Europe Artificial Intelligence in Healthcare Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component, Application, and End User

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.

With the rapid advancements of artificial intelligence (AI) technologies, firms from emerging markets have started adopting AI applications to enhance their productivity and expand their business. Major developing nations across Europe are witnessing an upward trend in AI applications. Additionally, rapid growth of machine learning and deep learning has produced considerable strides in cognitive computing and natural language processing, laying the foundations for AI business applications. AI is composed to reshape most aspects of developing markets, such as labor, finance, human resource management, marketing, advertising, supply chain management, business strategy, services, retail, and information systems. Consequently, savvy entrepreneurs are investigating the potential of facial, image, and speech recognition to reduce the costs and barriers of doing business along with improving productivity. In emerging nations across Europe, AI provides a high-tech solution to the economic challenges faced by governments, firms, and people at the bottom of the economic pyramid. Integrating data from multiple sources can help firms build data management platforms, develop sound business policies, generate innovative business models, and spur economic development. Such strategic initiatives are likely to offer growth opportunities to the market players to attain a significant position and grow in the European market. Additionally, rising investment in AI healthcare startups is among the other factors expected to fuel the demand for artificial intelligence in healthcare in Europe.

Based on application, the clinical trials segment led the Europe artificial intelligence in healthcare market in 2019. Clinical trials are research studies accompanied by people who aim to evaluate a surgical, medical, or behavioral intervention. They are the primary way that researchers find out if a new treatment, like a new drug or diet, or medical device (for example, a pacemaker) is safe and effective in people. Clinical trials are a variety of research that studies new tests and treatments and evaluates their effects on human health outcomes. People volunteer to participate in clinical trials to test medical interventions, including drugs, cells, biological products, surgical procedures, radiological procedures, devices, behavioral treatments, and preventive care. Clinical trials are mainly intended, reviewed and completed, and need to be approved before starting. People of all ages can become a part of clinical trials, including children. Disappointing clinical trials generally lead to delay/failure of the launch of drug candidates in the market. To automate clinical trial processes, pharmaceutical companies are focusing on integrating them with artificial intelligence.

Europe is the worst-hit region after China due to the spread of COVID-19. 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 utilizing 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 toward 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.

The overall Europe artificial intelligence in healthcare market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the Europe artificial intelligence in healthcare market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the Europe artificial intelligence in healthcare 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 key players operating in the Europe artificial intelligence in healthcare market.