Around the world, the number of clinical trials and drugs being discovered is increasing, which is leading to the generation of massive volumes of data. To assimilate and analyze all this data to understand the medical condition of patients and offer effective therapy, the use of machine learning, natural language processing (NLP), information retrieval, and automated reasoning is rising around the world. Numerous hospitals in Europe and North America have already integrated these advanced technologies in their operations. For instance, the Roald Dahl Foundation, which is a charity organization, and Alder Hey Children’s Hospital adopted these solutions in May 2016.
Thus, with the rising incorporation of these technologies in patient care, the healthcare cognitive computing market, which valued $1,722.0 million in 2017, is projected to grow to $13,300.0 million by 2024, at a CAGR of 34.0% during 2018–2024 (forecast period). Among the above mentioned technologies, NLP is the most widely used, and its integration rate in healthcare settings would also rise the fastest in the coming years. This is attributed to the ability of this cognitive computing technology to convert human speech to computer language, which ultimately results in better patient care.
All such cognitive computing technologies can be deployed on the site or on the cloud, of which cloud has been the preferred deployment mode for the majority of the entities in the healthcare niche. This is because cloud is cheaper, as it requires none of the expensive and hard-to-maintain on-premises servers. Moreover, cloud platforms allow companies to store huge volumes of data at low costs, with the users being able to increase or decrease the storage space as per requirement. In addition, with cloud, the data can be accessed from anywhere, anytime, provided that the device has an internet connection.
Presently, the flag bearer of the healthcare cognitive computing market is North America, on account of the rapid drug development being pursued by the major pharmaceutical companies, increasing spending on healthcare, growing geriatric population, and surging number of hospitals. Additionally, technology companies, medical research firms, and healthcare providers are rapidly entering into collaborations, regarding the various cognitive computing technologies. In the immediate future, though the net adoption of the technologies will be highest here, the fastest rise in their procurement will be seen in Asia-Pacific (APAC), for almost similar reasons as in North America.
Thus, with advancements in the healthcare ecosystem, the use of cognitive computing will continue growing.
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