Continual increase in the number of people with Alzheimer’s or other forms of dementia has been a major reason behind companies investing in cognitive assessment technologies. Across the world, there is around 35 million people suffering from dementia and it is estimated that around 65% of people with Alzheimer’s go undiagnosed. Currently, most patients are diagnosed with dementia at a later stage or are diagnosed based on tools that do not fulfill the required sensitivity criteria. The cognitive assessment and training market basically analyzes the market for assessments and training solutions done via three modes such as pen and paper-based assessment done by professionals, hosted assessment and training tools, or web-based tools and products which require additional dedicated hardware equipment in order to measure, assess, monitor, or train psychological responses linked to neurocognitive functioning. This market is expected to grow at a high scale and may command market revenue worth more than $5 billion by 2018.
Presently, the applications of cognitive assessment and training products are not limited to dementia screening and have seen widespread usage across application areas that include clinical trials, driver’s safety, rehabilitation, academic research, concussion management, classroom learning, self-assessment, brain training, and employers’ assessment and training along with various others.
Major trends in the following market:
- Evolution of innovative biometrics-based assessment and training, which requires an additional hardware component in order to assess cognitive ability, is expected to be one among the rapidly growing segment in the market space. Companies such as Anthrotronix, Cognisens, and Cogstate are coming up with specific products for the use of cognitive assessment in verticals such as sports, defense, and healthcare.
- Shift in trend from traditional pen and paper-based assessment to hosted tools is acting as a driver for the growth of the cognitive assessment market. Hosted tools are much more accessible and accurate in assessing cognitive functions. Through hosted tools, doctors can have access to this test via web-based services, which they can immediately administer to assess cognitive functioning of their patients.
- Brain training companies providing brain fitness exercises via-hosted services are increasingly becoming an attractive alternative. Companies such as Lumosity, Posit Science, HAPPYneuron, and Brain Metrix, among others, are targeting end consumers across all age groups, to use their web-based brain fitness exercises for the purpose of reducing the risk of age-related dementia and thus increasing overall brain fitness. These companies are expected to gain increased traction during the next 5 years.
Major players such as Pearson Assessments, Cogstate, Brain Resource, Lumos Labs, Cambridge Cognition, Emotiv, and NeuroSky are among the most dominating in this rapidly growing market place. Cognitive assessment and training market is expected to generate huge revenue pockets in the Americas, particularly the U.S., than in Europe and Asia-Pacific region. The cognitive assessment and training market is expected to be dominated by North America during the next 5 years, owing to increase in the number of cases of Alzheimer’s, ADHD, ADD, or other forms of dementia and government-related initiatives such as “BRAIN” (Brain Research Through Advanced Innovate Neurotechnologies), which aims to help researchers in finding new ways to treat, cure, and prevent brain disorders such as Alzheimer’s, ADHD, and traumatic brain injuries, among others. The project has received $100 million funding in its very first year, and the expected investment over a period of 10 years is $3 billion.