According to a recent study from market research firm Graphical Research, the Europe healthcare artificial intelligence market size is poised to expand at substantial CAGR during the forecast period. Healthcare AI industry in Europe is reported to show promising growth during the forecast period of 2021-2027 with the rise in the demand and use of AI-enabled technologies in this industry. In fact, this market is predicted to cross $8.9 billion in revenue by the end of the forecast period. AI uses a combination of technology and human intelligence to enable different machines to carry out activities like automation, digitization, learning and problem solving.

The demand for this technology from industries like healthcare, finance, manufacturing, information technology and automotive has increased by many folds in the past decade. The uses of AI in the healthcare industry have proven to be a boon as it has immensely helped healthcare professionals in providing accurate diagnosis of a wide range of complex diseases. It has improved the patient care and engagement facilities to a great extent as well.

Genomic medicine or tailored medication is rising in demand across Europe. Genomic medicine is manufactured when healthcare professionals try to find out the exact cause of a disease by analyzing the patient’s genetic structure and mutations. They send the collected data to pharmacists who then use AI-based technologies that help customize medicines according to the patient’s medical needs. For example, health technology company, Deep Genomics uses a patient’s genetic datasets and medical records to identify different indications of an underlying condition. It uses AI-based technologies to discover targets, identify toxicity levels and prescribe customized medication for the same.

Europe healthcare artificial intelligence market has even found its use in carrying out different clerical activities like maintaining proper documentation, insurance claims processing and efficient management of revenues and patients’ medical records. Chains of hospitals across the world have to manage millions of varieties of data records; handling them can become a cumbersome task for healthcare professionals. This is why AI is being increasingly adopted in the region to improve the overall efficiency of this industry.

The use of AI is not just limited to the above-mentioned areas. The fact that this technology still has a lot of potential and usage in a number of future areas of healthcare will boost the demand for healthcare AI solutions in Europe. Healthcare AI, today, has the ability to accurately predict the cause of an underlying condition and has even proven useful for providing a wide range of treatment solutions for the same. In fact, there are several AI technologies that are out-performing radiologists to identify harmful tumors and are helping out researchers in their clinical trials as well.

Favorable initiatives by the governments across Europe to provide efficient healthcare services at affordable rates will favor Europe healthcare artificial intelligence market. Several investors have realized the potential and the future role of AI in the healthcare industry and have started to increase their investments in healthcare AI-based start-ups to benefit from the same. According to verified reports, the funds for AI-based healthcare start-ups have increased significantly; the number of funding deals reached 800 and the total funds received was around $15 billion in 2018 alone. These figures saw robust rise in 2019 with 2,235 deals inked and a total funding of $26.6 billion.

On the basis of application, the medical imaging and diagnosis segment will see significant growth through 2027, thanks to the rising use of AI technologies in providing accurate detection of abnormalities that will indicate an underlying disease.

Germany will play a vital role in the growth of Europe healthcare artificial intelligence market by the end of 2027, according to market experts. One of the major reasons cited for this is the constant research and innovations being introduced to increase the efficiency of AI technologies in healthcare. For example, the German Research Center for Artificial Intelligence (DFKI) has collaborated with Fraunhofer Institutes to help develop technologies that will result in the reduction of overall healthcare expenditure by more than $200 billion in the future.

Some of the leading companies involved in providing healthcare AI solutions across Europe are IBM Watson Health, NVIDIA Corporation, Zebra Medical Vision, Modernizing Medicine and many others.

Source: https://www.graphicalresearch.com/industry-insights/1777/europe-healthcare-artificial-intelligence-market