Pune: The growing market for cognitive solutions and increasing demand for brain training by next-generation tech-savvy population are contributing to the growth of the Cognitive Assessment and Training Market. According to a new market research report “Cognitive Assessment and Training Market by Assessment Type (Pen- and Paper-Based, Hosted, Biometrics), Component, Application (Clinical Trial, Screening & Diagnostics, Brain Training, Academic Research), Vertical, and Region – Global Forecast to 2021”, published by Markets and Markets, the market size is expected to grow from USD 1.98 Billion in 2016 to USD 8.06 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 32.3%.
The major forces driving this market are aging global population, increasing awareness about brain fitness, and advancements in technology.
Clinical trials in terms of application is expected to hold the largest market share in the Cognitive Assessment and Training Market during the forecast period. Clinical trials are mainly used to identify, measure, or monitor cognitive impairments and cognitive changes. The assessment of cognitive functions is an integral part of decision-making during clinical drug development, as certain drugs can have an impact on the cognitive capabilities of the brain. The market is expected to contribute the highest revenue for vendors offering clinical trials.
Education vertical is expected to grow at the highest CAGR in the Cognitive Assessment and Training Market. Cognitive assessment solutions and services are used in the education vertical for screening prospective candidates for schools or colleges. Cognitive assessment and training tools make use of simple pictures and figures to assess and train students. This segment includes revenues generated from cognitive assessment and training services leveraged by educational institutions, parents, and individuals for education-related needs. The leading cognitive assessment and training vendors for this vertical are Pearson Assessment and CogniFit.
North America is expected to contribute to the largest market share and Asia-Pacific to grow at the highest CAGR. North America is expected to hold the largest market share and to dominate the Cognitive Assessment and Training Market from 2016 to 2021, due to the increasing awareness among population about adopting medication for cognitive diseases. The new generation in this region is more concerned toward the benefits of cognitive training, which is not just limited to patients with cognitive dysfunctions.
The U.S. holds a majority of the market share in terms of adoption as well as revenue generation in the North American region, due to the rapidly aging population vulnerable to cognitive diseases in the region. The Asia-Pacific (APAC) region is expected to witness the highest CAGR during the forecast period, as the population in the region is more inclined toward adopting a healthy lifestyle. Hence, the concerns regarding cognitive diseases are growing in the region.
The major vendors in the Cognitive Assessment and Training Market include Cambridge Cognition Ltd. (Cambridge, UK), Cogstate Ltd. (New Haven, U.S.), Bracket (Pennsylvania, U.S.), MedAvante, Inc. (New Jersey, U.S.), Quest Diagnostics (New Jersey, U.S.), ProPhase, LLC (New York, U.S.), CogniFit (New York, U.S.), ERT Clinical (Pennsylvania, U.S.), NeuroCog Trials (North Carolina, U.S.), Brain Resource Company (New South Wales, Australia), Pearson Education (London, U.K.), and CRF Health (London, UK).
