leading to reduced access to cognitive assessment tests.
Segmental Analysis of the US Cognitive Assessment Market
The US cognitive assessment market is segmented based on solution, with the services segment holding the highest share in 2022. The services segment is expected to continue its dominance over the forecast period 2023-2031, registering the highest CAGR. The growing adoption of services, such as assessment and training services, is driving the growth of this segment. Within the services segment, the professional segment holds the highest market share in 2022, attributed to the high demand for professional services such as neuropsychological assessments and rehabilitation services.
The software segment is also expected to witness significant growth over the forecast period, driven by the increasing adoption of computerized cognitive assessments and the growing demand for remote testing solutions. The hardware segment, however, is expected to witness slow growth due to the high cost of hardware-based cognitive assessment tools.
The US cognitive assessment market is segmented by application, with the healthcare research segment dominating the market in 2022 and projected to continue its dominance over the forecast period. The growth is attributed to rising research activities for the development of new cognitive tools, which can help diagnose and manage cognitive disorders. The clinical research segment holds the highest share under the healthcare research segment in 2022, attributed to the high demand for cognitive assessment tools in clinical trials.
The talent management application is expected to register the highest CAGR over the forecast period, driven by the increasing adoption of cognitive assessment tools in recruitment and talent management processes. Cognitive assessments are increasingly being used by companies to identify candidates with the right skills and abilities, leading to increased demand for talent management solutions in the cognitive assessment market.
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By End Users:
The US cognitive assessment market is segmented based on end-users, with the medical segment recording the highest share in 2022. The growing use of cognitive assessment in the diagnosis of brain disorders such as ADHD is fueling the growth of this segment. The education segment is also witnessing significant growth due to the increasing adoption of cognitive assessment tools in educational institutions to evaluate student performance and learning outcomes.
The pharmaceutical segment is expected to register the highest CAGR over the forecast period, driven by the rising demand for cognitive assessment tools in clinical trials. Cognitive assessment tools are being increasingly used in clinical trials to assess the safety and efficacy of drugs, leading to increased demand for cognitive assessment tools in the pharmaceutical industry. Furthermore, the growing emphasis on personalized medicine and precision healthcare is expected to drive the growth of the pharmaceutical segment in the cognitive assessment market.
The US cognitive assessment market is highly competitive and some of the key players in this market are Pearson, Quest Diagnostics, Signant Health, Cogstate, Lumos Labs, Thomas International, and Cognifit, among others. These companies are focusing on various competitive strategies, such as mergers and acquisitions, to strengthen their position in the market. For instance, in December 2019, Pearson acquired Lumerit Education, a technology-enabled education services company Pearson acquired Lumerit Education, to expand its offerings in the education sector.
Apart from mergers and acquisitions, leading companies are also expanding their geographical boundaries by acquiring small brands and domestic companies.
In addition to these strategies, companies are also investing in research and development to develop innovative cognitive assessment tools and services. For instance, in March 2021, Signant Health announced a partnership with THREAD Research to develop a digital cognitive assessment tool for clinical trials.
List of Key Companies Profiled:
The following are the different segments of the US Cognitive Assessment Market:
By Solution segment of the US Cognitive Assessment Market is sub-segmented into:
By Application segment of the US Cognitive Assessment Market is sub-segmented into:
By End-user segment of the US Cognitive Assessment Market is sub-segmented into:
|Market Size Value in 2022||US$ 922.0 Million|
|Expected Revenue in 2031||US$ 9,378.5 Million|
|Unit||Value (USD Mn)|
|Segments covered||By Solution, By Application, By End-User|
|Key Companies||Pearson, Medavante-ProPhase, VeraSci, Lumos Labs, Signant Health, ImPACT Applications, Quest Diagnostics, Thomas International, Cognifit, Cambridge Cognition, Savonix, Cogstate, Philips, BrainCheck, Berke, Neurotrack, Brainware, The Brain Workshop, MedAvante, Inc., Other Prominent Players|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
Cognitive assessment tests are performed for testing cognitive impairment, for management of mental illness, to determine whether a patient is experiencing any problems as a side effect of psychiatric medication and so on.
More than 16 million people in the United States are living with cognitive impairment.
The US Cognitive Assessment Market was valued at US$ 922.0 Mn in 2022.
The US Cognitive Assessment Market is estimated to expand at a CAGR of 28.7% during the forecast period.
The market is majorly driven by the growing adoption of gamification for cognitive assessment.
The high dependency on the traditional pen and paper-based assessment methods is hindering market growth.
Demand for mobile technologies in the health care is providing a lucrative opportunity for market growth.
The services solution dominates the market in 2022.
Healthcare research segment holds the highest share in the cognitive assessment market of US in 2022.
Medical industry is the highest end user in the market.
The key players in the US Cognitive Assessment Market are Pearson, Quest Diagnostics, Signant Health, Thomas International, and Cognifit among others.
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