Verified Market Research is expecting to see moderate growth in the Electronic Health Record Market (EHR) for the next few years. The firm believes that the market will display a relatively modest CAGR of 3.3 percent, climbing from $25.99 billion in 2020 to $33.69 billion by 2028.
Much of that can be attributed to the rising demand for streamlined administrative systems in the healthcare industry. Healthcare providers all over the world are discovering that electronic records solutions can minimize busywork, which in turn translates to a higher level of overall care for individual patients.
In that regard, there is an especially high level of interest in speech recognition solutions with natural language processing capabilities. A speech-based recordkeeping solution allows the doctor to fill out forms during an appointment with simple voice commands, and negates the need for paper documentation entirely. As a result, doctors can spend more time engaging directly with their patients, and deliver more attentive and more personal care.
Analytic tools can also be applied to help doctors make more accurate predictions about different conditions, and plan treatment schedules accordingly. Verified noted that much of the impetus for digital transformation comes from the government, with many countries offering funds and training to healthcare providers to update their record systems. India, for example, has organized a committee to create technology standards for a national healthcare program.
Advancements in AI and data storage make those technologies more accessible than they have been in the past. In the meantime, Frost & Sullivan has predicted that the rise of EHR technology will help drive adoption rates for biometrics in the healthcare industry.
Verified listed Epic Systems, Cerner, Allscripts, McKesson, and NextGen Healthcare as some of the biggest players in the electronic health record market. Of those, Nuance’s voice assistant technology has previously been integrated into EHR systems from Epic and Cerner.
July 16, 2021 – by Eric Weiss