Improved economic condition coupled with growing literacy rate is expected to be key factor that drives the global cognitive assessment and training market. Rising competition in the education sector may instigate schools to develop personalized evaluation tests for students to help them achieve their academic goals. Based on the tests’ score, psychologists recommend development sessions for students in concerned areas. In addition to the education sector, the healthcare sector is also expected to witness high adoption of these solutions in order to monitor, assess, train or enhance cognitive functions of an individual. Certain project oriented companies usually conduct such tests before allotting a project to manager, which may also surge demand over the forecast period.
Cognitive evaluation and training is a formal test which assesses person’s psychological functioning and speed of information processing. These tests help in defining and focusing on individual needs more efficiently. Rise in aging population and increased healthcare spending is also expected to be a major driver for industry growth over the foreseeable future. Smartphone and tablet proliferation has resulted into easy accessibility of these tests, thereby providing avenues for industry expansion over the next seven years. Dementia is expected to remain as one of the major neurological disease globally, and the capability of these solutions to detect such neurological disorders may contribute towards future market growth. These solutions are expected to provide several benefits such as psychological education for individual, personality management and sports management. Increasing number of students applying for competitive exams is also expected to provide avenues for the concerned industry over the forecast period. Increasing number of industry players may result in rise in competition to provide value added solutions, which is also anticipated to provide avenues for further industry growth. Advancement in information technology has resulted into more intuitive and better solutions, thereby surging demand.
Difference in cultural and learning environment in several developing regions such as Asia Pacific and Middle East and Africa may also pose challenge. This may also lead to lack of awareness and acceptance for these evaluation tests, thereby posing a major challenge to the industry growth. However, high demand for these services may increase opportunities for vendors to offer tests as well as help parents learn more about their children’s psychological ability, empowering them to take corrective measures., Developing solutions in multiple regional languages is also expected to offset the challenge, thereby increasing opportunities for vendors in next seven years.
These solutions are classified into pen & paper based evaluation, hosted evaluation & training tools, and innovative medical instrument and biometrics. Further, they are increasingly used in several application areas such as dementia screening, brain training, clinical trials, employer’ evaluation, classroom learning, concussion management, and academic research. The solution is also used in several industrial sectors such as education, healthcare, pharmaceutical, sports and defense.
North America is leading market owing to large base of aging population and dementia patients. Rising incidence of neurological diseases and rising adoption of such techniques in schools and colleges due to smartphone and tablet proliferation may also spur demand in Asia Pacific and Middle East & Africa region. Europe is expected to witness steady demand due to growth in the education sector.
Key industry participants include Pearson Assessments, ImPACT, Cogstate, GL Assessment, Cambridge Cognition, LearningRX, Lumosity, Listen and Learn Centre, Posit Science (BrainHQ), Oxford Learning, Sherwood Children's Assessment Centre, CNS Vital Signs, and Tulsa Center for Child Psychology. The prominent industry players may continue to leverage opportunities across multiple regions by providing innovative solutions. Educational professionals and medical practitioners are expected to remain major end-users for cognitive evaluation and training solutions.
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