Cognitive Assessment and Training Market

Cognitive assessment and Training Market Size & Growth (2021 - 2026)

The global cognitive assessment and training market represented US$ 2.8 billion in 2019, and it is estimated to expand with a stunning CAGR of 31.10% during the forecast period from 2020 to 2025.

Cognitive assessment and training is a technique to assess IQ or intelligence level, perceptual skills, verbal and nonverbal skills, and other parameters. This test is used to detect symptoms of cognitive decline in patients. The factors that contribute to the growth of the market are the increase in the geriatric population, awareness of the physical condition of the brain, technological advances, among others.

The analysis obtained after the cognitive evaluation is useful for various functions, such as the cognitive training of individuals, the early detection of dementia among the population, sports management and others. Multiple tools are used to identify individuals who may need further evaluation, and these tests are currently widely used by organizations as part of the recruitment process. This process is used to assess a candidate's competence and aptitude for a position, as well as to predict his future performance, and these are the main characteristics that give rise to the market for cognitive evaluation and training.

Recent developments:

• In October 2016, Quest Diagnostics and IBM Watson Health jointly launched IBM Watson Genomics. Quest Diagnostics uses IBM cognitive computing to help doctors provide cancer treatment.

• In January 2017, Cambridge Cognition joined CPT, a trust intended to develop new treatments for Parkinson's disease. Thanks to this partnership, Cambridge Cognition has chosen CPT as its beneficiary, Charity of the Year 2017. All funds raised in 2017 will support CPT's research work.

• In December 2016, ERT acquired an England-based clinical trial provider, Exco InTouch. The company focuses on patient engagement and data collection through mobile apps, which support ERT eCOA by offering patient-focused solutions.

Market growth and trends:

The number of clinical trials is expected to increase to the highest CAGR during the forecast period. Cognitive assessment and training solutions help detect even subtle signs of cognitive decline at an early stage due to age, neural disorders, and their drug treatments.

Cognitive assessment solutions are widely used to improve clinical research and development. The inclusion of computerized cognitive tests in the first phase of clinical trials identifies cognitive changes.

Cognitive assessment and training solutions have also found application in the field of education. Education-related companies such as Pearson Evaluation and Houghton Mifflin Harcourt have established a strong presence in various regions to provide a range of assessment and learning services.

Cognitive assessment and training exercises are used by a wide range of employers to make hiring decisions or to improve the mental performance of their employees. Furthermore, brain training includes intense cognitive and psychological exercises to focus and work on essential brain cognitive skills such as reading, writing, learning, memorizing, and reasoning. People's increased awareness of brain health has made brain training an attractive exercise that focuses on improving poor cognitive skills.

Market Drivers and Restraints:

The increasing demand for brain training in the next generation population, the growing aging of the people and the ongoing technological advances in the health care industry are the main drivers of cognitive assessment and training market. In addition, dementia is one of the leading neurological diseases in the world, and the ability of these solutions to detect such neurological disorders is fueling the market growth. However, strict government regulations on global and negative advertising on the effectiveness of brain training are hampering the market growth. Besides, the growing demand for better brain fitness and an increasing number of industry players, resulting in increased competition for value-added solutions, should offer great opportunities for cognitive assessment and the training market.

However, the time limitation in the development of clinically validated brain fitness software, negative media publicity on the effectiveness of brain training, and strict government regulations worldwide are hampering the business expansion.

COGNITIVE ASSESSMENT AND TRAINING MARKET REPORT COVERAGE:

Market segmentation:

Cognitive assessment and Training Market - By Assessment Type:

the global market is separated as pen & paper based assessment, hosted assessment and biometrics assessment. The pen & paper based assessment accounted for the dominant share in the worldwide business in the review period.

Cognitive assessment and Training Market - By Component:

• Solutions
• Services.

The solutions segment is subdivided into the evaluation, data management, project management, data analysis and reporting, etc.

The services segment is divided into training, support and advice. Of these, the solutions segment accounts for a notable share that is likely to expand in the foreseen years.

Cognitive assessment and Training Market - By Application:

the global market for cognitive assessment and training is segmented into clinical trials, classroom learning, corporate learning, brain training, research, etc. The clinical trials are among the major segments of this business and are estimated to account for a considerable portion in the global revenue in future.

Cognitive assessment and Training Market - By Vertical:

the global market for cognitive assessment and training is more segmented in education, healthcare, business, sports, defense and pharmaceuticals. The education sector is foreseen to register the most substantial chunk of the global cognitive assessment and training market size.

Regional Analysis:

Based on geographical segmentation, the Global Cognitive Assessment and Training Market is studied in North America, South America, Europe, Asia-Pacific, the Middle East and Africa. In 2017, North America dominated the worldwide market.

North America is a leader in the cognitive assessment and training market due to the broad base of elderly and dementia patients. The increasing incidence of neurological diseases and the growing adoption of these techniques in schools and universities due to the proliferation of smartphones and tablets may also stimulate demand in the Asia-Pacific region and the Middle East and Africa. Europe is foreseen to experience sustained demand due to the growth of the education sector.

Key market players:

The main players described in the global cognitive assessment and training market are Cambridge Cognition Ltd., Cogstate Ltd., MedAvante Inc., ProPhase LLC, Neurocog Trials Inc., Quest Diagnostics Inc., ProPhase LLC, Eresearchtechnology Inc. and Gompf Brackets Inc. Current and future market trends are described to determine the overall attractiveness of the market.