NEW YORK, May 25, 2018 (GLOBE NEWSWIRE) -- The healthcare cognitive computing market size is projected to cross $13.3 billion by 2023, growing at a CAGR of 34.0% during 2017-2023. The growth in the healthcare cognitive computing industry size will be led by increasing burden of chronic diseases, technological advancements in the healthcare industry encouraging the use of cognitive computing in healthcare, and rising adoption of third computing platforms.
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Increasing burden of chronic diseases is driving the healthcare cognitive computing market, with the rising need to manage complex and large volume of data. Complex diagnosis and treatment options of these diseases have enabled the market players to develop various cognitive computing solutions to enable faster and effective decisions by healthcare providers. Companies such as IBM Corporation are increasingly collaborating with public organizations to address the concern of chronic diseases such as diabetes and cancer, since these diseases have witnessed a significant increase, over a period.
The healthcare market is characterized by increasing adoption of cognitive computing technology for research related to various chronic diseases. This increasing adoption has allowed the healthcare cognitive computing market players to enter into partnership with several research institutes for the testing and implementation of cognitive computing solutions offered by them. For instance, in November 2017, Royal Philips, a global provider of healthcare technology, and Nuance Communications Inc., an intelligent voice and language solutions company that provides 70% of radiology reports in the U.S., announced that the companies would together bring AI-based image interpretation and reporting capabilities to radiologists. They announced that their initiative would leverage assets from Philips Illumeo with adaptive intelligence and Nuance PowerScribe 360 to help reduce discrepancies and improve radiology reporting, accuracy and standardization.
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The healthcare cognitive computing market in LATAM is growing at a fast pace because of the growing aging population and rising healthcare expenditure in the region. Brazil spends a major portion of its GDP on the development of the healthcare and health insurance system. The healthcare infrastructure in Mexico is also expected to grow at a considerable rate, due to the improving healthcare infrastructure. Thus, the growing healthcare industry in the emerging countries of LATAM is creating ample growth opportunities for the computing companies to invest in the healthcare cognitive computing market in the region.
Some of the other key players operating in the healthcare cognitive computing market include Intel Corporation, Enterra Solutions, LLC, Hewlett Packard Enterprise (HPE), Alphabet Inc., CognitiveScale, Healthcare X.0 GmbH, MedWhat.com Inc. and Nuance Communications, Inc.
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