Cognitive Diagnostics Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What is the Projected Growth Rate and Market Size in the Cognitive Diagnostics Market?
The cognitive diagnostics market has seen remarkable growth in recent years, growing from $4.13 billion in 2023 to an expected $5.07 billion in 2024 at a compound annual growth rate CAGR of 22.9%. This growth during the historic period can primarily be attributed to an increased prevalence of cognitive disorders, advancements in neuroimaging technology, growing awareness of early diagnosis, a rising geriatric population, government funding for research, expanding clinical trials, and increased demand for personalized medicine.
This exponential growth is projected to continue even further with an estimated worth of $11.6 billion by 2028 at a CAGR of 23%. This forecast period's growth can be ascribed to the adoption of digital health technologies, an increased focus on early and preventive diagnostics, development of advanced biomarkers, and other key driving factors.
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What Are the Key Drivers and Factors Influencing the Growth of the Cognitive Diagnostics Market?
The escalating incidence of neurological disorders is a key factor expected to drive the growth of the cognitive diagnostics market. Neurological disorders, including conditions such as Alzheimer's and Parkinson's disease, are largely due to increased prevalence of age-related conditions, hereditary factors, exposure to environmental toxins, stress, unhealthy diets, and sedentary lifestyles. Cognitive diagnostic tools come into play by assessing, detecting, and monitoring cognitive impairments, thereby ensuring early diagnosis and management of such conditions.
These tools play a vital role in managing neurological diseases. For instance, according to a report by the Alzheimer's Association in May 2024, the number of Americans aged 65 and older diagnosed with Alzheimer's dementia rose from 6.5 million in 2022 to an estimated 6.9 million in 2024. Such escalating incidences of neurological disorders strongly point towards an increasing need, and thus, the growth of the cognitive diagnostics market.
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Who Are the Key Players in the Cognitive Diagnostics Market?
Leading companies operating in the cognitive diagnostics market include Cogstate Ltd., Viz.ai, Redcliffe Labs, Mind Maze, Neurocare Group AG, Pathway Genomics, Diadem srl, Cambridge Cognition Ltd., Posit Science Corporation, Anderson Diagnostics & Labs., Altoida AG, and others. These companies, amid competitive market dynamics, are keen on leveraging technological advancements and innovation to maintain their leadership in the market.
What are the Emerging Trends in the Cognitive Diagnostics Market?
Technological advancements in diagnostic tools such as neuropsychological testing platforms offer real-time insights into cognitive health. This innovation can enhance the accuracy, efficiency, and comprehensiveness of cognitive assessments. An example of this is the unveiling of BrainCheck Inc.’s comprehensive digital cognitive assessment platform at the American Academy of Neurology AAN Annual Meeting in April 2024.
How is the Cognitive Diagnostics Market segmented?
The market report covers various segments like:
1 By Diagnosis: Brain Imaging Tests, Laboratory Testing, Mental Status Testing, Rapid Home Screening Tests, Neuropsychological Testing, Electroencephalogram EEG, Cognitive Function And Behavioral Tests, Neuropsychiatric Inventory Questionnaire NPI-Q
2 By Indication: Alzheimer’s Disease, Attention Deficit Or Hyperactivity Disorder, Dementia, Epilepsy-Related Cognitive Dysfunction, Mild Cognitive Impairment, Parkinson’s Disease-Related Cognitive Dysfunction, Stroke-Related Cognitive Dysfunction, Traumatic Brain Injury, Other Indications
3 By End User: Hospitals, Neurology Clinics, Cognitive Behavioral Therapy Centers, Rehabilitation Centers, Academic And Research Institutes, Diagnostic Imaging Centers, Home Care Settings
What Are the Regional Insights in the Cognitive Diagnostics Market?
North America emerged as the largest region in the cognitive diagnostics market in 2023. However, Asia-Pacific is anticipated to be the fastest-growing region in the forecast period. The report covers these regions and other geographies such as Western Europe, Eastern Europe, South America, Middle East, and Africa in detail.
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