With the increasing number of hospital visits and physician consultations, it is crucial for physicians to allocate more time for patient interaction than on documentation. Medical transcription service companies are of great support for practices to get clear transcripts of their recordings in short time. Many physicians are also using medical transcription software to transcribe their dictations.
This software dramatically reduces the clinical documentation time and allows physicians to focus more on patient care. Also, remote access to dictation platforms are allowing physicians to dictate from anywhere and anytime, resulting in higher adoption of transcription software.
The global medical transcription software market size that was valued at USD 1.17 Billion in 2018, is now expected to reach USD 3.84 Billion by 2026, exhibiting a CAGR of 16.5% during the forecast period 2019-2026.
Recent technological advancements in medical transcription software are favoring the market growth. Factors such as reduced costs and easy-to-use nature of the software have led to high adoption of the product across the world. The advancements made in cloud services and their incorporation in medical transcription software has had a massive influence on the growth of the market in a positive way.
Key factors that are likely to boost the growth of this medical transcription software market are
- Convenience of operations
- Operational benefits and enhanced flexibility
- Government regulations and acts
- Growing importance of clinical documentation in healthcare
This global market is classified on the basis of deployment, end-user facility, type, end user, and region.
Based on deployment, the market is divided in to cloud/web-based and installed/ on premises. End-user facilities include hospitals, diagnostic centers and clinics. On the basis of type, the market is divided in to voice capture and voice recognition. End-users of this market include Radiologists, Surgeons, Clinicians and others. By region, the market is segmented in to North America, Europe, Asia Pacific and Rest of World. Factors that drive this market growth in North America include growing need of clinical documentation, emphasis on maintaining patient information in structured formats, regulations imposed by government authorities, increasing infrastructure facilities and higher investments on clinical documentation. In market value, Asia Pacific is expected to witness the highest growth owing to rising awareness about clinical documentation.
Key market players discussed in the report are Nuance Communications, Inc., M*Modal IP LLC (3M), Dolbey, Acusis LLC, Voicebrook, Inc., Speech Processing Solutions GmbH (Philips Dictation), Xelex Digital LLC (WebChartMD), nThrive, Inc., Scribe Technology Solutions and ZyDoc Medical Transcription. Nuance Communications, Inc. was the leading player in 2018, and the company is reinforcing its strategic position in this global market, owing to hold on unique technology, wide range of product offering, robust distribution network, superior quality and post-sale support.
While this software provides diverse benefits, experienced transcriptionists can provide accurate transcripts. EHR-integrated medical transcription services help physicians achieve the quality transcripts they are looking for.