The global cognitive assessment and training market size is expected to reach USD 15.65 Billion at a steady CAGR of 20.3% in 2028, according to latest analysis by Emergen Research.
Increasing awareness regarding the advantages of maintaining good brain fitness is among some of the key factors driving growth of the cognitive assessment and training market. Cognitive assessment and training is not limited to adults, and is also a tool for use with children with learning disabilities such as dyslexia. Cognitive assessment and training tools have been in use for older individuals among the population suffering from vision and dementia problems.
Rising popularity of gamification is propelling growth of the market to a significant extent. Feedback on gamification from candidates, employers, and psychologists has been very positive and game features are being incorporated into cognitive tasks without undermining data quality, scientific value, and intervention effects, thereby improving participant engagement. Game-based assessments such as psychometric tests are used in the hiring process to assess a candidate’s skills. However, unlike various aptitude tests, these assessments are quick and engaging due to the game format.
Major players in the market are focused on developing mobile software and applications based on advanced technologies such as Machine Learning (ML) and Artificial Intelligence (AI). Rising usage of advanced technologies in cognitive assessment and training is spurring market growth. Negative publicity and media reports related to the efficiency of brain training is a key factor expected to hamper growth of the market to a certain extent going ahead.
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Based on the competitive landscape, the market report analyses the key companies operating in the industry:
Quest Diagnostics, BrainWare, MeritTrac, Cambridge Cognition, Pearson, MedAvante-ProPhase, Cogstate, Winterlight Labs, Philips, and Signant Health.
The report offers precise information about pricing, capacity, value, gross revenue, and profit of the market. The primary aim of the report is to offer in depth details about market size, revenue growth and overall market dynamics to readers, stakeholders, companies to strengthen their share in the global Cognitive Assessment and Training market. It also provides in depth information about key factors, restraints, limitations, challenges along with various market segmentations such as product type, application and regional bifurcation.
Further key findings from the report suggest
- In February 2021, Shift Concussion Management Guelph and VoxNeuro announced their entering into partnership, which enabled the addition of objective brain health data to the former’s concussion management program. Shift Concussion Management Guelph, which is the founder of ‘Shift Concussion Management Program’, joined VoxNeuro’s growing clinical network as a test center and treatment provider in Southern Ontario, Canada. VoxNeuro provides the world’s first objective brain health assessment that goes beyond a diagnosis.
- Among the application segments, the clinical trials segment accounted for largest share in 2020. Identification and assessment of cognitive changes and ability to diagnose and reduce the chance of developing brain disease in a patient are features that are resulting in development of new solutions and programs and driving revenue growth of this segment.
- Clinical trial data solutions company, ERT, partnered with Cogstate in August 2020 to expand its capabilities in its electronic Clinical Outcome Assessment (eCOA) tool. ERT is focusing on improving the safety and efficacy of eCOA with digital cognitive endpoint measurement in clinical trials and at-home testing.
- Education segment revenue is expected to register the highest rate during the forecast period. Surge in demand for such solutions and programs is due to rising concerns among educators to properly understand a student’s learning ability and thought process and prepare study materials to develop important life skills for future growth of a student.
- North America accounted for largest revenue share in 2020 due to increasing geriatric population and patients suffering from dementia in countries in the region. The U.S. government has been investing significantly in research and development of solutions for mental diseases and conditions, which is propelling growth of the market to a significant extent.
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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)
- Solutions
- Assessment
- Data Management
- Data Analysis and Reporting
- Cognitive Training
- Others (Rater Training, Concussion Management, and Screening Solutions)
- Services
- Training and Support
- Consulting
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
- Learning
- Research
- Others (Diagnostics, Recruitment and Patient Engagement)
End-use Outlook (Revenue, USD Billion; 2018–2028)
-
- Healthcare and Life Sciences
- Education
- Corporate
- Others (Sports and Government & Defense)
The study segments the Cognitive Assessment and Training industry in light of major classification such as product type, potential markets, application, and end-user. This industry assessment for the forecast period, 2021 – 2028 incorporates projections pertaining to the investment feasibility, gross margin, profits, consumption volume, production capability and major market vendors. Likewise, statistics associated with the competitive landscape, shifting consumer behaviour and spending power is showcased and well-explained with the help of treasured resources such as charts, graphs and graphic images, which can be easily incorporated in the business or corporate presentations.
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Market Dynamics:
The report offers insightful information about the market dynamics of the Cognitive Assessment and Training market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Cognitive Assessment and Training market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Cognitive Assessment and Training market.
Key point summary of the report:
- The report offers a comprehensive overview of the market size, share, and growth rate in the forecast duration.
- It provides details about current scenario, historical data, giving an accurate market forecast for the coming years.
- The study categorizes the market on the basis of product types, applications, end users, market value and volume, business verticals, and 5 major regions.
- It also offers regional market analysis and forecast for prominent geographies in the sector viz., North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
- Industry supply chain, sourcing strategy, upstream feedstock, and downstream demand analysis has also been undertaken in the research report.
- The study offers a comprehensive understanding of the demand and supply dynamics, including production and consumption rates, and mapping of the overall market.
- The report employs different analytical tools including, SWOT analysis, Porter’s five forces analysis, and pricing analysis, to give precise market information.
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