Medical Transcription Software Market Worth Over USD 190.2 Billion by 2032, At CAGR 9.60%
Admin / March 27, 2023
According to Market.us, the global medical transcription software Market size is projected to surpass around USD 190.3 billion by 2032, and it is poised to register a CAGR of 9.60% from 2023 to 2032. A Rise in Awareness for Quality Patient Care, Rapid Growth of the E-Health Industry, and Increased Healthcare Expenditures are Some of the Factors contributing to the Market Growth.
New York, March 07, 2023 (GLOBE NEWSWIRE) -- The medical transcription software market size accounted for USD 77.8 billion in 2022 and is projected to achieve a market size of USD 190.2 billion by 2032 rising at a CAGR of 9.60% from 2032 to 2032. Medical transcription is the act of transcribing the patient's voice during consultations. The physicians refer these transcribes to them for treatment decisions and future reference. This software significantly reduces clinical documentation time, allowing physicians to concentrate on patient treatment plans. In addition, remote access to dictation platforms enables physicians to dictate anywhere, anytime. This allows for greater adoption of medical transcription software. These product offerings are being adopted because of a variety of factors. These technologies are being adopted in many areas of healthcare to streamline the clinical workflow.
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- By Type, the voice recognition segment dominates the medical transcription software market throughout the forecast period (2023-2032).
- By Deployment, the cloud web-based segment dominated the market and anticipated the highest CAGR of 9.61% during the forecast period (2023-2032).
- By End-user, the hospital segment held the majority of the market share in the medical transcription software market.
- In 2022, North America dominated the market with the highest revenue share of 35.0%.
- Europe is predicted to expand substantially during the forecast period due to increased approval of healthcare cloud and voice recognition technologies.
- Asia-Pacific region is anticipated to register the highest CAGR due to increased awareness of clinical documentation.
The slowdown in healthcare services and non-emergency procedures has significantly impacted some healthcare segments. While there have been declines in the healthcare sector in some markets, medical transcription software has seen a positive effect from the coronavirus epidemic.
Factors affecting the growth of the medical transcription software Market industry?
Several factors can affect the growth of the medical transcription software market. Some of these factors include:
- Increasing demand for medical transcription services: The increasing demand for medical transcription services from hospitals and healthcare organizations is a major driver for the medical transcription software market. As healthcare organizations are increasingly adopting medical transcription software to streamline the documentation process of medical records, the demand for these services is expected to grow over the forecast period.
- Growing demand for remote medical transcriptionists: The growing demand for remote medical transcriptionists is another major driver for the medical transcription software market. This is because remote medical transcriptionists are more cost-effective and provide greater flexibility for organizations.
- Technological advancements: Technological advancements in the medical transcription software market, such as voice recognition and natural language processing, are also driving market growth. These technologies are helping to reduce the need for manual data entry by medical transcriptionists, which results in cost savings and improved accuracy.
- The growing use of Electronic Health Records (EHRs): The growing use of Electronic Health Records (EHRs) is also a major driver for the medical transcription software market. The use of EHRs is allowing healthcare organizations to efficiently store patient data, which is leading to a higher demand for medical transcription software.
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Top Trends in the Medical Transcription Software Market
Top trends in the medical transcription software market include the adoption of cloud-based solutions, increasing demand for speech recognition technology, and the increasing demand for integrated healthcare systems. Additionally, the increasing demand for cost-effective solutions and the introduction of advanced analytics tools are expected to drive the growth of the medical transcription software market.
Due to strong demand, new products in this software market have been launched faster than usual due to the COVID-19 pandemic. For example, ZyDoc introduced its COVID-19 EHR documentation service in March 2020 to all hospitals and healthcare providers affected by the COVID-19 pandemic.
Due to COVID-19, the global medical transcription market will see a positive impact on its growth and experience an increase in demand in 2020. The pandemic has seen an increase in the use of digital health technology, such as telemedicine, EHR, and teleconsulting. This will lead to an increase in demand for transcription software and services in 2023. The pandemic has raised awareness about digital health technologies. This will result in greater adoption of transcription software over the forecast period. The pandemic is expected to bring about favorable regulatory changes, which will allow for faster adoption of digital healthcare.
The global medical transcription software market is segmented on the basis of region into North America, Eastern Europe, Western Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America holds the largest market share in terms of revenue and is expected to remain the leading region throughout the forecast period. The rapid adoption of advanced medical transcription software and growing demand for remote medical transcription services are the major factors driving the growth of the medical transcription software market in North America.
Europe is expected to be the second-largest medical transcription software market and witness significant growth during the forecast period. The increasing adoption of medical transcription software by hospitals and medical centers in the region is expected to drive the market growth. Furthermore, the presence of major players in the region is also expected to fuel the growth of the medical transcription software market in Europe.
Asia-Pacific is expected to be the fastest-growing region in the global medical transcription software market between 2023 and 2032. This growth can be attributed to the increasing adoption of medical transcription software in countries such as India, China, and Japan. Additionally, the presence of major players in the region is also expected to drive the growth of the market. The growing demand for advanced healthcare IT solutions and the increasing number of healthcare facilities in the region are expected to contribute to the growth of the market.
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Scope of the Report
|Market Value (2022)||USD 77.8 billion|
|Market Size (2032)||USD 190.2 billion|
|CAGR (from 2023 to 2032)||9.6%|
|North America Revenue Share||35.0%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
The global medical transcription software market is expected to grow significantly over the forecast period, primarily driven by the increasing adoption of electronic health records (EHRs) and the increasing demand for efficient and accurate transcription services. The increasing demand for healthcare information technology, growing need for healthcare data management, and the rising prevalence of chronic diseases are some of the other factors expected to drive the growth of the market. Furthermore, the increasing need for reducing healthcare costs and enhancing the quality of healthcare services is anticipated to provide lucrative opportunities for market growth.
The major restraints of the medical transcription software market are the high cost of software installation and the lack of skilled manpower. Additionally, the market is highly competitive and the risk of low profit margins is also a major factor. Furthermore, the adoption of electronic health records (EHRs) and the implementation of stringent government regulations related to the storage and protection of patient data are also expected to hamper the growth of the medical transcription software market.
In addition, increasing awareness of product innovations and development due to global technological advancements will create lucrative opportunities for market players from 2023 to 2032. In the future, the market's growth rate will be further accelerated by expanding remote services in developing countries to fulfill the unmet demand for medical transcription services.
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Report Segmentation of the Medical Transcription Software Market
By type analysis, the market can be divided into two types (i.e., Voice Capture and Voice Recognition). Among these types, the Voice Recognition segment is predicted to generate the maximum revenue share in this market throughout the forecast period. Voice Capture medical transcription software helps medical transcriptionists capture patient recordings and convert them into a digital format for further transcription.
It makes use of speech recognition technology to convert audio files into text, which can then be edited and formatted as per the requirements. This Type of software is beneficial to medical transcriptionists as it helps to reduce the amount of time spent on transcribing audio files and improves accuracy levels. Voice recognition medical transcription software makes use of artificial intelligence (AI) technologies to understand the speech of the patient and then transcribe it into text. This Type of software can be used to make the transcription process faster and more accurate. It also helps reduce the need for manual editing and formatting of text.
Based on deployment, the market is segmented into cloud/web-based and installed/on-premises. Because of the widespread deployment of cloud-based software, the cloud/web segment is expected to dominate the medical transcription market. The future launches of advanced cloud-based software as well as the increasing use of electronic health records will boost the growth of this segment.
On the other hand, the installed/on-premises segment is anticipated to lose its market share during the forecast period due to the higher maintenance costs associated with it. The cloud/ web-based model has also seen rapid growth because of its cost-effectiveness and ease of use for large workloads as well as smoother transactions. Global medical transcription software market growth is also expected to be aided by the expansion of the healthcare IT infrastructure.
End User Insight
The global medical transcription software market is segmented by end user into hospitals, clinics, diagnostic centers, and other end users. The market for hospitals and clinics is expected to dominate the market over the forecast period owing to the increasing use of medical transcription software in hospitals and clinics to streamline their workflow processes. The diagnostic centers segment is expected to witness a significant growth rate over the forecast period owing to the increasing use of medical transcription software for accurate and fast record keeping. Other end users such as medical transcription service providers, insurance companies, and research organizations are also expected to contribute to the growth of the global medical transcription software market.
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Based on Type
- Voice Capture
- Voice Recognition
Based on Deployment
- Cloud / Web Based
- Installed on Premises
Based on End-User
- Diagnostic Centers
- The US
- The Czech Republic
- Rest of Eastern Europe
- The UK
- Rest of Western Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Costa Rica
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
The competitive landscape of the market has also been examined in this report. Some of the major players include,
- Nuance Communication Inc.
- Microsoft Corporation
- Dolbey Systems
- Acusis LLC
- MModal IP LLC
- Voice brook Inc.
- Xelex Digital LLC
- N Thrive Inc.
- Scribe Technology Solutions
- ZyDoc Medical Transcription
- Speech Processing Solutions GmbH
- Global Medical Transcription LLC
- Percyse Solutions LLC
- Other Key Players
Recent Development of the medical transcription software Market
April 2019 - VIQ Solutions Inc. is a leading player in the transcription industry. The cloud-based and AI-enabled NetScribe voice recognition platform (software as a services) allows speech to text conversion in real time. It can be used in legal and insurance, among other areas.
February 2019 - 3M acquired MModal IP LLC to increase its healthcare technology portfolio. This acquisition was made with the goal of expanding its revenue cycle management, population management and clinical documentation using speech recognition technology.
January 2019 - Allscripts and Microsoft Corporation joined workforces to create a new cloud-based clinical research tool.
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