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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.
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.
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.
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: -
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.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market Landscape
PART 06: Market segmentation by end user
PART 07: Geographical segmentation
PART 08: Market drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Key vendor analysis
PART 15: Appendix
PART 16: Explore Technavio
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