The artificial intelligence in healthcare market in Europe is expected to grow from US$ 1,368.59 million in 2019 to US$ 36,015.25 million by 2027; it is estimated to grow at a CAGR of 49.3% from 2020 to 2027.
The UK, France, Germany, Spain, and Italy are major economies in Europe. Rising investment in AI healthcare startups is the major factor driving the Europe artificial intelligence in healthcare market. As Artificial Intelligence is among the most important technological developments in healthcare sector, numerous startups are developing AI-driven imaging and diagnostic solutions that are accountable for the growth of the market. The COVID-19 outbreak has significantly promoted the implementation of remote health check-ups using digital tools, delivering clinical services to patients over distance rather than in-person. Moreover, Babylon Health, a UK-based AI chatbot, can competently read, understand, and learn from anonymized, aggregated, and complied medical datasets, patient health records, and the conference notes that clinicians make. The company raised ~US$ 550 million in 2019. Companies are progressively associating with AI startups as incumbents look to startups to help them compete with newer entrants entering the space. Microsoft partners with KenSci, for the development of artificial intelligence and a machine learning-powered risk prediction platform. Moreover, in February 2019, KenSci secured around US$ 22 million in series B financing directed by Polaris Partners, Ignition Partners, Osage University Partners, Mindset Ventures, and new strategic investor UL Ventures. Similarly, NVIDIA collaborates with Paige.AI, which uses AI for cancer pathology. Additionally, Google has teamed up with Suki, an AI-powered, voice-enabled digital assistant for doctors. Therefore, a significant increase in the number of artificial intelligence startups in the healthcare sector is anticipated to positively influence the Europe market growth during the forecast period.
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.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Europe artificial intelligence in healthcare market. The Europe artificial intelligence in healthcare market is expected to grow at a good CAGR during the forecast period.
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Europe Artificial Intelligence in Healthcare Market Segmentation
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
Europe Artificial Intelligence in Healthcare Market - Companies Mentioned
- 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
- Siemens Healthineers AG
Europe Artificial Intelligence (AI) in Healthcare Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 1,368.59 Million |
| Market Size by 2027 | US$ 36,015.25 Million |
| Global CAGR (2020 - 2027) | 49.3% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | Europe
|
| Market leaders and key company profiles |
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Application, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
UK, Germany, France, Italy, Russia
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- NVIDIA CORPORATION
- Siemens Healthineers AG
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