Future Market Insights (FMI), a leading market research firm, has unveiled its latest industry report predicting exceptional growth in the Global Cognitive Diagnostics Industry. According to the report, the market’s sales are expected to reach US$110.2 Billion in 2023, with a robust Compound Annual Growth Rate (CAGR) of 8.0% over the forecast period. Anticipating continued expansion, FMI forecasts an estimated market worth of US$238.3 Billion by 2033.
Cognitive issues stemming from closed head injuries, interaction with neurotoxins, heredity, infections, strokes, and tumors are gaining increased attention in the healthcare landscape. FMI’s report highlights that the type of cognitive issue a person experiences is often linked to the affected part of the brain. For instance, a cancerous growth in the brain’s speech centers may result in communication problems, while damage to the motor centers could lead to movement issues in cases of brain infections.
Age is also identified as a significant factor influencing the development of cognitive difficulties, as highlighted in the FMI report.
A notable trend shaping the landscape of cognitive diagnostics is the rising adoption of wearables and smartphone apps. These innovative technologies play a crucial role in monitoring patients’ cognitive health, providing real-time data to medical professionals for more precise diagnosis and effective management.
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Collaboration and collaborations between academic institutions, technological enterprises, and healthcare providers are increasing in the market for cognitive diagnostics. These collaborations can encourage creativity, give access to technology and methodologies for diagnosing cognitive impairments, and accelerate the development of novel treatments for these conditions. For example, the Davos Alzheimer’s Collaborative awarded Avant Institute, in collaboration with COGNIVUE, a grant in June 2022 to establish an innovative early-detection programme for Alzheimer’s disease.
Overall, the market for cognitive diagnostics is projected to grow and adapt as new technologies and trends emerge. As the frequency of cognitive diseases rises, so will the demand for precise and dependable diagnostic methods, fueling innovation and investment in this field.
Key Takeaways from Global Cognitive Diagnostics Industry Study
- Because laboratory testing provides crucial insight into the underlying neurological illnesses that can cause cognitive impairment, it is the dominant segment of diagnosis and will account for approximately 24.8% of the global market in 2022.
- Alzheimer’s disease is expected to lead in terms of cognitive diagnosis indication, with a predicted market value share of roughly 24.0% by 2022, as the prevalence of Alzheimer’s disease and dementia rises with the global ageing population.
- In terms of end users, hospitals had a 29.2% market share in 2022. By enabling early identification, accurate diagnosis, and appropriate treatment of cognitive diseases, the use of cognitive diagnostics techniques and technologies in hospitals can contribute to improved patient outcomes.
- The U.S. held a value share of around 26.8% in 2022. The market is expected to expand further as a result of technological advancements, growing consumer awareness, and healthcare reforms.
“Rising prevalence of Dementia and Alzheimer’s disease, technological advancement, personalized medicine, digital health, point-of-care testing, collaboration and partnerships, and government initiatives and funding are propelling the cognitive diagnosis market.” Says an analyst of Future Market Insights.
Global Cognitive Diagnostics Industry Competition
The key players are focusing on collaborative agreements with other market players and research organizations to improve their market position.
The companies are focusing on accelerating the pace of innovation, prioritizing key platforms and geographies, and restructuring operations while expanding their business through agreements and partnerships around the world.
A few examples of strategies acquired by the key players:
- In January 2023, Cognetivity Neurosciences announced that its CognICA platform successfully monitors cognitive performance in Alzheimer’s patients receiving disease-modifying therapy.
- In May 2022, Diadem announced the AlzoSure Predict blood test for precise prediction of Alzheimer’s disease progression six years before diagnosis.
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Global Cognitive Diagnostics Industry Key Players
- Connectivity Neurosciences
- Cognivue, Inc.
- Cogstate Ltd.
- Cambridge Cognition Ltd.
- Diadem srl
- CN Diagnostics
What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the cognitive diagnosis market in its latest study, presenting a historical demand assessment of 2012 to 2022 and projections for 2023 to 2033. The global cognitive diagnosis market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
Key Market Segments Covered in the Global Cognitive Diagnostics Industry Research
Diagnosis:
- Brain Imaging Tests
- Magnetic Resonance Imaging (MRI)
- Computerized Tomography (CT)
- Positron Emission Tomography (PET) and PET/CT
- Laboratory Testing
- Cerebrospinal fluid (CSF)
- Blood Tests
- Mental Status Testing
- Mini-Mental State Exam (MMSE)
- Montreal Cognitive Assessment (MoCA)
- Rapid Home Screening Tests
- Neuropsychological Testing
- Electroencephalogram (EEG)
- Cognitive Function & Behavioral Tests
- Neuropsychiatric Inventory Questionnaire (NPI-Q)
Indication:
- Alzheimer’s disease
- Attention deficit/hyperactivity disorder
- Dementia
- Epilepsy-Related Cognitive Dysfunction
- Mild Cognitive Impairment
- Parkinson’s Disease-related Cognitive Dysfunction
- Stroke-related Cognitive Dysfunction
- Traumatic Brain Injury
- Others
End User:
- Hospitals
- Neurology Clinics
- Cognitive Behavioral Therapy Centers
- Rehabilitation Centers
- Academic and Research Institutes
- Diagnostic Imaging Centers
- Home Care Settings
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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