Global Medical Transcription IT Spending Market 2016-2020

Market outlook of the global medical transcription IT spending

Technavio’s analyst predicts the global medical transcription IT spending market to grow steadily at a CAGR of around 6% during the forecast period. Currently, the healthcare industry is finding it difficult to manage the enormous amount of data it generates. It has become imperative for this industry to adopt digital tools like analytical tools, healthcare information management systems, and digital document management systems to keep a record of data related to patients. With the shift from paper-based information management to digital document management, the industry is not only able to save costs but also able to efficiently manage and record data with minimal errors.

Digitization helps in hassle-free storage, smooth transfer of data using cloud-based IT solutions that can be accessed from anywhere. It immensely improves the efficiency of physicians in treating their patients without while delivering errorless medical prescriptions. Also, it helps in keeping patient’s history confidential and secure. Its various advantages have found widespread adoption all over the globe and this trend will continue to boost the medical transcription sector in the upcoming four years.

End-user segmentation and analysis of the medical transcription IT spending

• Hospitals
• Specialty clinics

Hospitals are the primary end-users of the global medical transcription IT market forming almost 70% of the market share. As per this forecast, many hospitals will continue to outsource for transcription as they do not have the right in-house equipment or workforce to maintain these records.

Geographical segmentation and analysis of the global medical transcription IT spending

• Americas
• APAC
• EMEA

In 2015, the Americas dominated the medical transcription IT spending market with a share of close 52%. The US is a major market for medical transcription services because of the increased focus on improving healthcare IT infrastructure and establishing consistent healthcare data models.

Competitive landscape and key vendors

IT spending in the global medical transcription market sees fierce competition as vendors offer similar IT products and services for healthcare information systems. Consumer demand in the industry keeps changing, and vendors compete on the basis of cost, innovation, and customization of existing products. The market is also witnessing many new entrants who are likely to intensify the competition further.

The leading vendors in the market are: -

• Acusis
• MModal
• Nuance Communications
• Precyse Solutions

Other prominent vendors in the market include Scribe Healthcare Technologies, Sterling Transcription, Transtech Medical Solutions, Voxtab, 3M, Global Medical Transcription, DICT8, Ascend Healthcare Systems, Bytescribe, Amphion Medical, and Accuro.

Key questions answered in the report include

• What will the market size and the growth rate be in 2020?
• What are the key factors driving the global medical transcription IT spending market?
• What are the key market trends impacting the growth of the global medical transcription IT spending?
• What are the challenges to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities and threats faced by the vendors in the global medical transcription IT spending market?
• What are the trending factors influencing the market shares of the Americas, APAC, and EMEA?
• What are the key outcomes of the five forces analysis of the global medical transcription IT spending market?

Technavio also offers customization on reports based on specific client requirement.

Related reports:

• Global Medical Document Management System Market 2015-2019