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According to the study published by Astute Analytica, the US Cognitive Assessment Market is registering a growth at a CAGR of 28.7% over the projection period 2022-2027. The market was valued at US$ 724 Million in 2021 and is estimated to reach US$ 3,283.8 Million by the end of 2027. The market is majorly driven by the growing adoption of gamification for cognitive assessment. More than 16 million people in the United States are living with cognitive impairment.
A cognitive assessment is an examination conducted to determine level of cognitive function in a person. 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.
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.
The high dependency on traditional pen and paper-based assessment methods is hindering overall market growth. Further, many people are unaware regarding the modern cognitive assessment tools.
Services dominates the US Cognitive Assessment Market in 2021
Based on solution, the market is bifurcated into software and services. The software segment is further divided into cloud/web based and on-premises. Services segment is sub-divided into professional and managed. 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.
Healthcare research application holds the highest market share in 2021
In terms of application, cognitive assessment market of the US is segmented into healthcare research, training & development, and talent management. Among these, 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.
Medical industry is the highest end user of the cognitive assessment market in us
Based on end users, the market is categorized into medical, pharmaceutical, enterprise, education, and others. 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.
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:
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