Low Mkt Cap
#33 of 49
$10 B
Low CAGR
#30 of 49
20 %
Voice recognition technology can be used to improve patient communication with providers, especially for patients with limited mobility or vision impairments. Voice recognition can also be used to transcribe clinical notes and other medical documentation, reducing the time and cost associated with manual data entry. The accuracy of voice recognition technology in medical settings is improving, but there are still concerns about privacy and security of patient data.
0 FDA approvals in Voice Recognition Technology
Improved Clinical Documentation
"Voice recognition technology can improve the accuracy and efficiency of clinical documentation, reducing the burden on professionals and enabling better patient care." - Journal of the American Medical Informatics Association, October 2021
Accessibility
"Voice recognition technology can increase accessibility for patients with disabilities or those who have difficulty using traditional input devices." - BMC Medical Informatics and Decision Making, January 2022
Efficient Workflows
"Voice recognition technology can streamline workflows and enable more efficient use of resources, improving both patient care and provider satisfaction." - Healthcare IT News, February 2022
Investor sentiment
MarketsandMarketsJuly 2020
"...The global voice recognition market is expected to grow at a CAGR of 17.2% from 2020 to 2025, driven by the increasing adoption of voice-based virtual assistants and smart speakers, the growing use of voice recognition in applications, and the rising demand for voice recognition technologies in automotive and home automation systems."
Fortune Business InsightsApril 2020
"...The global voice recognition market was valued at $9.3 billion in 2019 and is expected to grow at a CAGR of 15.7% from 2020 to 2027, driven by the increasing demand for voice-based virtual assistants and smart speakers, the growing use of voice recognition in and financial applications, and the rising adoption of voice recognition technologies in automotive and home automation systems."
Grand View ResearchAugust 2020
"...The global voice recognition market size was valued at $231.6 million in 2019 and is expected to grow at a CAGR of 20.5% from 2020 to 2027, driven by the increasing adoption of electronic records (EHRs) and other IT systems, the growing need for accurate and efficient clinical documentation, and the rising demand for voice recognition technologies in medical imaging and diagnostics."
Sector leaders
Nuance Communications
Nuance Communications’ Dragon Medical platform features speech recognition technology that assists doctors and other professionals in writing patient notes and medical records.
Saykara
Saykara’s platform features a voice assistant that uses natural language processing to assist physicians with clinical documentation.
