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Global electronic medical records market
Dublin, March 11, 2024 (GLOBE NEWSWIRE) — The “Electronic Medical Records Global Market Report 2024” report has been added to ResearchAndMarkets.com Dedication.
The electronic medical records market size is expected to grow strongly in the coming years. This number will grow at a compound annual growth rate (CAGR) of 6.5% to $46.96 billion by 2028. Forecasted growth is driven by healthcare IT expansion, government initiatives, digital transformation needs, and the lasting impact of COVID-19. Key trends include an increased focus on artificial intelligence, natural language processing, voice-assisted technology, cloud-based electronic medical record adoption, strategic partnerships, and increased investment and M&A activity.
The expansion of healthcare information technology is playing a key role in driving the growth of the electronic medical records (EMR) market in the healthcare industry. Electronic medical records are a critical application in healthcare and are designed to be created, managed and accessed by authorized personnel within a healthcare organization, thereby facilitating the seamless delivery of electronic healthcare services. The rapid adoption of electronic medical records requires the continued development and implementation of user-friendly applications, and these advancements can be achieved through the dynamic information technology (IT) sector in healthcare. A survey conducted by BMC Health Services Research, an open-access healthcare journal, shows a commendable electronic health record adoption rate of 52.8%, which highlights the readiness of healthcare professionals for electronic medical records. Therefore, the growth of healthcare information technology will become an important driver of the expansion of the electronic medical records market in the healthcare industry.
The rise in health-related diseases globally is expected to be a major catalyst driving the growth of the electronic medical records market during the forecast period. The surge in health diseases can be attributed to factors such as climate change, rapid urbanization, changing land use patterns, infections, genetics and other determinants. The rising prevalence of diseases is expected to result in an increasing number of patients, driving the need for efficient medical record keeping, including the use of electronic medical records (EMR). As the volume of healthcare documents and information continues to increase, the need for effective records management tools grows. Electronic medical records become one of the most effective solutions for storing, accessing, retrieving and protecting patient health records, aiding in preventive care. According to the International Agency for Research on Cancer (IARC), an intergovernmental agency under the World Health Organization, the number of new cancer cases is expected to reach 26 million by 2030, and annual cancer deaths are expected to reach 17 million. Hence, rising prevalence of cancer and growth in health diseases are expected to drive the growth of the electronic medical records market.
The integration of artificial intelligence (AI) in electronic health records (EHRs) to predict clinical outcomes is a transformative force shaping the electronic medical records market. Artificial intelligence represents the ability of computers to perform tasks that typically require human intelligence and judgment, and is leveraged in electronic medical records (EMRs) to analyze, present, and understand complex medical and healthcare data in a manner that reflects human behavior. An illustrative example is the launch of the Windows version of Suki Assistant in October 2021 by Suki, an American artificial intelligence healthcare voice solutions company. Suki Assistant uses artificial intelligence to listen and understand the spoken language of healthcare professionals and translate it into written form, providing end-to-end voice-based clinical digital assistance.
The adoption of natural language processing (NLP) has become a key trend in the electronic medical records market. NLP involves creating machines that can understand text or speech input and respond in a manner similar to how humans interact through text or speech. In the field of electronic medical records, natural language processing technology is used to capture unstructured data, analyze grammatical structure, determine meaning, and summarize the data. Therefore, NLP methods help reduce costs while efficiently extracting information for analysis from large amounts of data. One notable example is the launch of an automated prior authorization solution by US healthcare technology company Edifecs, Inc. in September 2022. The technology integrates seamlessly with electronic health records (EHRs) to automate prior authorization at the point of care. This innovative solution not only enhances the member experience, but also improves outcomes, continues compliance and reduces administrative burden. Edifecs’ automated prior authorization solution interacts with the EHR to provide instant authorization through the combined application of NLP and AI technologies.
For more information about this report, please visit https://www.researchandmarkets.com/r/ozg3sl
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