Medical Transcription Market: Introduction
Medical transcription (MT) is also known as healthcare documentation. It involves the conversion of verbal dictations of medical data into pre-defined textual or digital formats. The advancement of technology has enabled hospitals, clinics, doctors, and other healthcare providers to adopt MT to improve the quality of patient care, enhance operational efficiency, and reduce capital expenditure.
It helps healthcare providers maintain patient care records, including treatment plans, medical examination results, and other relevant information. It also reduces staff burden by discarding the need for patient forms, operation and progress notes, and discharge summaries. MT allows doctors to create a well-organized and accurate patient history. It helps them analyse the patient’s current condition and plan an ideal future treatment.
The Global Medical Transcription Market Forecast:
Global Medical Transcription Market has been expanding rapidly with significant growth rates in the past few years. The global medical transcription market size reached US$ 62.7 Billion in 2020, and it is expected that it will grow substantially over the forecast period, i.e., 2022 to 2030.
The Global Medical Transcription Market Overview:
The prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases has been rising rapidly. It has led to an increase in medical records generated in hospitals. It is in addition to the positive impact that electronic health records (EHRs) are having on the MT market worldwide.
Manufacturers have also begun to leverage the latest technologies such as ADT Normalization, voice recognition, and instantaneous formatting, which can automate the conversion of voice-based records to text-based electronic documents. These technologies reduce transcription time and improve overall accuracy.
There has been the risk of manipulation or theft of medical information or data; therefore, leading companies have also introduced data security mechanisms, end-to-end secure processes, and high-end encryption technology to protect medical data.
Global Medical Transcription Market: Market Dynamics
Market Drivers:
The increase in quality of patient care and awareness of medical transcription software is one of the key drivers for global market growth. Technological advancements like voice recognition, machine learning, and artificial intelligence are some of the key drivers. They are widely used in healthcare technology to improve treatment outcomes and clinical documentation.
Market Opportunities:
The rise in chronic diseases such as diabetes, cancer, and heart disease has led to an increase in a number of medical records generated in hospitals. The MT market is also benefiting from the growing awareness of enterprises about electronic health records (EHRs) to streamline information. Manufacturers also leverage the latest technologies such as ADT Normalization, voice recognition, and instantaneous document formatting to automate the conversion of voice-based records to text-based electronic files.
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Medical Transcription Market: Regional Analysis
North America dominated the medical transcription market and accounted for the largest global revenue share in 2019. This dominance is attributed to the rising need for clinical documentation, the priority of maintaining patient data in a structured format, technical advancement in product offering, and regulations of government authorities. For instance, Epic, one of the key players in the HER market, collaborated with Nuance Communication Inc. with the vision of integrating speck recognition technology in the EHR system in 2018.
Europe is anticipated to witness significant growth in the forthcoming years. This development is credited to the increasing adoption of voice recognition and cloud technology in the healthcare segment. Moreover, a priority given to the utilization of advanced technology to modernize clinical workflow and documentation is expected to boost the market expansion in countries like France, the UK, Germany, etc.
The Asia Pacific Medical Transcription Market is anticipated to witness significant growth in CAGR over the forthcoming years. This notable expansion is credited to the growing awareness about medical documentation and the requirement for better patient treatment.
However, the rest of the world segment is also anticipated to register healthy growth over the forecast period. This growth is ascribed to the development of the healthcare infrastructure in the regions such as Latin America and the Middle East, and Africa.
The Key Market Segmentation of the Global Medical Transcription Market:
Global Medical Transcription Market can be divided into Product Types, End-User, and Geographical landscapes, etc.
By Product Type:
- Voice Capture
- Voice Recognition
By End-User:
- Radiologists
- Surgeons
- Clinicians
- Other
By Geographical Landscape:
- North America
- Europe
- Asia Pacific
- South America
- The Middle East and Africa
Major Key Players
- MModal IP LLC
- Nuance Communications Inc
- Transcend Services, Inc
- Medi-Script Plus
- Outsource2india
- Acusis LLC
- iMedX Information Services
- MTBC
- World Wide Dictation
- Athreon
- BVS Transtech
- Excel Transcriptions
- Nthrive Solutions LLC
- TransPerfect Global Inc
- VIVA Transcription
- Med-Scribe Inc
- Pacific Solutions
- Same Day transcriptions Inc
- DoctorDocs
- GMT
- LC Transcription Services
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