Cognitive assessment system or CAS tests are formal assessment tests that track the cognitive functioning and abilities of children within a range of areas. These areas include memory, verbal and non-verbal skills, speed processing, perception, and such other functions. The cognitive assessment market is expected to witness strong growth within the next few years to come. Increasing requirement of timely intervention and enhancement of cognitive functions are the two basic drivers for this impressive growth of the industry.
Segmentation in CAS Market
Basic segmentation in cognitive assessment market is made on the basis of the types of products, applications, business verticals, and regions. Products available in the industry include paper-based assessments, pen-based assessments, training tools, hosted assessments, biometrics, and innovative medical instruments. Applications of cognitive assessment systems range from healthcare, education, pharmaceuticals, defense, sports, and such other verticals. Geographically, the market is segmented into Europe, Middle East and Africa, Latin America, Asia Pacific, and North America.
Market Trends in Cognitive Assessment Industry
Various industries like academia, defense, and sports are recording increasing requirement for monitoring, assessment, enhancement, and training of cognitive abilities of children and adults. Along with the impressive growth in the field of end consumers, the market is also showing medical practitioners and industrial professionals. This rise in demand has also given rise to the competition in terms of innovation, applications and distribution of the cognitive assessment systems tests. All these factors have significant influence on the demand, applications, expanse, and revenue on the global CAS market. Growth of emerging markets is also proving to be vital for the industry.
Future Prospects in CAS Market
Growth of aging population, global research investment pattern, accessibility to advanced cognitive tests, rising government spending in healthcare sector are some of the significant factors for the current run of the industry. Based on current market conditions, experts suggest cognitive assessment market to grow at an impressive CAGR of over 27% from 2013 to 2018. During the forecasting period, the industry is set to grow from $1,711.2 million in 2013 and become worth more than $5,721.2 million by the end of 2018. Growth in the number of investor, product developers, end users, and global expansions from key players are driving the current growth in the industry towards better prospects. North America is currently dominating the global industry scenario, which is followed by Europe, Asia Pacific, and Middle East and Africa. Growth in healthcare and education sectors is vital for the CAS market.