Why is Rising Chronic Disease Prevalence Significant for Healthcare Cognitive Computing Market Growth?

Around the world, the number of clinical trials and drugs being discovered is increasing, which is leading to the generation of massive volumes of data. To assimilate and analyze all this data to understand the medical condition of patients and offer effective therapy, the use of machine learning, natural language processing (NLP), information retrieval, and automated reasoning is rising around the world. Numerous hospitals in Europe and North America have already integrated these advanced technologies in their operations. For instance, the Roald Dahl Foundation, which is a charity organization, and Alder Hey Children’s Hospital adopted these solutions in May 2016.

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In addition, NLP is also utilized for its efficient evaluation capabilities, with which healthcare workers are better able to manage the feedback of patients, which is important in order to make well-informed decision and take appropriate actions, to offer the highest level of care possible. To gain all these benefits, an increasing number of medical centers around the world have started using this technology. For instance, the Intermountain Hospital has adopted NLP to gather and analyze medical and other details of patients suffering from cardiovascular diseases (CVD), cancer, and venous thromboembolism.

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With the rapid developments in the healthcare infrastructure of emerging economies, the use of cognitive computing technologies in this sector is expected to burgeon further in the coming years. With rising disposable income, people in such countries have been better able to afford various medical services. This is resulting in a surge in the hospital admission rate, which means that medical centers have more patient information than ever to deal with. Similarly, the popularity of personalized medicine is also growing, which requires the efficient collection and analysis of every individual patient’s data, in order to devise appropriate medication and therapies.

Presently, the flag bearer of the healthcare cognitive computing market is North America, on account of the rapid drug development being pursued by the major pharmaceutical companies, increasing spending on healthcare, growing geriatric population, and surging number of hospitals. Additionally, technology companies, medical research firms, and healthcare providers are rapidly entering into collaborations, regarding the various cognitive computing technologies. In the immediate future, though the net adoption of the technologies will be highest here, the fastest rise in their procurement will be seen in Asia-Pacific (APAC), for almost similar reasons as in North America.