In recent years, there is a growing demand for digital documentation in numerous areas of healthcare, as it facilitates the treatment and management of severe and chronic diseases. As the world is gradually shifting toward evidence-based medicine, documentation of patient history by doctors becomes of utmost importance. This helps to develop effective treatment plans and can be used for future reference. However, accurate documentation is critical and takes a lot of physicians’ time. This increases the work burden and burnout among physicians. Medical transcription software reduces the time spent on clinical documentation. This coupled with easy integration with EHR is increasing the demand for automated transcription solutions.
Government regulations and acts are anticipated to increase the implementation of medical record systems. Furthermore, a well-documented medical record aids in hassle-free claim processing and capturing of value-based care metrics, which the government is insisting on. This, combined with the increasing adoption of EHR and digitalization in healthcare are likely to bode well with the market.
The introduction of medical transcription services and technological advancements such as AI is augmenting the demand for remote dictation solutions. For instance, Amazon unveiled a medical transcription service, Transcribe Medical, in December 2019. Amazon Transcribe Medical offers transcription services for primary care and specialty care fields, including neurology, cardiology, pediatrics, obstetrics-gynecology, radiology, oncology, and urology. Likewise, in September 2019, 3M introduced 3M M*Modal CDI Engage One, a combination of natural language understanding (NLU) technologies and artificial intelligence (AI) that provides immediate clinical insight to clinical documentation improvement (CDI) specialists, clinicians, and coding teams.
The COVID-19 pandemic accelerated market expansion due to the increasing adoption of digital health technology such as EHR and telemedicine. In response to the pandemic, positive legislative adjustments and a major increase in the number of virtual sessions benefited the market. In addition, the pandemic has raised awareness of the benefits of digital health technologies, leading to a rise in the usage of solutions such as medical transcription software. Moreover, the fear of data loss and errors arising from miscommunication is projected to propel market expansion.
Based on deployment mode, the cloud-based segment is anticipated to hold maximum share in the market due to the high adoption of cloud-based software over web-based. On the basis of type, the voice recognition segment is predicted to have the largest market share owing to the benefits it provides, such as higher accuracy, lower costs, and greater flexibility.
North America is expected to dominate the market throughout the forecast period. This is attributable to the increasing demand for clinical documentation, technical advancements in product offerings, emphasis on retaining health information in structured formats, and regulatory restrictions. For instance, Allscripts and Microsoft Corporation formed a partnership in January 2019 to build a new cloud-based EHR for clinical research.
Some of the companies operating in the market are Dolbey, Nuance Communications Inc., Global Medical Transcription LLC, Amazon Web Services, Inc., 3M, WebChartMD, Voicebrook, Inc., ZyDoc, DeepScribe, and others. A strong emphasis on strategic collaboration with end-users and developing innovative products are key initiatives taken by companies to strengthen their market position. Nuance Communications, Inc. is one of the market's leading providers of a vast array of products. The company launched Dragon Medical One in Denmark, Finland, and Sweden in May 2020 to expand its geographical footprint.
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