A key factor driving the market’s growth is the increase in healthcare IT spending. The need for digital documentation and integration of data led to the increased spending on IT in the healthcare sector. Modern technologies will increase the effectiveness and efficiency of this market. Thus, the growth in healthcare specifically in IT spending on medical transcription will drive market growth.
This market research report on the global medical transcription market provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the emergence of voice recognition technologies as one of the key emerging trends in the global medical transcription market:
Global medical transcription market: Emergence of voice recognition technologies
Voice recognition software can automate the process of transcribing medical reports. The software converts audio files to text without human intervention. This software also reduces the efforts by physicians to record and send voice files for transcription. Despite language barriers, speed of speech, and incorrect pronunciations, the software reduces the time needed to transcribe medical reports. However, transcriptionists will be required to edit and proofread these automated transcripts.
“Software automated text data is easy to incorporate in information systems and for sharing information with other healthcare professionals for further treatment. For instance, Dragon medical speech recognition software by Nuance Communications has advanced features such as increased accuracy and vocabulary with a rapid process involving end-to-end security. This software can also be integrated with almost all information systems such as EMR,” says a senior analyst at Technavio.
Global medical transcription market: Segmentation analysis
This market research report segments the global medical transcription market by end-user (hospitals and physician groups and clinics) and key regions (the Americas, APAC, and EMEA).
The Americas held the highest share of the global medical transcription market in 2017, accounting for a market share of around 48%, followed by EMEA and APAC. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period.
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