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 US Cognitive Assessment Market was analyzed based on various segmentations including solution, applications and end-user and it is estimated that the market held a value of US$ 724 Mn in 2021 and is projected to reach US$ 3,283.8 Mn by the end of 2027. Further, the cognitive assessment market of US is registering a growth at a CAGR of 28.7% over the forecast period 2022-2027.
A cognitive assessment is an examination conducted to determine someone's level of cognitive function. There are several reasons to perform such an exam, and this test can be administered by a mental health professional, neurologist, or education professional, depending on how it is to be used. In this type of assessment, the subject will be asked to complete a series of tasks that require cognitive skills. Exams may be broken up into several different components to test things like reasoning, understanding language, and so forth. 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. Further, these assessments can be used by education professionals to evaluate students.
The growing impetus of the market is attributed to growing adoption of gamification for cognitive assessment. Gamification is a new trend which focuses on applying game mechanics to non-game contexts. This helps people to adopt positive behavioral changes. The healthcare industry has witnessed a rapid adoption of gamification in monitoring and assessing health. Such games help individuals to perform self-health monitoring and motivates them to adopt healthy practices. Moreover, various gaming tools have been developed for training and testing people suffering from ADHD and other disorders. 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. Thus, adoption of gamification for cognitive assessment is estimated to accelerate the market growth. Furthermore, the demand for mobile technologies in the healthcare sector is increasing, especially after the Covid-19 pandemic, and this is expected to provide a lucrative opportunity for market growth. However, the high dependency on the traditional pen and paper-based assessment methods is hindering market growth.
Report Summary
The study of the US Cognitive Assessment Market considers various market determinants, industry value chain analysis and competitor analysis of the market. The report discusses the analysis of the cognitive assessment market of the US for the period 2017-2027, where the base year is 2021 and the forecast period is 2022-2027. The report provides a detailed analysis of the US Cognitive Assessment Market across 7 Chapters and 72 pages. The report includes data presentations across 7 tables and 20 statistical figures.
The report provides PESTLE analysis, which is a tool to examine the external market environment factors that have an impact on the industry. The PESTLE analysis examines the Political, Economic, Social, Technological, Environmental, and Legal factors in the external environment. Thus, sufficiently examining the threats and weaknesses of the industry. The research report also provides Porter’s five forces analysis wherein bargaining power of buyers is low and threat of new entrants is moderate.
The subsequent section provides details of the market analysis based on different segments such as solutions, applications, and end-users. The report also covers extensively about the key competitors in the US market for cognitive assessment.
Key Takeaways from the US Cognitive Assessment Market Report:
Competitive Landscape
The key players in the US Cognitive Assessment Market are Pearson, Quest Diagnostics, Signant Health, Cogstate, Lumos Labs, Thomas International, and Cognifit among others. Through extensive research, it is found that big players have adopted various competitive strategies such as merger & acquisition in order to have a grip in the stabilized market. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.
Strategies adopted by key market players:
Segmentation Overview
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:
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$ 724 Mn in 2021.
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 2021.
Healthcare research segment holds the highest share in the cognitive assessment market of US in 2021.
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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