#Cbay transcriptions full#

The acquisition of new companies and small-sized vendors will provide leading competitors the opportunity to maintain their dominance in the market. Different vendors adopt different marketing strategies to increase their market share. Vendors in the market compete on factors such as price, quality, and service. The medical transcription market in the US is fragmented due to the presence of multiple established vendors. Medical transcription market in the US – Vendor Analysis

#Cbay transcriptions full#

Discover some insights on market size and forecast period (2022-2026) before buying the full report - Request a sample report Such benefits are expected to drive the growth of the market during the forecast period.

Automated medical transcripts also allow healthcare professionals to customize the vocabulary and add new medical terminologies, names of new pharmaceutical drugs, and names of their patients to the base vocabulary. It increases accuracy, eases accessibility, decreases time consumed, and enhances patient care. Automating medical transcripts reduces the time spent on proofreading transcripts and increases the time spent on consultations. 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. Healthcare professionals spend significant time proofreading the medical transcripts of their patients.

The market is driven by the growing need for automated medical transcripts. The market's growth momentum will be progressing at a CAGR of 5.57% during the forecast period. NEW YORK, /PRNewswire/ - The size of the medical transcription market in the US is estimated to increase by USD 2.06 billionfrom 2021 to 2026.