What are Factors Driving Advancement of Asia-Pacific Healthcare Cognitive Computing Market?
The global healthcare cognitive computing market is predicted to demonstrate unprecedented growth in the forthcoming years. The main factors propelling the advancement of the market are the increasing prevalence of chronic diseases, growing adoption of cognitive computing in the healthcare industry on account of rapid technological advancements, increasing integration of various third computing platforms, and the mushrooming popularity of the natural language processing (NLP) technology, due to its ability to bridge the gap in human-machine interaction, across the world.
The growing adoption of cognitive computing is a key factor boosting the growth of the healthcare cognitive computing market. The increasing number of drug discoveries and clinical trials is pushing up the requirement for data collection and data analytics, which, in turn, is fueling the incorporation of cognitive computing in healthcare processes. This is being done for helping the doctors better understand the medical conditions of patients and subsequently prescribe adequate treatment procedures for them.
In recent times, the integration of cognitive computing solutions has increased tremendously in various hospitals in North America and Europe. For example, Alder Hey Children’s Hospital and Roald Dahl Foundation, incorporated cognitive computing in their patient solutions in May 2016. The other major factor causing the surge of the market is the increasing popularity of third computing platforms in the healthcare industry. These platforms not only facilitate the management of a large volume of medical data but they also allow the retention of clinical outcomes related information.
Based on technology, the healthcare cognitive computing market is divided into machine learning, natural language processing (NLP), information retrieval, and automated reasoning categories. Out of these, the NLP category is predicted to demonstrate the fastest growth in the market in the future years. This is ascribed to the fact that the NLP technology can conduct a thorough evaluation that leads to the better management of patient data and feedback, which, in turn, allows the medical practitioners to make evidence-based decisions and quickly respond to patient problems.
Geographically, the healthcare cognitive computing market will register the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years, as per the estimates of P&S Intelligence, a market research firm based in India. This is attributed to the soaring geriatric population, surging healthcare expenditure, increasing investments being made in the healthcare industry by various private and public organizations, and the presence of a flourishing pharmaceutical industry in this region.
The increasing population of geriatric people is a major factor driving the progress of the APAC market as the elderly people are more vulnerable to various diseases and require greater assistance for getting adequate medication, including timely visits to the healthcare facility, proper dosage of medicines, medication timings, dietary recommendations, and exercise reminders. As per the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), the population of people in the age bracket 65 years and above is predicted to rise by nearly 20% by 2050.
Hence, due to the growing adoption of cognitive computing solutions and third computing platforms and the increasing prevalence of chronic diseases, the market will exhibit rapid expansion in the upcoming years.
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