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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End-users in the healthcare cognitive computing market include healthcare providers, pharmaceutical companies, medical device companies, healthcare payers, and several others such as research institutions and CROs. Although cognitive computing in healthcare is being used by various healthcare professionals, but it is the healthcare providers category, which is expected to witness fastest growth in demand during the forecast period. Healthcare providers are expected to lead the global market, occupying a 44.5% share, in 2017. This growth in demand can be attributed to increased usage of cognitive platforms for the detection and treatment of rare diseases. For instance, in October 2016, Rhön-Klinikum AG, a private hospital group in Germany, teamed up with IBM Corporation on a 12-month pilot project to help detect rare diseases and find their cure using the IBM’s Watson platform.
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 major player in the healthcare cognitive computing market are partnering with other firms to improve their position in the market. For instance, in November 2017, Royal Philips, a provider of healthcare technology, and Nuance Communications Inc., a 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.
Some of the other key players operating in the healthcare cognitive computing market include Enterra Solutions, LLC, Intel Corporation, Alphabet Inc., Hewlett Packard Enterprise (HPE), Nuance Communications, Inc., CognitiveScale, Healthcare X.0 GmbH, and MedWhat.com Inc.
Source: P&S Intelligence