About Medical Transcription IT Spending
Medical Transcription is a process of transcribing voice-recorded dictations by the healthcare professionals such as physicians and nurse practitioners pertaining to the patient’s medical record into an electronic or paper format to create files that depict the treatment history of the patients. The medical transcription industry has undergone a massive shift as the arrival of relatively cheap and fairly accurate voice-recognition software has driven down the demand for human transcriptionists. This software reduces turnaround time, the dictating physician now must act as the proofreader as well.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Medical Transcription IT Spending market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Nuance Communications (United States), Nthrive Solutions, LLC (United States), The Accuro Group Inc. (United States), Acusis, LLC (United States), iMedX Inc. (United States), 3M Health Information Systems, Inc. (United States), Voxtab (United States), Amphion Medical Solutions, LLC (United States), Ascend Health Care Systems Llc (United States), Scribe Healthcare Technologies Inc. (United States), DICT8 (United Kingdom) and CBAY Transcription Services, Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Sterling Transcription (United States) and TransTech Medical Solutions (United States).
Segmentation Overview
AMA Research has segmented the market of Global Medical Transcription IT Spending market by Type (Software and Service), Application (Hospitals, Physician Practices, Clinical Laboratories, Academic Medical Centers and Others) and Region.
On the basis of geography, the market of Medical Transcription IT Spending has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Increasing Demand for Medical Transcription Services
Market Growth Drivers:
High Demand for Medical Transcription Software and Increased Awareness about Digital Health Technologies
Challenges:
Privacy and Security Issues Associated with Patient's Medical Data
Restraints:
High Cost of the Medical Transcription Software
Opportunities:
Growth in the Service Industry and Growing Healthcare IT Industry
Market Leaders and their expansionary development strategies
In April 2021, Microsoft announced it had acquired Nuance Communications for USD16 billion. Nuance is a pioneer in the field of advanced medical transcription, but the technology is still young. The battle to reduce the administrative burden for doctors using artificial intelligence is intensifying, and the acquisition could position Microsoft well to compete against other tech giants as they jostle for dominance within healthcare.
In August 2022, AI startup Abridge has secured USD 12.5 million in a series A1 funding round, bringing its total raised to date to USD 27 million.
Key Target Audience
Medical Transcription Service Providers, Emerging Companies, Research Professionals and End-users
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.