European AI in Healthcare Market size is slated to exceed USD 8.9 billion by 2027, according to a latest forecast report by Graphical Research.
Surging advancements in big data analytics will augment the demand for improved healthcare systems in Europe, thereby uplifting the market growth. The benefits of big data analytics in healthcare comprise improved cancer and chronic disease outcomes coupled with optimum activity through data integration. For instance, DeepMind Technologies Ltd. a firm based in the UK, developed technology integrated with AI and big data to deliver healthcare professionals a 48-hour head start on life-threatening disorders.
Additionally, the European Alliance for Personalised Medicine (EAPM) has focused on big data analytics and incorporating innovation into care delivery. The aim is to reconstruct struggling healthcare settings with new capabilities, new treatments, and new diagnostics. As stated by the PAW Healthcare Europe, AI is showing its massive potential for improvements in deep learning has applications in big data analytics to solve difficulties in biochemistry and medicine, e.g. for gene detection.
Furthermore, European organizations are engaged in significant investment in big data and analytics to support and automate decision-making. In 2020, the German government announced over USD 3 billion investment to hospitals for modernizing emergency capacities, digitization, and IT security.
Rising adoption of healthcare artificial intelligence in research areas has been growing rapidly in the past years owing to the increasing demand for AI in inventive medical procedures. For instance, EIT Health founded by the European Union is exploring two topics, the real-world applications of AI and the effect of AI on healthcare organizations. In 2019, the Lancet Oncology has demonstrated the reliability of an AI system in diagnosing prostate cancer in tissue samples, thereby promoting the use of artificial intelligence in research areas.
In accordance with the 2019 Government AI Readiness Index, the upper rankings were dominated by the Western European nations due to strong economies and innovative private sectors. For instance, Germany's government is emphasizing the advancement of medical uses of AI and identifies new opportunities ranging from diagnosis to analyzing enormous amounts of patient data.
Additionally, according to a report from the MedTech Europe, about 400,000 lives can be potentially saved yearly through AI. Moreover, the German Cancer Research Center is engaged in funding research projects centered on AI, health, medicine, and data science.
Browse detailed statistical insights from the report, “Europe Healthcare Artificial Intelligence Market Size By Application (Medical Imaging & Diagnosis, Drug Discovery, Therapy Planning, Hospital Workflow, Wearables, Virtual Assistants), Research Report, Country Outlook (Germany, UK, France, Italy, Spain, Russia, Netherlands, Sweden, Poland, Denmark, Austria, Switzerland, Norway), Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021– 2027” along with the table of contents (ToC) @
The drug discovery segment accounted for over USD 188 million in 2020. The higher market share is owing to key advancements in artificial intelligence in the recent decade and have the potential to transform the drug development process. For instance, some leading companies in the Europe are operating to increase the use AI in drug discovery. European companies working in this area include Exscientia, Healx, BenevolentAI, and Innoplexus among others. The changing geography and growth of developing markets in the future of drug discovery will boost the market growth. For instance, as mentioned in the recent research report, in 2020, UK is one of the leading countries in terms of investment and the numbers of AI tech companies.
Furthermore, research demonstrates that the number of Chinese investors encouraged by the country’s government’s drive to lead the world in AI by the year 2030. As stated by the European Federation of Pharmaceutical Industries and Associations, the EU’s new strategy involves a significant focus on the use of artificial intelligence (AI) to advance drug development, thereby contributing to the market revenue.
UK AI in healthcare market is projected to witness over 44.6% CAGR from 2021 to 2027 on account of the new opportunities for appropriate clinical interventions and practices to lessen damage to patients. For instance, as mentioned by the National Centre for Rural Health and Care, in 2020, UK invested around USD 330 million to lead the world healthcare artificial intelligence.
Moreover, in 2021, the UK Parliamentary Office of Science and Technology published healthcare and AI study briefing about the application of AI in the UK healthcare settings. The briefing examines the potential outcomes of AI on the expenditures and excellence of the healthcare system, thereby driving the market surge. For instance, the UK government focused to transform the prevention, early diagnosis, and management of chronic diseases using AI by 2030. Additionally, the government launched five centers committed to using the potential of AI in healthcare settings that are based in Leeds, Glasgow, Oxford, London, and Conventry.
Some of the key Europe AI in healthcare market players include AiCure, APIXIO, Inc, Johnson & Johnson, Sophia Genetics, OmeCare Inc, Modernizing Medicine among others.
These companies are adopting various strategies in order to strengthen their industrial position. In addition, the investments made by these players is creating opportunities for global expansion of the market. For instance, in March 2020, IBM (Watson Health) and EBSCO Information Services announced a partnership to launch a combined clinical decision support solution. The collaboration was intended to deliver a way to evidence-based disease and drug data that can aid doctors and individuals in coping with infectious diseases, comprising COVID-19. The strategic move assisted the company in enhancing their product portfolio and expanding their customer base.
European AI in healthcare market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2027, for the following segments:
Europe Market, By Application
- Medical Imaging & Diagnosis
- Drug Discovery
- Therapy Planning
- Hospital Workflow
- Virtual Assistants
The above information has been provided for the following countries: