The global electronic medical records market is projected to witness robust growth in the coming years, reaching $46.96 billion by 2028 with a compound annual growth rate (CAGR) of 6.5%.
Expected expansion results from increased healthcare IT, government initiatives, digital transformation demand, and ongoing COVID-19 impact.
Key trends involve heightened emphasis on AI, natural language processing, voice assistance technology, adoption of cloud-based EHR, strategic partnerships, and increased investments and M&A activities.
The advancement of healthcare information technology is a pivotal factor driving the expansion of the electronic medical records (EMR) market in the healthcare sector. Electronic medical records play a crucial role in providing seamless electronic healthcare services within a healthcare organization, emphasizing the need for user-friendly applications facilitated by the dynamic Information Technology (IT) sector in healthcare. A survey conducted by BMC Health Services Research revealed a commendable adoption rate of electronic health records, highlighting healthcare professionals’ readiness for electronic medical records. The substantial growth in health-related ailments globally is expected to propel the electronic medical records market, driven by factors such as climate changes, urbanization, infections, heredity, and other determinants. The surge in diseases leads to an increased demand for efficient medical record-keeping, making Electronic Medical Records (EMRs) a vital solution for storing, accessing, and safeguarding patient health records, contributing to preventive care. The integration of artificial intelligence (AI) in Electronic Health Records (EHR) is transforming the electronic medical records market, enabling predictive analysis of clinical outcomes based on healthcare data. AI, exemplified by solutions like Suki Assistant, utilizes voice-enabled clinical digital assistance to understand spoken words by healthcare professionals. The adoption of Natural Language Processing (NLP) is a notable trend, allowing machines to understand and respond to text or voice input similar to human interaction. In Electronic Health Records (EHRs), NLP techniques capture unstructured data, analyze grammatical structures, and summarize information, contributing to cost reduction and efficient data analytics. Innovations like automated prior authorization solutions integrate NLP and AI technologies to streamline processes and enhance member experiences in healthcare.
Instances encompass solutions like Edifecs’ automated prior authorization system, interacting with Electronic Health Records (EHRs) to deliver immediate authorizations. This innovative approach enhances outcomes and diminishes administrative burdens.
