Medical Transcription Market in the US to grow by USD 2.06 billion between 2021 - 2026, Growth Driven by Growing need for automated medical transcripts - Technavio

NEW YORK, Oct. 23, 2023 /PRNewswire/ -- The Medical Transcription Market in the US report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the medical transcription market in the US between 2021 and 2026 is USD 2.06  billion. The market is driven by the growing need for automated medical transcripts. Healthcare professionals spend significant time proofreading the medical transcripts of their patients. This has created a need for automating the process by adopting speech recognition systems, integrating medical data from various information systems of hospitals, and compiling patient information into a single place. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

• Market Challenge - Low accuracy rates of speech recognition software will challenge the market growth. A study was recently published in the Journal of the American Medical Association (JAMA). It involved the analysis of errors in 217 clinical notes dictated by 144 physicians who were randomly selected from two healthcare organizations in the US. The study identified and analyzed errors in the medical transcripts generated by speech recognition software. An error rate of 7.4% across all documentation was concluded by the study. The low accuracy rates of speech recognition software are restricting their adoption among end-users, which is negatively affecting the market growth. Learn about additional key drivers, trends, and challenges available with Technavio. Read FREE Sample PDF Report Now

The medical transcription market in the US is segmented by End-user (Hospitals and Physician groups and clinics) and Type (Services and Software). 

• By end-user, the hospitals segment will be significant over the forecast period. Hospitals are the prime end-users of medical transcriptions in the US. The segment is driven by the increasing partnerships between hospitals and clinics, the presence of multispecialty hospitals, the emergence of aesthetic clinics, and growing medical tourism. The increasing adoption of medical transcription services and software from hospitals will also drive the growth of the segment during the forecast period.

Key Companies in the medical transcription market in the US:

3M Co., Aquity LLC, Athreon, CBAY Transcription Inc., Crimson Interactive Pvt. Ltd., Dolbey, EHR Transcriptions Inc., Global Medical Transcription LLC, InSync Healthcare Solution, Managed Outsource Solutions, NextGen Healthcare Inc., Nuance Communications Inc., Scribetech UK Ltd., SmartMD, Sunrise Transcriptions Inc., TransDyne, vChart LLC, World Wide Dictation Service of New York Inc., ZyDoc Medical Transcription LLC, Amazon.com Inc.

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Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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