The adoption of Natural Language Processing (NLP) is gaining popularity in the electronic medical records market trends. NLP creates machines that can comprehend text or voice input and react to it as people do by responding with text or speech of their own. NLP techniques are used in EHRs to capture unstructured data, analyze the grammatical structure, determine the meaning and summarize the data. As a result, NLP approaches can cut costs, while thoroughly extracting large amounts of data analytics information.
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The global electronic medical records market size is expected to grow from $31.78 billion in 2021 to $34.3 billion in 2022 at a compound annual growth rate (CAGR) of 8.0%. The global electronic medical records market share is expected to grow to $44.18 billion in 2026 at a CAGR of 6.5%.
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Surge In Diseases – A Major Driver For The Electronic Medical Records Market
Rising health diseases globally are expected to propel the electronic medical records market growth in the forecast period. Health diseases are increasing due to weather changes, rapid urbanization, changing land-use patterns, infections, heredity and other reasons. The increasing prevalence of diseases will lead to an increase in the number of patients, supporting the demand for medical record keeping, including EMRs. Due to the ever-increasing loads of healthcare documents and information, there will be a need for an effective tool for keeping records, making the electronic medical record one of the most effective and efficient tools to store, access, retrieve and protect patient health records, while also helping in preventive care.
Electronic Medical Records Market Trends – Increasing Acceptance Of Telemedicine
North America was the largest region in the electronic medical records market and was worth $12,417.39 million in 2021. The electronic medical records market in North America is supported by the presence of a large, well-established and technologically-advanced healthcare industry in countries such as the USA and Canada. In 2021, North America’s healthcare services market was valued at $2.8 trillion.
Data Safety Issues Will Restrain The Electronic Medical Records Market
As per the electronic medical records market research, the data safety issues and challenges with respect to EMRs are expected to hamper the growth of the electronic medical records market during the forecast period. Electronic medical records are associated with several privacy and security issues, such as patients’ data and safety. Moreover, cybercrime is increasing globally, which poses a significant challenge to electronic medical records. Cybercrime is rising due to the increasing automation, rapid use of the internet, remote working and others. The vulnerability of electronic records over the internet will increase the risks associated with the use of electronic medical records.
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