Electronic Health Record Market is expected to reach US$ 74,233.46 million by 2030

PRESS RELEASE BY The Insight Partners 28 Dec 2023

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Combining Electronic Health Record with Artificial Intelligence and Voice Recognition Can Fuel Electronic Health Record Market Growth

According to our new research study on "Electronic Health Record Market Size and Forecast (2020–2030), Global Share, Trend, and Growth Opportunity Analysis – by Installation Type, Type, Application, and End User," the market is expected to grow from US$ 33,144.25 million in 2022 to US$ 74,233.46 million by 2030; it is estimated to record a CAGR of 10.6%% during 2022–2030.

Voice recognition technology is an excellent asset for electronic health record systems as it helps clinicians enter information and patient data hands-free. In addition, it reduces incorrectness and errors by dictating records in electronic health record, which further accelerates the information recording process.

Electronic Health Record Market

Electronic Health Record Market Outlook Report | Size, Share & Trends 2030

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Electronic Health Record Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Installation Type (Cloud-Based and On-Premise), Type (Acute Electronic Health Record Market, Ambulatory Electronic Health Record Market, and Post-Acute Electronic Health Record Market), Application (Clinical Records, Administrative Task and Billing, Physician Support, and Patient Portal), End User (Hospitals and Clinics, Ambulatory Surgical Centers, and Physicians Office/Specialty Care Centers), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)

Artificial intelligence has consistently improved the healthcare sector by helping doctors recognize historical trends about the condition of a patient and make diagnoses. For instance, a physician can ask the EHR system regarding the last recorded iron levels from a blood test of a patient by using voice-enabled technology. After receiving instructions, the system will report to the doctors about the patient’s health status. This is a working example of how Northwell Health and Allscripts have already partnered to start developing AI-based, voice-enabled electronic health records. It will be a beneficial system for providers with hectic work schedules. Further, Saykara has received a 2021 BIG Innovation Award for its AI voice assistant that produces clinical notes, orders, referrals, and more by ambiently listening to conversations between physicians and patients. The assistant “Kara” is accessible via a mobile app that extracts meaning and intent from what it hears and then populates both structured and narrative data to the electronic health record. Besides, Epic is in the process of developing an AI electronic health record documentation assistant. Furthermore, Google is recruiting talent to help build artificial intelligence and voice recognition tools to improve the clinical documentation process and streamline electronic health record workflows.

Electronic health record market is segmented as follows:

Based on type, the electronic health record market is segmented into acute electronic health record, ambulatory electronic health record, and post-acute electronic health record. The acute electronic health record segment held the largest market share in 2022, and the post-acute electronic health record segment is anticipated to register the highest CAGR of 10.3% during 2022–2030. Post-acute care facilities consist of rehabilitation centers, home health agencies, and long-term care hospitals. Rehabilitation centers offer education, medically supervised exercise, and support to patients suffering from neurological, cardiovascular, musculoskeletal, orthopedic, and other medical conditions. To provide high-quality services, rehab centers must maximize efficiencies in their administrative tasks, including data maintenance and billing. Most of the modern and advanced rehabilitation centers have turned to electronic systems to reduce the time-consuming paperwork. Electronic health record providers offer electronic health record software, especially for rehab centers. For instance, Orion offers the AccuCare system, an electronic health record and billing solution that is uniquely designed for the addiction rehabilitation field, thereby providing a combination of clinical, financial, management, and research functions to help professionals in proceeding with the treatment.

Home health services can range from nursing care to specialized medical services, such as laboratory tests. A physician may periodically visit patients at home to diagnose and treat medical conditions. Home healthcare software streamlines home healthcare agency management, patient care management, and therapy & rehabilitative service coordination.

Similarly, long-term care hospitals require electronic health record to focus on smooth and safe transitions of care for patients and residents. Meditech offers electronic health record solutions for Long Term Care - Hospitals & Health Systems and helps in delivering high-quality care, enhancing clinical outcomes, reducing medication errors, and optimizing reimbursement.

Oracle Corp, AltexSoft Inc, Veradigm Inc, Greenway Health LLC, eClinicalWorks LLC, Infor-Med Inc, Microwize Technology Inc, Athenahealth Inc, ChipSoft BV, CureMD.com Inc, AdvancedMD Inc, and PracticeSuite Inc are among the leading companies operating in the electronic health record market.

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