The global cognitive diagnostics market enjoys a valuation of USD 102.9 Billion in 2023, and it is further projected to expand at a CAGR of 8.0% over the forecasted years. According to a recent study by Future Market Insights, the laboratory testing diagnosis segment is leading the market with a share of about 24.8% in the year 2022, within the global market.
Market Outlook
| Data Points | Market Insights |
|---|---|
| Market Value 2023 | USD 102.9 Billion |
| Market Value 2033 | USD 238.3 Billion |
| CAGR 2023 to 2033 | 8.0% |
| Market Share of Top 5 Countries | 54.7% |
| Key Market Players | Cognetivity Neurosciences, Cognivue, Inc., Cogstate Ltd., Cambridge Cognition Ltd., Diadem srl, and CN Diagnostics. |
The market of cognitive diagnostics refers to the field of medical technology that involves the assessment and diagnosis of cognitive disorders, such as Alzheimer's disease, dementia, and other neurological conditions. This market is driven by the growing demand for accurate and reliable diagnostic tools, as well as the increasing prevalence of cognitive disorders globally.
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The global sales of the market are anticipated to rise at a CAGR of 8.0% between 2023 to 2033, owing to the rising prevalence of cognitive disorders, technological advancements, personalized medicine, and point-of-care testing.
The global market holds around 4.2% share of the overall global neurology services market with a value of around USD 2,446.2 Billion, in 2022.
Brain disorders or cognitive disorders have different aetiology like closed-head injuries, exposure to neurotoxins (toxic substances to nerve tissues), genetics, infections, strokes, and brain tumours. The cognitive disorder type that someone develops is determined by the part of the brain that is affected. For example, an occurrence of a tumour in the brain's speech centres will cause communication problems. Another example is an infection in the brain's motor centres will result in movement issues.
The growing geriatric population further fuels the growth of various disorders and diseases, which drives market expansion. Technology is developing quickly, and machine learning and artificial intelligence (AI) are propelling innovation in the cognitive diagnostics industry. New diagnostic tools and technologies are being developed that can detect cognitive disorders at earlier stages with greater accuracy. For example, a digital pen and fast data analysis system with a new AI tool is developed recently in 2017 at the Massachusetts Institute of Technology (MIT) and examined in the Lahey Hospital for the detection of cognitive impairment.
The market for cognitive diagnostics is increasingly focused on personalized medicine, where diagnostic tests are designed to an individual's particular genetic and cognitive characteristics. This approach is expected to lead to better patient outcomes and more targeted treatments.
In cognitive diagnostics, there is an increasing demand for point-of-care testing, which allows diagnostic tests to be performed in a clinical setting without the need for laboratory analysis. This method enables quicker and more convenient diagnosis, especially in remote or underserved areas.
Owing to the above-mentioned factors, the global market is expected to grow at a prominent pace, and reach a valuation of around USD 238.3 Billion during the year 2033.
The frequency of cognitive disorders such as Alzheimer's disease, dementia, and other neurological conditions is on the rise globally. This is increasing the demand for accurate and dependable diagnostic tools to identify and diagnose cognitive conditions.
The demand for diagnostic tools and technologies is increasing as people become more conscious of and educated about cognitive disorders. This greater awareness is also resulting in early detection and diagnosis of cognitive disorders, which can result in more effective treatment and management.
Another significant factor propelling the market for cognitive diagnostics is the ageing global populace. The prevalence of cognitive disorders increases with age, increasing the need for diagnostic tools and technologies to evaluate cognitive performance.
Certain patient populations cannot have access to many of the expensive diagnostic equipment and technology utilized in cognitive diagnostics. In developing nations or places with few resources, the expensive price of these instruments can prevent their widespread use.
Although there is an increase in public awareness of cognitive problems, healthcare practitioners and the general public are still not adequately informed about the value of early diagnosis and treatment. This can reduce the need for diagnostic tools and technologies, resulting in a moderate rate of uptake and little market expansion. For example, according to National Institute on Aging (NIA) article on cognitive impairment in older patients in 2021, many people who have dementia or are at risk of getting it never get a diagnosis.
According to one study, more than 40% of the patients with cognitive impairment were treated by doctors who were unaware of their condition. The issue of underdiagnosis is considerably more severe among underserved areas and in those with lower levels of education. According to a different study, more than half of dementia patients had not undergone a clinical cognitive evaluation by a doctor.
Failure to assess memory or cognitive complaints may impede the treatment of underlying illnesses and coexisting diseases and jeopardize the patient's and others' safety. The cognitive issue will frequently get worse over time.
Data security and privacy are becoming more of a worry as digital health technologies are being used more frequently in cognitive diagnostics. This can prevent the widespread use of these technologies, especially when patient data security is a primary concern.
The USA. dominates the North American region with a total market share of around 26.8% in the global market in 2022. The market is expected to expand further as a result of technological advancements and healthcare reforms.
The USA is home to some of the world's leading research institutions, and significant technological advances in cognitive diagnostics, such as new neuroimaging techniques, biomarker development, and genetic testing, have occurred. These advancements are providing more accurate and reliable diagnostic tools for cognitive disorders to healthcare providers in the USA
The healthcare system in the USA is undergoing significant reforms, including a greater emphasis on preventive care and cost containment. In the USA, the use of cognitive diagnostic tools and technologies can help to achieve these goals by allowing for the early detection and treatment of cognitive disorders, which can reduce healthcare costs in the long run.
China has a market share of 9.5% in the global market in 2022, and in the foreseeable period, the market will expand more due to an older population with dementia and collaborations and partnership.
China's population is rapidly ageing, and as a result, the prevalence of cognitive disorders such as Alzheimer's disease is rising. This is increasing the demand for more accurate and dependable diagnostic tools to detect cognitive disorders early on. The significant growth of this market can be attributed to China's large population base over the age of 40.
Collaboration and partnerships between healthcare providers, technology companies, and research institutions are becoming increasingly important in the cognitive diagnostics market. These collaborations can drive innovation, improve access to diagnostic tools and technologies, and accelerate the development of new treatments for cognitive disorders.
Germany holds a market share of 5.1% in the global market in 2022 and because of increased research activities, government initiatives and funding, and increasing healthcare spending, the German market will grow even more.
Increased research activities in Germany, the German government is increasing funding for Research and Development in cognitive diagnostic tools and technologies, which are spurring innovation and investment in new diagnostic tools and technologies. This is expected to improve diagnostic accuracy as well as patient outcomes.
Germany has a well-established healthcare system and is increasing healthcare spending, which is increasing demand for more advanced medical technologies, such as cognitive diagnostic tools and technologies. This is expected to drive growth in the German cognitive diagnostics market.
India holds a share of around 6.4% in the global market in 2022. Increasing healthcare spending, rising awareness and education, and government support for research programs are expected to drive the expansion of the global market in India.
India is increasing its healthcare spending, and as a result, there is an increasing demand for more advanced medical technologies, including cognitive diagnostics tools and technologies.
In India, there is a growing awareness and education about cognitive disorders, which is driving demand for more accurate and reliable diagnostic tools. This increased awareness is also leading to earlier detection and diagnosis of cognitive disorders, which can lead to more effective treatment and management.
The Indian government is increasing its funding for research programs in cognitive diagnostic tools and technologies, which is driving innovation and investment in new diagnostic tools and technologies.
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Laboratory testing held a market share of about 24.8% in the global market in 2022. Laboratory testing is an important part of the cognitive diagnostics sector because it provides valuable insight into the underlying neurological conditions that can cause cognitive impairment. These tests can detect even subtle changes in cognitive function, allowing for earlier and more accurate diagnoses of cognitive disorders. Technological advancements in laboratory testing, such as neuroimaging, genetic testing, and biomarker analysis, are propelling innovation in the cognitive diagnostics market.
Real-time monitoring of custom testing based on customer needs is made possible by laboratory testing. The validation process is also quickened through laboratory testing.
Alzheimer’s disease held a market share at about 24.0% in the global market in 2022 due to the prevalence of Alzheimer’s disease and dementia is rising with the ageing population globally. China, India, South Asia, and Western Pacific neighbours are experiencing the fastest growth in the elderly population.
Overall, drivers such as ageing populations, advances in neuroimaging technologies, biomarker development, increased awareness and education, government initiatives and funding, and improved diagnostic accuracy and patient outcomes are expected to fuel growth and innovation in the cognitive diagnostics sector for Alzheimer's disease indications.
Hospitals hold a market share of 29.2% in the global market in 2022. The use of cognitive diagnostics tools and technologies in hospitals can lead to improved patient outcomes by enabling early detection, accurate diagnosis, and timely treatment of cognitive disorders. This can help to improve quality of life for patients and reduce the burden on healthcare systems.
Regulatory bodies around the world are increasingly supporting the use of cognitive diagnostics tools and technologies in hospitals. This is driving the development and adoption of new diagnostic tools and technologies, and helping to improve patient outcomes.
Overall, hospital segment will continue to be driven by factors like improved patient outcomes, regulatory support, and long-term cost effectiveness.
The key players are focusing on collaborative agreements with other market players and research organizations to improve 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
Similarly, recent developments related to companies’ in cognitive diagnostics have been tracked by the team at Future Market Insights. These are available in the full report.
| Attribute | Details |
|---|---|
| Historical Data Available for | 2012 to 2022 |
| Forecast Period | 2023 to 2033 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; and the Middle East & Africa |
| Key Countries Covered | The USA, Canada, Brazil, Mexico, Argentina, the United kingdom, Germany, Italy, Russia, Spain, France, Benelux, India, Thailand, Indonesia, Malaysia, Japan, China, South Korea, Australia, New Zealand, Türkiye, GCC Countries and South Africa |
| Key Market Segments Covered | Diagnosis, Indication, End User, and Region |
| Key Companies Profiled | Cognetivity Neurosciences; Cognivue, Inc.; Cogstate Ltd.; Cambridge Cognition Ltd.; Diadem srl; CN Diagnostics |
| Report Coverage | Market Forecast, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, Strategic Growth Initiatives |
| Pricing | Available upon Request |
The growth potential of this market is 8% CAGR through 2033.
The United States acquired 26.8% of the global market shares in 2022.
From 2012 to 2022, the global market exhibited a 4.2% CAGR.
Cognivue, Inc., Cogstate Ltd., and Diadem srl are the key market players.
Growing demand for accurate and reliable diagnostic tools drives sales.
| Market Size (2023) | USD 13.69 billion |
|---|---|
| Market Size (2033) | USD 22.41 billion |
| Market CAGR (2023 to 2033) | 5.1% |
| Market Value (2023) | USD 3,114.2 million |
|---|---|
| Market Projected Value (2033) | USD 6,228.2 million |
| Market CAGR (2023 to 2033) | 7.2% |
| Market Size (2023) | USD 5.0 billion |
|---|---|
| Market Size (2033) | USD 8.5 billion |
| Market CAGR (2023 to 2033) | 5.5% |
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