According to the research report titled ‘Europe Healthcare Artificial Intelligence Market Size By Application, Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021- 2027’, available with Market Study Report, Europe healthcare artificial intelligence market is anticipated to exceed USD 8.9 billion between 2021-2027.
 

Surging demand of genomic medicine, AI ability to accurately diagnose complex diseases, and improving in patient care facilities are key factors driving Europe healthcare artificial intelligence market growth. This technology has also facilitated efficient management of patients’ medical records & revenues, processing of insurance claims as well as proper documentation, thus stimulating the industry proliferation.
 

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For the unversed, artificial intelligence combines human intelligence and technology to develop machines that can perform activities such as digitization, automation, problem solving, and learning.
 

The report also cites that escalating investments by leading players and favorable government initiatives will aid Europe healthcare artificial intelligence market expansion. Moreover, the ability to predict cause of ailments, identify tumors with higher accuracy than radiologists, and provide treatment solutions will facilitate industry proliferation in the forthcoming years. 
 

On the other hand, difficulty in deployment, high initial capital requirement, and large scale human unemployment will act as a challenge.
 

Based on application scope, the industry is bifurcated into drug discovery, medical imaging & diagnosis, therapy planning, virtual assistants, wearables, hospital workflow, and others.
 

Regionally speaking, Germany held majority of Europe healthcare artificial intelligence industry share in 2020 and is projected to witness rapid expansion between 2021-2027. Surging investments in R&D activities and launch of innovative solutions to raise efficiency of AI technology are key factors credited for this growth.
 

Key players profiled in the report are Johnson & Johnson, AiCure LLC, Modernizing Medicine Inc., Zebra Medical Vision Limited, Apixio Inc., Butterfly Network Inc., SOPHiA Genetics, Atomwise Inc., Enlitic Inc., Welltok Inc., Cyrcadia Health Inc., OmeCare Inc., Watson Health (IBM), Sense.ly Inc., iCarbonX, Nvidia Corporation, and Insilico Medicine.