A research report states that in 2012 the medical transcription market was valued at $41.4 billion and by the year 2019 it’s expected to increase to $60.6 billion. Experts claim that the drive behind this growth is due to the automation in the healthcare sector for transcriptions.
The process of medical transcription refers to an automated process of transferring medical data onto a computer system. Accuracy in this process is important, as the course of future patient treatment is determined directly by the contents of the transcribed documents. Medical transcription services reduce the burden on the physicians because they will have more time to focus on other aspects of healthcare than just transferring patient data onto a computer system.
The North American market is currently the biggest in the medical transcription industry. The leaders in the medical transcription market are: Trans Tech Medical Solutions, Scribe Healthcare Technologies Inc., Superior Global Solutions Inc., iMedX Information Services Pvt. Ltd., MModal Inc, Nuance Communications Inc., Acusis LLC and Precyse Solutions LLC.
Another reason the health of the medical transcription market is improving in the U.S. is due to the Affordable Care Act and the Patient Protection Act. Furthermore, the markets in India and Asia are predicted to see a spike in business.
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