The Global Healthcare Cognitive Computing Market size is expected to reach $49 billion by 2031, rising at a market growth of 26.1% CAGR during the forecast period.
The rising incidence of chronic diseases such as diabetes, cardiovascular diseases, and cancer in the Asia-Pacific region creates a growing need for advanced diagnostic and treatment tools. Cognitive computing can provide valuable insights for managing and treating these conditions effectively. Thus, the Asia Pacific region is expected to capture more than 1/4th revenue share in the market by the year 2031. Cognitive computing technologies enable predictive analytics that help in the early diagnosis and management of chronic diseases. This is crucial in the region, where managing the health of large populations with chronic conditions is a significant challenge.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In January, 2024, Amazon Web Services, Inc. partnered with Siemens, a global technology company, to integrate Bedrock with Siemens' Mendix low-code platform, enabling businesses to easily build generative AI applications. Additionally, In September, 2024, Oracle Corporation teamed up with AWS, a cloud computing company, to launch Oracle Database on AWS, enabling customers to access Oracle Autonomous Database and Exadata Database Service within AWS.
Based on the Analysis presented in the KBV Cardinal matrix; Google LLC and Microsoft Corporation are the forerunners in the Healthcare Cognitive Computing Market. In March, 2024, Microsoft Corporation partnered with NVIDIA, a semiconductor manufacturer, to bring generative AI, cloud, and accelerated computing to healthcare and life sciences. Companies such as Amazon Web Services, Inc., NVIDIA Corporation, Cisco Systems, Inc. are some of the key innovators in Healthcare Cognitive Computing Market.
COVID-19 Impact Analysis
The COVID-19 pandemic caused significant disruptions in healthcare operations, leading to delays in adopting and implementing cognitive computing technologies. Many healthcare organizations prioritized immediate pandemic response and patient care over investing in advanced technologies. Resources were diverted towards managing COVID-19 patients and dealing with the crisis, resulting in reduced focus and investment in cognitive computing projects. This shift affected the progress and deployment of cognitive computing solutions in healthcare settings. Managing and integrating this influx of data with existing systems proved challenging, affecting the effectiveness of cognitive computing applications. Thus, the COVID-19 pandemic had a negative impact on the market.
Market Growth Factors
The widespread adoption of EHRs has led to a massive accumulation of patient data, including medical histories, test results, and treatment records. This rich data set provides a comprehensive view of patient health, which is essential for cognitive computing applications. The rise of wearable health devices and Internet of Things (IoT) technologies has introduced a continuous stream of health-related data. By analyzing genetic, clinical, and lifestyle data, healthcare providers can tailor treatments to individual patient needs, enhancing effectiveness. Hence, the exponential growth of healthcare data volume and big data analytics drives the market's growth.
Personalized medicine relies heavily on genomic data to understand individual genetic profiles. Cognitive computing systems are essential for analyzing large volumes of genomic data to identify genetic markers, mutations, and correlations with diseases, enabling the development of personalized treatment plans. Personalized medicine integrates various types of omics data, including genomics, proteomics, and metabolomics. This optimization ensures that patients receive therapies that are most likely to be effective, minimizing trial-and-error approaches. Thus, the growing adoption and integration of personalized medicine initiatives drive the market's growth.
Market Restraining Factors
Many healthcare institutions rely on legacy IT systems that may not be compatible with modern cognitive computing technologies. Integrating advanced cognitive systems with these outdated systems can be technically challenging and may require extensive modifications or upgrades, increasing the complexity and cost of implementation. Cognitive computing systems often require data in specific formats or standards. Existing IT infrastructure may use different data formats or standards, making ensuring seamless data exchange and integration difficult. This lack of standardization can lead to data inconsistencies and integration issues. Hence, the complexity of integrating cognitive systems with existing IT infrastructure is impeding the market's growth.
Technology Outlook
Based on technology, the market is divided into natural language processing, machine learning, automated reasoning, and information retrieval. In 2023, the natural language processing segment garnered 40% revenue share in the market. The market growth is driven by the expanding use of Natural Language Processing (NLP), which enhances search functionality through natural language keywords in various scenarios and analyses.
Deployment Outlook
On the basis of deployment, the market is segmented into cloud and on-premise. In 2023, the on-premise segment attained 30% revenue share in the market. On-premises solutions give healthcare organizations greater control over their data, which is crucial given the sensitive nature of patient information. Organizations can better safeguard against potential breaches and unauthorized access by keeping data within their own infrastructure.
Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region witnessed 37% revenue share in the market in 2023. North America, particularly the United States and Canada, has a well-established and advanced healthcare infrastructure. This includes comprehensive electronic health records (EHR) systems, telemedicine platforms, and digital health initiatives, creating a strong foundation for integrating cognitive computing technologies. The region has high adoption rates of healthcare technologies, driven by a focus on improving patient care and operational efficiency.
Recent Strategies Deployed in the Market
- Jul-2024: GE HealthCare Technologies, Inc. partnered with AWS, a cloud computing company, to leverage generative AI for advancing medical diagnostics and patient care. Utilizing AWS's Amazon Bedrock and Amazon SageMaker, GE HealthCare aimed to accelerate the development of foundation models and AI applications to enhance clinical workflows, improve efficiency, and deliver personalized care.
- Mar-2024: NVIDIA released 25 new healthcare microservices that leverage generative AI to accelerate drug discovery, medical imaging, and genomics analysis. These microservices, accessible across cloud platforms, enable healthcare companies to integrate AI into applications, enhancing patient care, drug research, and clinical workflows through optimized models and advanced AI technologies.
- Mar-2024: NVIDIA Corporation announced a partnership with Johnson & Johnson MedTech, a healthcare technology company, to enhance surgery with AI, using NVIDIA's IGX and Holoscan platforms for real-time data processing and clinical insights. Their partnership aims to create an open ecosystem for AI innovation, improving surgical outcomes, decision-making, and operating room efficiency through advanced analytics and AI-powered applications.
- Feb-2024: IBM Corporation teamed up with Wipro, an Indian IT company, to launch an Enterprise AI-Ready Platform, leveraging IBM's watsonx AI and data tools to offer clients customizable, integrated AI environments. This new service would enhance AI adoption with improved automation, governance, and flexibility for various industry applications.
- Nov-2023: NVIDIA Corporation teamed up with WIPRO, an Indian IT company, to accelerate healthcare companies' adoption of generative AI. Using NVIDIA AI Enterprise and Wipro's AI frameworks, they aim to enhance member experience, claims processing, and operational efficiency.
List of Key Companies Profiled
- Microsoft Corporation
- IBM Corporation
- NVIDIA Corporation
- Intel Corporation
- GE HealthCare Technologies, Inc.
- Medtronic PLC
- Oracle Corporation
- Google LLC
- Cisco Systems, Inc.
- Amazon Web Services, Inc.
Global Healthcare Cognitive Computing Market Report Segmentation
By Deployment
By Technology
- Natural Language Processing
- Machine Learning
- Automated Reasoning
- Information Retrieval
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 Global Healthcare Cognitive Computing Market, by Deployment
- 1.4.2 Global Healthcare Cognitive Computing Market, by Technology
- 1.4.3 Global Healthcare Cognitive Computing Market, by Geography
- 1.5 Methodology for the research
Chapter 2. Market at a Glance
Chapter 3. Market Overview
- 3.1 Introduction
- 3.1.1 Overview
- 3.1.1.1 Market Composition and Scenario
- 3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Restraints
- 3.2.3 Market Opportunities
- 3.2.4 Market Challenges
Chapter 4. Competition Analysis - Global
- 4.1 KBV Cardinal Matrix
- 4.2 Recent Industry Wide Strategic Developments
- 4.2.1 Partnerships, Collaborations and Agreements
- 4.2.2 Product Launches and Product Expansions
- 4.2.3 Acquisition and Mergers
- 4.3 Market Share Analysis, 2023
- 4.4 Top Winning Strategies
- 4.4.1 Key Leading Strategies: Percentage Distribution (2020-2024)
- 4.4.2 Key Strategic Move: (Partnerships, Collaborations & Agreements: 2020, Jul - 2024, Sep) Leading Players
- 4.5 Porter Five Forces Analysis
Chapter 5. Global Healthcare Cognitive Computing Market by Deployment
- 5.1 Global Cloud Market by Region
- 5.2 Global On-Premise Market by Region
Chapter 6. Global Healthcare Cognitive Computing Market by Technology
- 6.1 Global Natural Language Processing Market by Region
- 6.2 Global Machine Learning Market by Region
- 6.3 Global Automated Reasoning Market by Region
- 6.4 Global Information Retrieval Market by Region
Chapter 7. Global Healthcare Cognitive Computing Market by Region
- 7.1 North America Healthcare Cognitive Computing Market
- 7.1.1 North America Healthcare Cognitive Computing Market by Deployment
- 7.1.1.1 North America Cloud Market by Country
- 7.1.1.2 North America On-Premise Market by Country
- 7.1.2 North America Healthcare Cognitive Computing Market by Technology
- 7.1.2.1 North America Natural Language Processing Market by Country
- 7.1.2.2 North America Machine Learning Market by Country
- 7.1.2.3 North America Automated Reasoning Market by Country
- 7.1.2.4 North America Information Retrieval Market by Country
- 7.1.3 North America Healthcare Cognitive Computing Market by Country
- 7.1.3.1 US Healthcare Cognitive Computing Market
- 7.1.3.1.1 US Healthcare Cognitive Computing Market by Deployment
- 7.1.3.1.2 US Healthcare Cognitive Computing Market by Technology
- 7.1.3.2 Canada Healthcare Cognitive Computing Market
- 7.1.3.2.1 Canada Healthcare Cognitive Computing Market by Deployment
- 7.1.3.2.2 Canada Healthcare Cognitive Computing Market by Technology
- 7.1.3.3 Mexico Healthcare Cognitive Computing Market
- 7.1.3.3.1 Mexico Healthcare Cognitive Computing Market by Deployment
- 7.1.3.3.2 Mexico Healthcare Cognitive Computing Market by Technology
- 7.1.3.4 Rest of North America Healthcare Cognitive Computing Market
- 7.1.3.4.1 Rest of North America Healthcare Cognitive Computing Market by Deployment
- 7.1.3.4.2 Rest of North America Healthcare Cognitive Computing Market by Technology
- 7.2 Europe Healthcare Cognitive Computing Market
- 7.2.1 Europe Healthcare Cognitive Computing Market by Deployment
- 7.2.1.1 Europe Cloud Market by Country
- 7.2.1.2 Europe On-Premise Market by Country
- 7.2.2 Europe Healthcare Cognitive Computing Market by Technology
- 7.2.2.1 Europe Natural Language Processing Market by Country
- 7.2.2.2 Europe Machine Learning Market by Country
- 7.2.2.3 Europe Automated Reasoning Market by Country
- 7.2.2.4 Europe Information Retrieval Market by Country
- 7.2.3 Europe Healthcare Cognitive Computing Market by Country
- 7.2.3.1 Germany Healthcare Cognitive Computing Market
- 7.2.3.1.1 Germany Healthcare Cognitive Computing Market by Deployment
- 7.2.3.1.2 Germany Healthcare Cognitive Computing Market by Technology
- 7.2.3.2 UK Healthcare Cognitive Computing Market
- 7.2.3.2.1 UK Healthcare Cognitive Computing Market by Deployment
- 7.2.3.2.2 UK Healthcare Cognitive Computing Market by Technology
- 7.2.3.3 France Healthcare Cognitive Computing Market
- 7.2.3.3.1 France Healthcare Cognitive Computing Market by Deployment
- 7.2.3.3.2 France Healthcare Cognitive Computing Market by Technology
- 7.2.3.4 Russia Healthcare Cognitive Computing Market
- 7.2.3.4.1 Russia Healthcare Cognitive Computing Market by Deployment
- 7.2.3.4.2 Russia Healthcare Cognitive Computing Market by Technology
- 7.2.3.5 Spain Healthcare Cognitive Computing Market
- 7.2.3.5.1 Spain Healthcare Cognitive Computing Market by Deployment
- 7.2.3.5.2 Spain Healthcare Cognitive Computing Market by Technology
- 7.2.3.6 Italy Healthcare Cognitive Computing Market
- 7.2.3.6.1 Italy Healthcare Cognitive Computing Market by Deployment
- 7.2.3.6.2 Italy Healthcare Cognitive Computing Market by Technology
- 7.2.3.7 Rest of Europe Healthcare Cognitive Computing Market
- 7.2.3.7.1 Rest of Europe Healthcare Cognitive Computing Market by Deployment
- 7.2.3.7.2 Rest of Europe Healthcare Cognitive Computing Market by Technology
- 7.3 Asia Pacific Healthcare Cognitive Computing Market
- 7.3.1 Asia Pacific Healthcare Cognitive Computing Market by Deployment
- 7.3.1.1 Asia Pacific Cloud Market by Country
- 7.3.1.2 Asia Pacific On-Premise Market by Country
- 7.3.2 Asia Pacific Healthcare Cognitive Computing Market by Technology
- 7.3.2.1 Asia Pacific Natural Language Processing Market by Country
- 7.3.2.2 Asia Pacific Machine Learning Market by Country
- 7.3.2.3 Asia Pacific Automated Reasoning Market by Country
- 7.3.2.4 Asia Pacific Information Retrieval Market by Country
- 7.3.3 Asia Pacific Healthcare Cognitive Computing Market by Country
- 7.3.3.1 China Healthcare Cognitive Computing Market
- 7.3.3.1.1 China Healthcare Cognitive Computing Market by Deployment
- 7.3.3.1.2 China Healthcare Cognitive Computing Market by Technology
- 7.3.3.2 Japan Healthcare Cognitive Computing Market
- 7.3.3.2.1 Japan Healthcare Cognitive Computing Market by Deployment
- 7.3.3.2.2 Japan Healthcare Cognitive Computing Market by Technology
- 7.3.3.3 India Healthcare Cognitive Computing Market
- 7.3.3.3.1 India Healthcare Cognitive Computing Market by Deployment
- 7.3.3.3.2 India Healthcare Cognitive Computing Market by Technology
- 7.3.3.4 South Korea Healthcare Cognitive Computing Market
- 7.3.3.4.1 South Korea Healthcare Cognitive Computing Market by Deployment
- 7.3.3.4.2 South Korea Healthcare Cognitive Computing Market by Technology
- 7.3.3.5 Singapore Healthcare Cognitive Computing Market
- 7.3.3.5.1 Singapore Healthcare Cognitive Computing Market by Deployment
- 7.3.3.5.2 Singapore Healthcare Cognitive Computing Market by Technology
- 7.3.3.6 Malaysia Healthcare Cognitive Computing Market
- 7.3.3.6.1 Malaysia Healthcare Cognitive Computing Market by Deployment
- 7.3.3.6.2 Malaysia Healthcare Cognitive Computing Market by Technology
- 7.3.3.7 Rest of Asia Pacific Healthcare Cognitive Computing Market
- 7.3.3.7.1 Rest of Asia Pacific Healthcare Cognitive Computing Market by Deployment
- 7.3.3.7.2 Rest of Asia Pacific Healthcare Cognitive Computing Market by Technology
- 7.4 LAMEA Healthcare Cognitive Computing Market
- 7.4.1 LAMEA Healthcare Cognitive Computing Market by Deployment
- 7.4.1.1 LAMEA Cloud Market by Country
- 7.4.1.2 LAMEA On-Premise Market by Country
- 7.4.2 LAMEA Healthcare Cognitive Computing Market by Technology
- 7.4.2.1 LAMEA Natural Language Processing Market by Country
- 7.4.2.2 LAMEA Machine Learning Market by Country
- 7.4.2.3 LAMEA Automated Reasoning Market by Country
- 7.4.2.4 LAMEA Information Retrieval Market by Country
- 7.4.3 LAMEA Healthcare Cognitive Computing Market by Country
- 7.4.3.1 Brazil Healthcare Cognitive Computing Market
- 7.4.3.1.1 Brazil Healthcare Cognitive Computing Market by Deployment
- 7.4.3.1.2 Brazil Healthcare Cognitive Computing Market by Technology
- 7.4.3.2 Argentina Healthcare Cognitive Computing Market
- 7.4.3.2.1 Argentina Healthcare Cognitive Computing Market by Deployment
- 7.4.3.2.2 Argentina Healthcare Cognitive Computing Market by Technology
- 7.4.3.3 UAE Healthcare Cognitive Computing Market
- 7.4.3.3.1 UAE Healthcare Cognitive Computing Market by Deployment
- 7.4.3.3.2 UAE Healthcare Cognitive Computing Market by Technology
- 7.4.3.4 Saudi Arabia Healthcare Cognitive Computing Market
- 7.4.3.4.1 Saudi Arabia Healthcare Cognitive Computing Market by Deployment
- 7.4.3.4.2 Saudi Arabia Healthcare Cognitive Computing Market by Technology
- 7.4.3.5 South Africa Healthcare Cognitive Computing Market
- 7.4.3.5.1 South Africa Healthcare Cognitive Computing Market by Deployment
- 7.4.3.5.2 South Africa Healthcare Cognitive Computing Market by Technology
- 7.4.3.6 Nigeria Healthcare Cognitive Computing Market
- 7.4.3.6.1 Nigeria Healthcare Cognitive Computing Market by Deployment
- 7.4.3.6.2 Nigeria Healthcare Cognitive Computing Market by Technology
- 7.4.3.7 Rest of LAMEA Healthcare Cognitive Computing Market
- 7.4.3.7.1 Rest of LAMEA Healthcare Cognitive Computing Market by Deployment
- 7.4.3.7.2 Rest of LAMEA Healthcare Cognitive Computing Market by Technology
Chapter 8. Company Profiles
- 8.1 Microsoft Corporation
- 8.1.1 Company Overview
- 8.1.2 Financial Analysis
- 8.1.3 Segmental and Regional Analysis
- 8.1.4 Research & Development Expenses
- 8.1.5 Recent strategies and developments:
- 8.1.5.1 Partnerships, Collaborations, and Agreements:
- 8.1.5.2 Product Launches and Product Expansions:
- 8.1.6 SWOT Analysis
- 8.2 IBM Corporation
- 8.2.1 Company Overview
- 8.2.2 Financial Analysis
- 8.2.3 Regional & Segmental Analysis
- 8.2.4 Research & Development Expenses
- 8.2.5 Recent strategies and developments:
- 8.2.5.1 Partnerships, Collaborations, and Agreements:
- 8.2.5.2 Product Launches and Product Expansions:
- 8.2.5.3 Acquisition and Mergers:
- 8.2.6 SWOT Analysis
- 8.3 GE HealthCare Technologies, Inc.
- 8.3.1 Company Overview
- 8.3.2 Financial Analysis
- 8.3.3 Segmental and Regional Analysis
- 8.3.4 Research & Development Expenses
- 8.3.5 Recent strategies and developments:
- 8.3.5.1 Partnerships, Collaborations, and Agreements:
- 8.3.6 SWOT Analysis
- 8.4 Oracle Corporation
- 8.4.1 Company Overview
- 8.4.2 Financial Analysis
- 8.4.3 Segmental and Regional Analysis
- 8.4.4 Research & Development Expense
- 8.4.5 Recent strategies and developments:
- 8.4.5.1 Partnerships, Collaborations, and Agreements:
- 8.4.5.2 Acquisition and Mergers:
- 8.4.6 SWOT Analysis
- 8.5 Cisco Systems, Inc.
- 8.5.1 Company Overview
- 8.5.2 Financial Analysis
- 8.5.3 Regional Analysis
- 8.5.4 Research & Development Expense
- 8.5.5 Recent strategies and developments:
- 8.5.5.1 Partnerships, Collaborations, and Agreements:
- 8.5.5.2 Acquisition and Mergers:
- 8.5.6 SWOT Analysis
- 8.6 Amazon Web Services, Inc. (Amazon.com, Inc.)
- 8.6.1 Company Overview
- 8.6.2 Financial Analysis
- 8.6.3 Segmental Analysis
- 8.6.4 Recent strategies and developments:
- 8.6.4.1 Partnerships, Collaborations, and Agreements:
- 8.6.5 SWOT Analysis
- 8.7 NVIDIA Corporation
- 8.7.1 Company Overview
- 8.7.2 Financial Analysis
- 8.7.3 Segmental and Regional Analysis
- 8.7.4 Research & Development Expenses
- 8.7.5 Recent strategies and developments:
- 8.7.5.1 Partnerships, Collaborations, and Agreements:
- 8.7.5.2 Product Launches and Product Expansions:
- 8.7.6 SWOT Analysis
- 8.8 Intel Corporation
- 8.8.1 Company Overview
- 8.8.2 Financial Analysis
- 8.8.3 Segmental and Regional Analysis
- 8.8.4 Research & Development Expenses
- 8.8.5 Recent strategies and developments:
- 8.8.5.1 Acquisition and Mergers:
- 8.8.6 SWOT Analysis
- 8.9 Medtronic PLC
- 8.9.1 Company overview
- 8.9.2 Financial Analysis
- 8.9.3 Segmental and Regional Analysis
- 8.9.4 Research & Development Expenses
- 8.9.5 SWOT Analysis
- 8.10. Google LLC (Alphabet Inc.)
- 8.10.1 Company Overview
- 8.10.2 Financial Analysis
- 8.10.3 Segmental and Regional Analysis
- 8.10.4 Research & Development Expense
- 8.10.5 Recent strategies and developments:
- 8.10.5.1 Partnerships, Collaborations, and Agreements:
- 8.10.5.2 Product Launches and Product Expansions:
- 8.10.6 SWOT Analysis
Chapter 9. Winning Imperatives for Healthcare Cognitive Computing Market