Cognitive Computing Set to Make Significant Inroads in Healthcare Industry

Market research firm Grand View Research predicts it will top more than $5 billion by 2022. Grand Review Research also says significant factors driving the market are rapid growth in the scientific database, demand for personalized healthcare, and the need to reduce healthcare expenditure levels. Another market research firm, IDC, says by 2018, about 30 percent of healthcare systems will be running cognitive analytics against patient data and real-world evidence to personalize treatment regiments. IDC also prognosticates that by 2018, physicians will rely on cognitive solutions for almost half of cancer patients and that will result in a 10 percent drop in both costs and mortality rates. And major players in private equity and healthcare are taking notice too. Cognitive computing company Digital Reasoning recently closed a $40 million round of Series D venture capital, led by Lemhi Ventures and NASDAQ, joined by prior investors Goldman Sachs and Hospital Corp. of America. So what exactly is cognitive computing? In short, it involves self-learning systems that use natural language processing, data mining and pattern recognition, creating automated IT systems that solve problems without human assistance. In the healthcare arena, cognitive computing is helping clinicians develop their own thinking and solutions faster. FOR MORE DETAILS : Animated Corporate Video