The European market for health care cognitive computing is expected to grow at a CAGR of 33.4% between 2017-2023, to cross $4.0 billion by 2023. The growth in the European healthcare cognitive computing market is mainly led by growing geriatric population and increasing partnerships between healthcare providers, government agencies, and market players in the region. The U.K. has been the largest market in the region for healthcare cognitive computing, and is estimated to contribute share of 39.1% to the regional healthcare cognitive computing market in 2017, on account of the increasing adoption of cognitive computing by the healthcare providers in the country. During the forecast period the healthcare cognitive computing industry in France is expected to witness fastest growth in demand.
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Insights on market segments
End-users in the healthcare cognitive computing market include healthcare providers, pharmaceutical companies, medical device companies, healthcare payers, and several others such as research institutions and CROs. Although cognitive computing in healthcare is being used by various healthcare professionals, but it is the healthcare providers category, which is expected to witness fastest growth in demand during the forecast period. Healthcare providers are expected to lead the global market, occupying a 44.5% share, in 2017. This growth in demand can be attributed to increased usage of cognitive platforms for the detection and treatment of rare diseases. For instance, in October 2016, Rhön-Klinikum AG, a private hospital group in Germany, teamed up with IBM Corporation on a 12-month pilot project to help detect rare diseases and find their cure using the IBM’s Watson platform.
Increasing burden of chronic diseases is driving the market
Increasing burden of chronic diseases is driving the healthcare cognitive computing market, with the rising need to manage complex and large volume of data. Complex diagnosis and treatment options of these diseases have enabled the market players to develop various cognitive computing solutions to enable faster and effective decisions by healthcare providers. Companies such as IBM Corporation are increasingly collaborating with public organizations to address the concern of chronic diseases such as diabetes and cancer, since these diseases have witnessed a significant increase, over a period.
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Key players are partnering with other firms to improve their position in the market
The major player in the healthcare cognitive computing market are partnering with other firms to improve their position in the market. For instance, in November 2017, Royal Philips, a provider of healthcare technology, and Nuance Communications Inc., a voice and language solutions company that provides 70% of radiology reports in the U.S., announced that the companies would together bring AI-based image interpretation and reporting capabilities to radiologists. They announced that their initiative would leverage assets from Philips Illumeo with adaptive intelligence and Nuance PowerScribe 360 to help reduce discrepancies and improve radiology reporting, accuracy, and standardization.
Some of the other key players operating in the healthcare cognitive computing market include Enterra Solutions, LLC, Intel Corporation, Alphabet Inc., Hewlett Packard Enterprise (HPE), Nuance Communications, Inc., CognitiveScale, Healthcare X.0 GmbH, and MedWhat.com Inc.
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