Press Release

According to the study published by Astute Analytica, the US Cognitive Assessment Market is registering a growth at a CAGR of 28.7% over the projection period 2022-2027. The market was valued at US$ 724 Million in 2021 and is estimated to reach US$ 3,283.8 Million by the end of 2027. The market is majorly driven by the growing adoption of gamification for cognitive assessment. More than 16 million people in the United States are living with cognitive impairment.

Market Snapshot:

A cognitive assessment is an examination conducted to determine level of cognitive function in a person. There are several reasons to perform such an exam, and this test can be administered by a mental health professional, neurologist, or education professional, depending on how it is to be used. In this type of assessment, the subject will be asked to complete a series of tasks that require cognitive skills. Exams may be broken up into several different components to test things like reasoning, understanding language, and so forth. Cognitive assessment tests are performed for testing cognitive impairment, for management of mental illness, to determine whether a patient is experiencing any problems as a side effect of psychiatric medication and so on. Further, these assessments can be used by education professionals to evaluate students. 

Market Dynamics

Drivers:

Gamification is a new trend which focuses on applying game mechanics to non-game contexts. This helps people to adopt positive behavioral changes. The healthcare industry has witnessed a rapid adoption of gamification in monitoring and assessing health. Such games help individuals to perform self-health monitoring and motivates them to adopt healthy practices. Moreover, various gaming tools have been developed for training and testing people suffering from ADHD and other disorders. Also, ADHD patients mostly find computer games very appealing, as they provide rapid rewards, immediate feedback, and time-pressure, which are exactly the type of stimulus, ADHD brain curves desire. Thus, adoption of gamification for cognitive assessment is estimated to accelerate the market growth. Furthermore, the demand for mobile technologies in the healthcare sector is increasing, especially after the Covid-19 pandemic, and this is expected to provide a lucrative opportunity for market growth. 

Restraints:

The high dependency on traditional pen and paper-based assessment methods is hindering overall market growth. Further, many people are unaware regarding the modern cognitive assessment tools.

Segmental Analysis:

Services dominates the US Cognitive Assessment Market in 2021

Based on solution, the market is bifurcated into software and services. The software segment is further divided into cloud/web based and on-premises. Services segment is sub-divided into professional and managed. The services segment holds the highest share in the US cognitive assessment market in 2021 and registers the highest CAGR over the forecast period 2022-2027. This is due to the growing adoption of services in the market. Within the services segment, the professional segment holds the highest market share in 2021. 

Healthcare research application holds the highest market share in 2021

In terms of application, cognitive assessment market of the US is segmented into healthcare research, training & development, and talent management. Among these, the healthcare research segment dominates the market in 2021 and is projected to continue its dominance across the forecast period. The growth is attributed to rising research activities for the development of new cognitive tools. Further, the clinical research segment holds the highest share under the healthcare research segment in 2021. The talent management application registers the highest CAGR over the forecast period. 

Medical industry is the highest end user of the cognitive assessment market in us

Based on end users, the market is categorized into medical, pharmaceutical, enterprise, education, and others. The medical segment records the highest share in the cognitive assessment market of the US. Growing use of cognitive assessment in diagnosis of brain disorders such as ADHD is fueling the market growth. Further, the pharmaceutical segment holds the highest compound annual growth rate over the forecast period owing to rising demand for cognitive assessment tools in clinical trials. 

Competitive Dashboard

• Pearson operates in 70 countries and provides content, assessment, and digital services for learners, educational institutes, governments, employers, and other partners globally. The company is focused on equipping learners with the skills which are required for enhancing their employability prospects and enhancing the work environment.
• VeraSci deals in endpoints and clinical outcome assessments, eClinical software, HEOR consulting, and language & translation services. The company provides its therapeutic expertise in various fields such as ADHD, dementia, mild cognitive impairment, mood disorders, multiple sclerosis, obesity, oncology, opioid use disorder, Parkinson’s disease, post-traumatic stress disorder (PTSD), rare & orphan disorders, restless leg syndrome, schizophrenia, and stroke, among others.
• ImPACT Applications Inc. is providing reliable concussion care tools, training, and resources for making a difference. The company provides best-in-class support, data protection, and training for its customers and patients. Its clinical tools have been providing reliable and objective data for thousands of healthcare providers and sports teams since 2002.
• Thomas International Ltd provide people assessments which empower a company to transform its people, delivering immediate impact for the organization. The company has an in-depth range of solutions for helping to recruit, retain, and develop the right individuals for the business. Its assessments provide efficient insights, along with psychologically proven results. The assessments cover behavioral style & approach to learning, leadership development, aptitude, emotional intelligence, and workplace personality.
• CogniFit is a digital healthcare company focused on assessment and improvement of cognitive health. Its digital products are used by over 3 million people and are also available in 19 languages.The company works and collaborates with universities, hospitals, foundations, and investigation centers. Its products are designed by a team of engineers, scientists, psychologists, and neurologists.

Segmentation Overview

The following are the different segments of the US Cognitive Assessment Market:

By Solution segment of the US Cognitive Assessment Market is sub-segmented into:

• Software
  • Cloud/ Web Based
  • On-premises
• Services
  • Professional
    • Data Analysis
    • Study Management
    • Technical Consultancy
    • Reporting and analytics
  • Managed

By Application segment of the US Cognitive Assessment Market is sub-segmented into:

• Healthcare Research
  • Clinical Research
  • Pharmaceutical Trails
  • Academic Research
• Training & Development
• Talent Management
• Others

By End-user segment of the US Cognitive Assessment Market is sub-segmented into:

• Healthcare
• Pharmaceutical
• Enterprise
• Education
• Others

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