Sales of Cognitive Assessment & Training Market to Multiply 4.7X Through 2030

The sales of cognitive assessment & training market size was pegged at over US$ 1.5Bn in 2019 and is expected to witness a dexterous growth rate of over 16.5% during the forecast period (2020-2030). The adoption of electronic devices for collecting clinical electronic data coupled with increasing digitization in healthcare sector has given a huge momentum to growth of global cognitive assessment & training market over the historical years. The use of mobile devices in the healthcare sector and continuous developments & investments in clinical trial activities are also anticipated to leverage the cognitive assessment training market.

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The overall growth projection of the global cognitive assessment & training market is expected to be on a lower trajectory than the previous forecast due to the ongoing COVID-19 pandemic. During the second quarter of 2020, an increment in sales of this software is anticipated as a result of increasing prevalence of mental disorders and increasing per capita spending on mental health. After the dissipation of the pandemic, demand for cognitive assessment testing across the globe will continue to increase, not only among the younger generation, but also among the widely expanding geriatric population pool.

Key Trends of Global Cognitive Assessment & Training Market Study:

• Currently, the software segment holds more than 2/3^rd market share and is anticipated to create an absolute $ opportunity of more than US$ 3 Bn over the long-term forecast period.
• Adoption of cognitive assessment & training tools in the mobile & tablet segment has witnessed a significant increase over the historical years, projected to account for more than 60% of the market by 2020.
• Better healthcare infrastructure coupled with high presence of cognitive assessment & training providers has supported the strong sales of these tools in North America and Europe. However, Asia Pacific is expected to witness a strong growth rate owing to higher awareness around mental health.
• The fintech applications of IoT are anticipated to be seen across developed as well as developing countries. Increasing use of smart phones and evolving applications on social media platforms, gaming, calling, web browsing has led to high depression  among millennials as well as baby boomers. Thus, the demand for cognitive assessment tools is expected to increase in the near future.

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Market Segments

The global cognitive assessment & training market is segmented on the basis of component, type, end-user, and region.

Component

• Software
• Services
  • Training
  • Consulting
  • Support & Maintenance

Type

• Personal Computer (PC)
• Mobile & Tablet

End-User

• Healthcare
• Research Organization
• Education
• Others

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Growth of Paid Subscribers to Pave Way for Exciting Market Prospects

The global cognitive assessment & training market is consolidated in nature. The tier 1 players held more than 50% share in 2019. After the end of COVID-19, the global market for cognitive assessment is likely to create a plethora of market opportunities for existing as well as new entrants on the back of increasing number of paid subscribers. With the industry shifting toward electronic data collection and cloud based solutions, the key players are greatly emphasizing on introducing new platforms to create new growth avenues in the high potential markets.

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