Research Overview
Need for Increased Efficiency and Productivity
Many voice recognition software vendors provide voice recognition applications themselves as well as striking strategic partnerships and alliances with other healthcare software vendors. Strategic partnerships and alliances are a very important aspect in this market. Voice recognition vendors need to look carefully at the reputation and success of their possible partners in their markets before building partnerships and associating their voice recognition technology with their product. Frost & Sullivan believes that this challenge is likely to have a bigh impact for the next three to four years.
Return on Investment
Typically, a single doctor or nurse that utilises an outside transcription service spends between $10,000 and $30,000 per year digitising dictation depending on the individual's workload. For example, a private practice doctor can replace transcription with a voice recognition solution and save more than $10,000 per year by eliminating the need for transcription. The savings potential in larger organisations can be tremendous. A large medical group can roll out the solution to all its doctors and eliminate the need for an in-house transcription staff. Examples of more than 50 percent decrease in report generation times in large hospital/trust settings have been seen by using voice recognition technology.
Speech-recognition software can help healthcare organisations save a significant amount of money. The benefits can be realised in a provider as small as a solo practitioner's office or as big as a hospital with several hundred doctors and nurses on staff.
Huge potential for future growth in the European Healthcare Voice Recognition Systems Market
The European healthcare voice recognition systems market is considered emerging and is very small in terms of actual revenues. Applications and products are still evolving. Market participants are dealing with an emerging technology that has only been fully researched in the last eight to ten years. Business generation and inclusion of voice recognition systems in healthcare modernisation plans is just starting to pick up, while the business structure is very much still evolving.
The present shape of the industry today may drastically change within the next two to three years as different factors come into play and as end-user issues are addressed in product design and market development. However the potential for future growth is huge. The annual growth rate is expected to reach double digits for the entire forecast period while market dynamics will continue to evolve and industry participants need to stay vigilant.
Benefits of this Service
Evaluation of Business Potential in Major Markets
This research service examines the business potential of the Healthcare Voice Recognition Systems industry in Europe, taking into account the industry dynamics and drivers.
Description of Challenges Faced by Market Participants
The research service identifies and discusses the impact of industry challenges for the European healthcare voice recognition systems market.
Existing Competitive Structure
The report critically examines the competitive structure in European markets, with a look at current infrastructure and ongoing implementation initiatives in this industry sector.
Actionable Information for Strategic Planners
The research service provides strategic recommendations to capitalise on the business opportunity in the European Healthcare Voice Recognition Systems industry.
Availability of Decision Support Databases
May be used for formulating business plans.
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sector in this research:
- European Healthcare Voice Recognition Systems Market
Technologies
The following technologies are covered in this research:
- Speech/Voice Recognition Technology: is used in precision surgery in which procedures can be carried out by automated means such as in removing a tumour or blockage without damaging surrounding tissue. Other experimental uses of voice/speech recognition technology in the healthcare arena, despite transcription, include patient monitoring, interactive response systems, telemedicine as well as electronic health record generation, maintenance and security.
- Primary Care Administrative Information Systems Market: is defined as all systems that aid in patient and practice management at the primary care level, including features such as patient administration, appointments, budgeting and archiving systems. They are information systems that include administrative systems, practice and patient management systems.
What's Included
- European Healthcare Voice Recognition Systems Market: revenues forecast
- Competitive Landscape of the European Healthcare Voice Recognition Systems Market
- Geographical Trends of the European Healthcare Voice Recognition Systems Market
- Insights on the Technology Trends of the European Healthcare Voice Recognition Systems Market
- Strategic Considerations for Vendors in the European Healthcare Voice Recognition Systems Market
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