LONDON–Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Medical Transcription Services Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the pharma and healthcare industry. This report breaks down the data and analysis behind the procurement of medical transcription services and acts as an all-inclusive guide for making smart purchasing decisions.
“The global demand for medical transcription services is expected to increase over the forecast period due to the adoption of advanced software technology that will help healthcare organizations to enhance their operational efficiency and maintain medical information in an organized format,” says SpendEdge procurement analyst A Kowshik. “Also, the highly fragmented supply market is influencing most of the service providers to acquire regional service providers to widen their customer base and enhance their technological capabilities,” added Kowshik.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Medical Transcription Services Market:
- The rise in the shift to the adoption of speech recognition technology in the medical transcription services market.
- The rise in demand and adoption of cloud-based medical transcription services.
- The emergence of new supply markets in South America and Eastern Europe.
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The rise in the shift to the adoption of speech recognition technology in the medical transcription services market:
There is a rise in the adoption and integration of speech recognition software in the medical transcription services market; this can be attributed the various benefits of adopting such advanced technologies. The benefits include the enhanced productivity of the medical transcription services and reduction in turnaround times as it reduces the manual work which is otherwise required in converting the audio script through an automated voice-to-text conversion process.
The rise in demand and adoption of cloud-based medical transcription services:
Medical transcription service providers prefer using cloud-based platforms to provide medical transcription services. This is because the use of cloud-based technology helps the buyers in reducing the infrastructural costs, it offers scalability as cloud storage does not have a fixed data storage size. It also enables the buyers to access the data as per their convenience.
The emergence of new supply markets in South America and Eastern Europe:
The service provides in this market prefer establishing their operational facilities in regions such as Eastern Europe and South America. This is because the service providers in these regions offer medical transcription services at competitive prices when compared with medical transcription services providers in North America. Also, it helps buyers in reducing the procurement costs and minimizes errors; thereby, providing better accuracy with respect to the medical transcription services.
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