Healthcare Cognitive Computing Market Trends, Share, Growth Drivers and Forecast to 2024
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 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.
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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.
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