The EU AI in Healthcare market size was valued at USD 2.04 billion in 2020 and is forecasted to reach the market size of USD 50.42 billion by 2028, expanding at a compound annual growth rate (CAGR) of 49.3% during the forecast period.
The AI in healthcare market in Europe region has occupied the second highest position in the global scenario. Healthcare systems across the EU face increasing demand as longevity increases, with one in four people in Europe estimated to be over the age of 65 by 2050. At the EU level, a more robust data infrastructure us being pushed to ensure that the healthcare systems can share data which would enable tracking and diagnosing diseases quickly and efficiently.
AI has various applications in healthcare. It enables medical practitioners to retrieve information, interpret images acquired during scans and make treatment plans for the medical procedures.
In addition to the clinical aspect, Artificial Intelligence is also proving beneficial in research activities. European Government and private organizations are initiating the incorporation of Artificial Intelligence in their research endeavours to accelerate developments surrounding COVID-19 vaccines. 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.
The market is driven by the increasing influx of large and complex healthcare datasets for which Artificial Intelligence applications are required.
In addition to this, there is a rise in investment in AI Healthcare Start-ups in the European region. Escalating cross-industrial partnerships and collaborations in the field of AI in healthcare also propels the market towards growth.
In addition to this, the market is fuelled by growing government initiatives to promote implementation of AI in Healthcare.
Increase in use of precision medicines and clinical trial processes demands the deployment of Artificial Intelligence which further propels the market. Increased funding for Research and Development in the field contributes to the growth of the market. It is also driven by the ongoing COVID-19 pandemic.
Type of Artificial Intelligence in Healthcare
The AI technologies that play an important role in healthcare are as follows:
- Machine learning – neural networks and deep learning
- Natural language processing
- Rule-based expert systems
- Physical robots
- Robotic process automation
The most common form of AI is Machine Learning which is a statistical technique for fitting models to data and to learn by training models with data.