European AI in Healthcare Market Trends, Sales, Supply, Demand, Analysis & Forecast to 2025
The European AI in healthcare market
is estimated to grow significantly at a CAGR of 53.5% during the forecast
period. Europe has a huge potential for the growth of AI owing to an advanced
economy and significant investment. UK, Spain, Germany, France, and Italy are
the major economies of Europe which are contributing significantly towards the
growth of the market. Europe represents a significant market and has a good
market share in AI in healthcare market. Artificial intelligence is adding a
new dimension to the diagnosis and treatment across the globe. Europe has been
significantly contributing in market owing to growing number of start-ups and
demand for early and accurate detection of diseases.
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Various
pharmaceutical companies such as Novartis International AG, AstraZeneca PLC,
Evotec AG, and Janssen Pharmaceutical NV are using AI in during drug discovery.
There are
significant number of healthcare facilities in Europe utilizing AI tools.
Health facilities and governmental authorities are aware of the benefits of
currently existing AI tools. Benefits such as data privacy is attracting health
facilities to adopt AI in healthcare industry. AI support clinicians to take
better and more informed decisions. This is the major factor driving the growth
of the AI in healthcare market in this region. Rising healthcare expenditure
will augment technological advancement in AI technology which in turn offer
early detection of the diseases. Additionally, research activities are
gathering pace to cater to the ever-increasing demands of the healthcare sector
with respect to advanced treatment options in Europe.
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The market is
segmented on the basis of offering, end-user industry, and application. Based
on offering, the market is divided into software & services and hardware.
Based on the end-user industry, the market is segmented into hospitals &
healthcare facilities, personal care, and biotechnology & pharmaceutical
companies. Further, on the basis of application, the market is segmented into
diagnosis, biomarker, virtual nursing assistance, remote monitoring of
patients, drug discovery, and ai-enabled hospital care. On the basis of
country, the market covers the analysis of UK, Spain, Germany, France, Italy,
and Rest of Europe.
These companies are
partnering with IT companies to integrate the advanced technology with
healthcare. For instance, in January 2018, the Novartis International AG
entered into partnership with McKinsey’s QuantumBlack to analyse clinical trial
operations using classic machine learning technology.
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European AI in
Healthcare Market Segmentation
European AI in
Healthcare Market by Offering
·
Hardware
·
Software & Services
European AI in
Healthcare Market by End-User Industry
·
Hospitals & Healthcare Facilities
·
Personal Care
·
Biotechnology & Pharmaceutical Companies
European AI in
Healthcare Market by Application
·
Diagnosis
·
Biomarker
·
Virtual Nursing Assistance
·
Remote Monitoring of Patients
·
Drug Discovery
·
Ai-Enabled Hospital Care
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