Medical Transcription Market to Top $96 Billion by 2027
Research firm IMARC Group valued the global medical transcription market at $66.5 billion in 2021 and expects it to reach $96.5 billion by 2027, growing at a 6.4 percent compund annual rate.
The report defines medical transcription, also known as healthcare documentation, as the process of converting verbal dictations of clinical data into pre-defined text or digital format. It includes in its numbers not just the speech recognition technology, but the supporting electronic health record systems, picture archiving and communications systems, radiology information systems, and more.
The report noted that with the advancement in technology, hospitals, healthcare centers, clinics, and individual doctors are opting for medical transcription to optimize operational efficiency, improve quality of patient care, and minimize capital expenditure while helping them better manage and maintain patient care and treatment records detailing medical examination findings, treatment plans and relevant information.
Besides this, medical transcription aids in reducing staff burden by eliminating the need to file patient forms, discharge summaries, and operation and progress notes, and creates an organized and appropriate patient history, which enables the doctors in analyzing current physical conditions and preparing ideal treatment plans, it also said.
The growing popularity of these solutions can be attributed to a rise in the prevalence of various chronic diseases, such as cancer, diabetes, and cardiovascular diseases, which has led to an increase in the number of medical records generated in hospitals, according to the report.
Besides this, manufacturers have started leveraging the latest technologies, such as normalization, instantaneous document formatting, and voice recognition, to automate the conversion of voice-based records into text-based electronic files, it said. These technologies not only aid in reducing the time required for transcription but they also enhance the overall accuracy. Moreover, leading companies have introduced high-end encryption and data security to their solutions, it noted further.
The report identified Acusis, Transcend Services, Nuance Communications, MModal, iMedX Information Services, Global Medical Transcription, nThrive Revenue Systems, MTBC, MediScript Plus, and TransTech Medical Solutions as the leading vendors of medical transcription technology.