Cognitive Assessment and Training Market Size, Share, Industry Growth, Trend, Business Opportunities, Challenges, Drivers and Restraint Research Report by 2028
According to the most recent report by Emergen Research, the size of the global cognitive assessment and training market is anticipated to reach USD 15.65 billion in 2028 at a consistent CAGR of 20.3%.
One of the main factors propelling the growth of the cognitive assessment and training market is an increase in knowledge of the benefits of maintaining excellent brain fitness. Children with learning problems like dyslexia can benefit from cognitive testing and training, which is not just for adults. The community of older people with eyesight and dementia issues has been using cognitive testing and training techniques.
Gamification’s growing popularity is significantly accelerating market expansion. Gamification has received overwhelmingly positive feedback from candidates, employers, and psychologists. Game elements are being incorporated into cognitive tasks without compromising the accuracy of the data, the significance of the research, or the effectiveness of the interventions, which increases participant engagement. In order to evaluate a candidate’s abilities, game-based tests like psychometric tests are utilised in the hiring process. However, due to the game style, these examinations are brief and entertaining in contrast to other aptitude tests.
The primary market participants are concentrating on creating mobile software and applications using cutting-edge technologies like Machine Learning (ML) and Artificial Intelligence (AI). The increased use of cutting-edge technologies in cognitive training and assessment is driving market expansion. Negative publicity and media reports about the effectiveness of brain training are a major factor that are anticipated to restrain market growth in the future to some extent.
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Some Key Highlights from the Report
VoxNeuro and Shift Concussion Management Guelph announced their agreement in February 2021, enabling the latter to bring objective data on brain health to the former’s concussion management programme. A test centre and treatment provider in Southern Ontario, Canada, Shift Concussion Management Guelph, the creator of the “Shift Concussion Management Program,” has joined VoxNeuro’s expanding clinical network. The first objective assessment of brain health that goes beyond a diagnosis is offered by VoxNeuro.
Clinical trials accounted for the greatest share among the application segments in 2020. Features that are leading to the development of new solutions and programmes and driving revenue growth of this category include the identification and assessment of cognitive changes, the capacity to detect and lower the likelihood that a patient would acquire brain disease, and other capabilities.
In order to increase the functionality of its electronic Clinical Outcome Assessment (eCOA) tool, the firm ERT that provides clinical trial data solutions joined with Cogstate in August 2020. Digital cognitive endpoint measurement in clinical trials and at-home testing is the main focus of ERT’s efforts to increase the safety and effectiveness of eCOA.
Revenue from the education sector is anticipated to grow at the fastest rate throughout the projection period. The increased need for these programmes and solutions is a result of educators’ growing worries about developing study materials that will help students build crucial life skills for their future development.
Due to the region’s growing elderly population and patients with dementia, North America’s revenue share was the greatest in 2020. The U.S. government has been making large investments in research and development of treatments for mental illnesses and ailments, which is greatly accelerating market growth.
Quest Diagnostics, BrainWare, MeritTrac, Cambridge Cognition, Pearson, MedAvante-ProPhase, Cogstate, Winterlight Labs, Philips, and Signant Health are important market participants.
Emergen Research has segmented the global cognitive assessment and training market on the basis of component, organization size, application, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
- Data Management
- Data Analysis and Reporting
- Cognitive Training
- Others (Rater Training, Concussion Management, and Screening Solutions)
- Training and Support
Organization Size Outlook (Revenue, USD Billion; 2018–2028)
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
Application Outlook (Revenue, USD Billion; 2018–2028)
- Clinical Trials
- Others (Diagnostics, Recruitment and Patient Engagement)
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Healthcare and Life Sciences
- Others (Sports and Government & Defense)
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest Of MEA
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