LONDON--(BUSINESS WIRE)--The global medical transcription market is expected to post a CAGR of over 5% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
With an increase in healthcare data, the need for automation of medical transcripts has increased significantly. Adopting automation reduces errors in transcripts which could result in misdiagnosis or incorrect treatment. It also significantly reduces the amount of time spent by the physician in proofreading the document and improves the quality of consultations. Therefore, the rising need for automation of medical transcripts in the healthcare sector will have a positive impact on the growth of the market during the forecast period.
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As per Technavio, the growing adoption of data analytics in the healthcare sector will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Global Medical Transcription Market: Growing Adoption of Data Analytics in the Healthcare Sector
Many research and healthcare organizations are leveraging data analytics to analyze data patterns to serve their patients with personalized healthcare treatment. Data analytics also helps healthcare organizations to effectively carry out various activities such as direct marketing and customer relationship management (CRM). The increasing use of data analytics in the healthcare sector will have a positive impact on the growth of the global medical transcription market during the forecast period.
“Emergence of voice recognition technologies and the rising application of BI in the healthcare industry will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Medical Transcription Market: Segmentation Analysis
This market research report segments the global medical transcription market by geography (APAC, Europe, MEA, North America, and South America) and end-user (hospitals and physician groups and clinics).
The North American region led the market in 2019, followed by Europe, APAC, South America, and MEA. During the forecast period, the North American region is expected to register the highest incremental growth due to the increasing investments in advanced IT infrastructure and innovations in the healthcare sector.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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