US Cognitive Assessment Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2027

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:

• Based on solution, the services segment holds the highest share in the US cognitive assessment market in 2021 and registers the highest CAGR over the forecast period 2022-2027. This is due to the growing adoption of services in the market. Within the services segment, the professional segment holds the highest market share in 2021.
• In terms of application, the healthcare research segment dominates the market in 2021 and is projected to continue its dominance across the forecast period. The growth is attributed to rising research activities for the development of new cognitive tools. Further, the clinical research segment holds the highest share under the healthcare research segment in 2021. The talent management application registers the highest CAGR over the forecast period.
• Based on end users, the medical segment records the highest share in the cognitive assessment market of the US. Growing use of cognitive assessment in diagnosis of brain disorders such as ADHD is fueling the market growth. Further, the pharmaceutical segment holds the highest compound annual growth rate over the forecast period owing to rising demand for cognitive assessment tools in clinical trials.

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:

• In June 2021, Cambridge Cognition Ltd. announced a US$ 3.03 Mn contract for at-home cognitive testing in a virtual clinical trial.
• In June 2021, Signant Health launched the eCOA acceleration program and remote assessment capabilities for the central nervous system studies.
• In May 2021, VeraSci partnered with Boehringer Ingelheim on an innovative phase 3 programs for breakthrough therapy in cognitive impairment associated with schizophrenia.
• In April 2021, Thomas International Ltd. launched an industry leading personality assessment on new talent assessment platform.
• In November 2019, ImPACT Applications partnered with SportsEngine, Inc. for expanding concussion testing in youth sports.

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:

• Software
  • Cloud/ Web Based
  • On-premises
• Services
  • Professional
    • Data Analysis
    • Study Management
    • Technical Consultancy
    • Reporting and analytics
  • Managed

By Application segment of the US Cognitive Assessment Market is sub-segmented into:

• Healthcare Research
  • Clinical Research
  • Pharmaceutical Trails
  • Academic Research
• Training & Development
• Talent Management
• Others

By End-user segment of the US Cognitive Assessment Market is sub-segmented into:

• Healthcare
• Pharmaceutical
• Enterprise
• Education
• Others