Europe Artificial Intelligence (AI) in Healthcare Market is expected to reach US$ 36,015.25 million by 2027

Clinical Trials Segment to Dominate Europe Artificial Intelligence in Healthcare Market during 2019–2027

According to The Insight Partners market research study on “Europe Artificial Intelligence in Healthcare Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Component, Application, and End User” is expected to reach US$ 36,015.25 million by 2027 from US$ 1,368.59 million in 2019. The market is estimated to grow at a CAGR of 49.3% from 2020 to 2027. The report provides trends prevailing in the Europe artificial intelligence in healthcare market along with the drivers and restraints pertaining to the market growth. Rising investment in AI healthcare startups is the major factor driving the growth of the Europe artificial intelligence in healthcare market. However, issues associated with scarcity of workforce and imprecise regulatory guidelines for medical software hinders the growth of Europe artificial intelligence in healthcare market.

The Europe artificial intelligence in healthcare market has been segmented into component, application, and end user. In terms of component, the artificial intelligence in healthcare market is segmented into software solutions, hardware, and services. In 2019, the software solution segment held larger share of the market. Based on application, the artificial intelligence in healthcare market is segmented into robot assisted surgery, virtual assistants, administrative workflow assistants, connected machines, diagnosis, clinical trials, fraud detection, cybersecurity, dosage error reduction, and others. The clinical trials segment held the largest market share in 2019. In terms of end user, the artificial intelligence in healthcare market is segmented into hospitals & healthcare providers, patients, pharma & biotech companies, healthcare payers, and others. The hospitals & healthcare providers segment held the largest share of the market in 2019.

Europe is the worst-hit region after China. As the coronavirus cases increase in the area, many countries are fighting to control the disease's spread. Artificial intelligence (AI) and machine learning represent a crucial part in better knowing and discussing the COVID-19 crisis. Machine learning technology permits computers to mimic human intelligence and ingest large volumes of data to identify patterns and insights quickly. In the fight toward COVID-19, associations have been instantaneous to utilize their machine learning expertise in several areas, such as scaling customer connections and knowing COVID-19 spreads and speeds up research and medication. The researchers recorded an elevated selection and use of AI in scientific and medical research, particularly in applications such as medical diagnosis, telemedicine, epidemiological studies, and clinical management of patients. There was also a shift in approaches towards AI and data distribution. According to the study, the crisis occurred in a comprehensive agreement of robots in the workplace and data distribution to monitor the virus's spread. The initiatives of governments in the region open a window of opportunities for the firms involved in the artificial intelligence for diagnosis market.

Alphabet Inc.; Arterys Inc.; General Electric Company; Intel Corporation; Johnson and Johnson Services, Inc.; Koninklijke Philips N.V.; Microsoft Corporation; Nuance Communications, Inc.; NVIDIA CORPORATION; and Siemens Healthineers AG are among the leading companies in the Europe artificial intelligence in healthcare market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, MaxQ AI’s Accipio intracranial hemorrhage (ICH), stroke, and head trauma platform will be integrated into GE Healthcare’s Edison Open AI Orchestrator, which is designed to simplify the deployment of AI for imaging workflows.   

The report segments the Europe Artificial Intelligence in Healthcare Market follows:

Europe Artificial Intelligence in Healthcare Market – By Component

• Software Solution
• Hardware
• Services

Europe Artificial Intelligence in Healthcare Market – By Application

• Robot Assisted Surgery
• Virtual Assistants
• Administrative Workflow Assistants
• Connected Machines
• Diagnosis
• Clinical Trials
• Fraud Detection
• Cybersecurity
• Dosage Error Reduction
• Others

Europe Artificial Intelligence in Healthcare Market – By End User

• Hospitals & Healthcare Providers
• Patients
• Pharma & Biotech Companies
• Healthcare Payers
• Others

Europe Artificial Intelligence in Healthcare Market – By Country

• Germany
• France
• United Kingdom
• Italy
• Spain
• Rest of Europe