Boston, MA -- (SBWIRE) -- 08/20/2015 -- Medical transcription is the process that involves documentation of medical records from voice to text format. Physicians record patient details in audio format, and these details are sent to a transcriptionist to decode and store in digital format. Medical transcription helps make data interpretation and analysis easy as through this health records are stored in a structured format. With the adoption of new technology and improvements in the healthcare sector, the global medical transcription market is expected to experience various opportunities.

Technavio's analysts forecast the global medical transcription market to grow at a CAGR of 6% over the period 2014-2019.

Commenting on the report, an analyst from Technavio's team said: "Speech recognition software has changed the traditional method of medical transcription. It will transform the role of medical transcription from speech to editing texts in the coming years. It provides physicians an easy access to the whole medical process, from consultation to treatment. The software converts speech directly into texts, reducing physicians' efforts to record and send audio files for transcription. This software makes the tedious and time-consuming process of transcription convenient and simplified. The software is sophisticated, which lowers the risks of data breach."

Get More Details on this Report and a Full Table of Contents at Global Medical Transcription Market 2015-2019

According to the report, the existing medical transcription scenario has a high probability of human errors. Inaccurate processing of medical data can significantly affect the quality of patient care and the reimbursement and insurance coverage. Automation in medical transcription includes speech recognition platforms that allow direct conversion of patient information in a voice-to-text format. The use of such platforms will minimize human errors and reduce the duration of data transcription. This will allow physicians to spend more time on patient consultation and provide better care. Automation will also help reduce long-term expenditure on medical transcription and make the workflow easy.

Further, the report states that the market is well established and highly fragmented with the presence of many global and regional vendors offering multiple products and services. These companies compete with each other to capture a significant portion of the market, which makes it difficult for new players to enter into the market and gain revenue shares.

The key players in the Global Medical Transcription Market are Acusis, iMedX Information Services, MModal, Nuance Communications and Precyse Solutions while other prominent vendors include Ascend Healthcare Systems, Global Medical Transcription, Scribe Healthcare Technologies and Transtech Medical Solutions

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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