LONDON--(BUSINESS WIRE)--The global medical transcription IT spending market is expected to grow at a CAGR of over 6% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global medical transcription IT spending market for 2016-2020. To calculate the overall market size, the report considers revenue generated through the transactions of medical transcription software, hardware and IT services.
The need for a digital healthcare ecosystem is emerging as one of the primary drivers for market growth. Hospitals and super specialty clinics are using healthcare informatics technologies - such as EHR and RIS - that are integrated with medical transcription IT solutions. Such strategies help to minimize medical documentation timelines and help invest greater effort in diagnostic procedures.
According to Amit Sharma, a lead analyst at Technavio for research on IT professional services, “Connected and integrated healthcare technology generates an enormous amount of information that can be processed by efficient IT solutions. The integration of medical transcription with healthcare informatics software solutions such as EHR requires additional IT investments. This IT trend will attract numerous start-up vendors and medical outsourcing solutions providers in the medical transcription market in the coming years.”
Technavio’s research study segments the global medical transcription IT spending market into the following regions:
- Americas
- EMEA
- APAC
Americas: largest medical transcription IT spending market
In 2015, the Americas had a market share of 52%, thus dominating the global medical transcription IT spending market in terms of the overall IT investments.
In the Americas, healthcare settings have been mandated to implement ICD-10 in their workflow, which has more diagnosis codes compared to ICD-9. This will require physicians and medical transcriptionists to include detailed patient information, such as the clinical condition, the cause, treatment methods, and frequency of clinical visits. Therefore, this need for organized patient records propels market growth in the Americas.
Hospitals and clinics in the Americas, especially in the US and Canada, work toward efficient and accurate medical transcription. The US is a major market for medical transcription services because of a sharper focus on improving healthcare IT infrastructure and establishing consistent healthcare data models. Advances in technology, such as speech recognition platforms and medical health applications, help minimize errors and optimize working processes. Vendors in the country focus on developing innovative platforms to boost the privacy and safety of medical data.
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Shift toward connected healthcare in Europe labels it the highest revenue contributor in EMEA
“Europe is the major revenue contributor in this region. Countries in Europe are gradually moving toward connected healthcare, increasing the need for upgrading or implementing new technologies in medical transcription to improve the efficiency of data management. European healthcare services providers use speech recognition technologies, such as Dragon Dictation, to harvest accurate speech patterns,” says Amit.
However, cost reduction initiatives implemented in healthcare settings have restricted market growth in EMEA. Budget constraints in hospitals and clinics have restrained the market for new platforms of medical transcription. For instance, in France, the government encourages hospitals to implement HER or EMR services. The government achieves this by allocating budgets to hospitals - depending on their use of medical services.
Progress in healthcare infrastructure and availability of low-cost skilled personnel propelling APAC’s growth
Improvement in healthcare infrastructure and the availability of low-cost skilled personnel propels market growth in the region. These factors have made many countries in this region - such as India and the Philippines - popular destinations for medical transcription outsourcing. Developed countries, such as South Korea, Japan, and Australia, are also improving their healthcare systems, with a sharp focus on e-health and the use of new technologies in medical transcription to reduce physicians' time and to minimize human errors.
The need for organized management of data and medical records of diagnosis and treatment should also drive market growth. Developed nations - such as the UK, the US, and Germany - are outsourcing medical transcription services to attain cost efficiency. India and the Philippines are the prominent destinations for outsourcing of medical transcription services. In 2014, MModal launched a medical transcription center in Hyderabad, India, to boost its presence in the local market.
The top vendors in the global medical transcription IT spending market highlighted in the report are:
- Acusis
- iMedX
- MModal
- Nuance Communications
- Precyse
Browse Related Reports:
- Global Medical Document Management System Market 2015-2019
- Global Electronic Health Records Market 2016-2020
- Global Medical Transcription Market 2015-2019
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