The global medical transcription industry subject to witness a substantial growth due to the growing focus on automation of healthcare services and increasing adoption of advanced reporting techniques. The key factors responsible for the growth of medical transcription industry, in recent years, are reliability, portability, and cost-effectiveness. Rising number of healthcare information technology initiatives undertaken by local governments by developing economies are expected to fuel growth of the medical transcription industry in coming years. Though, increasing challenges and concerns regarding partial medical transcription services and its accuracy are hampering overall quality of medical transcripts, thus restraining market growth over the past few years.
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The technological advancement is one of the important factors driving growth of the medical transcription industry. Rising digitalization in healthcare sector and increasing adoption of web-based services over conventional analog devices such as recorders and transcribing devices, are anticipated to boost demand of the market in coming years. Growing adoption automatic transcribing devices is expected to replace various analog devices in near future, thus driving growth of the industry.
Other factors attributing to the growth of the market are rise in the value of skilled professional and increase in the outsourcing of medical transcription services. Furthermore, increase in the number of transcribers coupled with years of training to learn various methodologies and number of scientific terminologies are expected to boost overall market demand in near future. As more organization focusing on outsourcing medical transcription services to dependable third-party service providers, are expected to double number of third-party service providers. Thus, augmenting demand of the medical transcription industry, in coming years.
Medical transcription (MT) industry is considered as one of the most vibrant segment in the healthcare management sector, as it is most affected by changing technological transformation. Numerous initiatives undertaken by local governments such as rising adoption of the electrical health record systems in both developed and developing economies are expected to fuel market growth in upcoming years. Growing popularity of automation in the healthcare sector in order to provide superior, safer and quality service to the patients is positively impacting the current model of medical transcription industry.
Doctors and healthcare professionals process medical records, which is known as medical transcription (MT) which is converted into readable text format from voice and text report. Businesses are focusing on voice recording notes and transcripts by healthcare professional and converting them into text, format for further usage. Such data is used largely by Health Information Technology organization and electronic health record (EHR) initiatives. Immediate transcription is provided for storage and transfer of the voice recorded data to the medical transcription department.With recent technological revolution in healthcare sector has led to rising adoption of the electric consoles, word processors, and numerous smart devices. Most of the medical transcription devices consist of in-built speech recognition and memory storage systems vital for outsourcing medical transcription services. Medical transcription is performed with the help of different techniques adopted by healthcare professional or in-house transcriptionists. Such factors are predicted to drive market demand for the medical transcription during the forecast period.
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The medical transcription industry is divided into regional market segment such as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the adoption of latest technologies in medical sciences and existence of well-established healthcare infrastructure. Asia-Pacific region is predicted to hold major market share in the medical transcription industry with massive growth in forecast period. Countries such as India, Philippines and Singapore are leading the Asia-Pacific market with rise in the outsourcing of these services and substantial investment by leading industry players considering potential opportunities in the region.
The key players in the medical transcription industry are Acusis Limited, Nuance Communications Incorporations, MModal Incorporations, iMedX Information Services Limited, Precyse Solutions Limited, Scribe Healthcare Technologies Incorporations, Superior Global Solutions Incorporations, Transcend Services Incorporations, and TransTech Medical Solutions.In this report, the global Medical Transcription market is valued at USD XX million in 2017 and is expected to reach USD XX million by the end of 2025, growing at a CAGR of XX% between 2017 and 2025.
Geographically, this report is segmented into several key Regions, with production, consumption, revenue (million USD), market share and growth rate of Medical Transcription in these regions, from 2013 to 2025 (forecast), covering• North America
• Europe
• China
• Japan
• Southeast Asia
• India
Global Medical Transcription market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the top players including• Acusis
• IMeDx
• MModal
• Nuance Communications
• Precyse Solutions
• Ascend Healthcare Systems
• Transtech Medical Solutions
• Superior Global Solutions
• Scribe Healthcare Technologies Inc.
• Global Medical Transcription
• Scribe Healthcare Technologies
On the basis of product, this report displays the production, revenue, price, market share and growth rate of each type, primarily split into• EMR/EHR
• PACS
• RIS
• Other
On the basis of the end users/applications, this report focuses on the status and outlook for major applications/end users, consumption (sales), market share and growth rate for each application, including• Hospitals
• Physician Practices
• Clinical Laboratories
• Academic Medical Centers
• Others
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https://www.marketwatch.com/press-release/medical-transcription-market-to-gain-due-to-the-growing-focus-on-automation-of-healthcare-services-and-increasing-adoption-of-advanced-reporting-techniques-radiant-insights-inc-2018-07-16