Cognitive Assessment and Training Market is Projected to Expand at a noteworthy CAGR of 27.4% through 2034

The global cognitive assessment and training market is expected to be worth US$ 2.04 billion in 2022, representing a 16.5% year-on-year growth rate from 2021. By the end of the 2022–2032 assessment period, the market is expected to be worth US$ 9.4 billion.

As the industry shifts toward electronic data collection, guidelines on the recommended approach for establishing similarity between an electronic version of a clinician-administered measure and the paper version are being developed. Over the next decade, the industry is expected to grow more than fourfold.

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The adoption of electronic devices for collecting clinical electronic data, combined with increasing digitization in the healthcare sector, has provided significant momentum to the growth of the global cognitive assessment & training market in recent years.

During the COVID-19 pandemic, the use of work-from-home initiatives, eLearning, and eHealth significantly increased the demand for cognitive assessment and training solutions. Given the negative psychological impact patients have experienced post-infection, tracking cognitive abilities has become an important assessment exercise for healthcare professionals.

Advances in IT systems and healthcare technologies have played an important role in fueling the growth of cognitive assessment solutions in many developed and developing countries.

Key Takeaways:

Global market for cognitive assessment and training to be valued at over US$ 2 Bn in 2022
Revenue from cognitive assessment and training software to account for 70% of the global market
Healthcare industry to emerge as one of the primary end users, expanding at a whopping 20% CAGR
Mobile & tablet based cognitive assessment and training software to accumulate 3/5th revenue
North America to comprise 42% revenue in the market for cognitive assessment and training
South Asia & Oceania to experience a CAGR of 19% from 2022 to 2032
East Asia to experience a CAGR worth 16% with respect to cognitive assessment and training demand

Growth Drivers:

Gamification is a relatively new trend that focuses on applying game mechanics to non-game contexts in order to engage audiences and inject some fun into mundane activities while also providing motivational and cognitive benefits.

Businesses across multiple industries are planning to deploy a wide range of cognitive assessment and training solutions to conduct assessments and track and improve brain health. The market is experiencing significant growth as a result of the growing emphasis on mental health and the ability of cognitive assessment and training solutions to be leveraged virtually.

Key Restraints:

Companies are attempting to improve brain fitness by increasing the number of solutions and applications for enhancing neuroplasticity. However, after developing brain training solutions, companies must obtain clinical approvals before releasing their products for human use. Because it takes a year to develop a clinically validated brain fitness solution, the cognitive assessment and training market is not growing as quickly as it could.

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Market Segmentations
By Component : Software, Services, Training & Support, Consulting
By Application : Clinical Trials, Screening & Diagnostics, Employee Training & Development Programs, Academic Learning, Others
By End-Use Vertical : Healthcare & Life Sciences, Corporate, Education, Others (Military & Defense, Sports, etc.)
By Region : North America, Latin America, Europe, East Asia, South Asia & Oceania, Middle East & Africa

Competitive Landscape:

To improve and expand their market results and product offerings, businesses are focusing on technological innovations and new product launches.

In June 2020, ERT acquired APDM Wearable Technologies with the goal of reinventing endpoint measurement in clinical trials. Both companies will generate more accurate and powerful data, allowing clinical trials to be more predictable, cost-effective, and efficient.

In February 2021, Shift Concussion Management Guelph and VoxNeuro announced their partnership, which will allow the former’s concussion management program to include objective brain health data. The world’s first objective brain health assessment that goes beyond diagnosis is provided by VoxNeuro.