“We are changing the World with technology”- Bill Gates

Medical transcription, a technological breakthrough in healthcare documentation practices, is flourishing solely due to the dynamism of technology in the last 10 years. Medical transcription can be defined as a “cocktail” between the classical healthcare services and the cutting edge technology. Currently people involved in the healthcare sector have resorted to newer and updated methods of medical documentation and recording leaving behind the age-old usage of recording tools.  The archaic technologies that were used is now replaced by medical transcription and voice recognition softwares. The considerable factors involved in medical transcription include automation and advanced reporting tools of medical reporting. Both of these are present in medical transcription and medical coding but there is a fine thread of difference between them. However keeping such conflicting issues aside and focusing on the global data of the medical transcription sector it can be seen that this sector has seen an astounding growth of $19.16 billion and is expected to reach a market value of $72.19 billion by 2022.   The medical transcription sector globally is estimated to experience a stupefying success with an annual growth of 6.48% over the years 2016-2020. 

The instigating factor behind the prosperity of this sector can be attributed to the demand for digitised medical documentation in the healthcare sector. There has been a shift from the ICD 9 to ICD 10 documentation standards which has owed to the stupendous growth in the need for medical transcription globally. With the increased demand for stringent medical documentation and the medical transcription sector has led to an increased rate of employment for many skilled youths. As of the data obtained till 2018 11600 people were employed in the medical transcription sector as compared to the employment of 10500 in the year 2008. This figure clearly establishes the growth in the medical transcription sector.