2014-02-07 01:05:02 - Cognitive Assessment and Training Market - Worldwide Market Forecasts and Analysis (2013-2018) - a new market research report on companiesandmarkets.com
The global cognitive assessment and training market is forecast to total revenues of US$5,721.2 million by 2018. The major forces driving this market are the growth in aging population, accessibility of tests, global research environment and increased healthcare spending. Hence, the adoption of cognitive assessment and training solutions is increasing. Also, educational institutions, end consumers and other verticals apart from healthcare are expected to adopt solutions for cognitive assessment and training because of growing need to monitor, assess, train, or enhance cognitive functions of individuals for multiple use cases.Solution providers such as Pearson Assessments, Cogstate, Cambridge Cognition, Lumosity, Posit Science, Bracket Global, CNS Vital Signs and many others are expected to continue to leverage opportunities across multiple regions via providing
innovative cognitive assessment and training solutions. End customers, medical practitioners, and educational professionals will remain the major market for cognitive assessment and training solutions.The Cognitive Assessment and Training Market is estimated to grow from $1,711.2 million in 2013 to $5,721.2 million in 2018, at a Compound Annual Growth Rate (CAGR) of 27.3% from 2013 to 2018. In the current scenario, healthcare vertical continues to be the largest contributor for cognitive assessment and training solutions. In terms of regions, North America is expected to be the biggest market in terms of revenue contribution, while the APAC region is expected to experience increased market traction, in due course.Analysts expect healthcare will account for the largest market share throughout the forecast period. However, there are a few revenue pockets, namely pharmaceutical, sports, and defence that will witness significant growth in this period.Majority of the challenges in this market are specific to the constant research required and increasing need for tests in multiple languages because in order to build tests that can cater to verticals such as healthcare, education, pharmaceutical, as well as for applications such as cognitive training, employers´ assessment and training, uninterrupted funding in research is needed to build and improve tests, which are adaptable and can give flawless subjective results and recommendations to each individual. Also, for companies catering to sectors such as healthcare, education, pharmaceutical, and HR, global expansion on a large scale is only possible if they have a portfolio of tests present in multiple languages so that they can cater to specific requirements of each individual or organization present anywhere across the globe.
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