Medical Transcription Software Market Research, 2031
The global medical transcription software market size was valued at $1.6 billion in 2021, and is projected to reach $7 billion by 2031, growing at a CAGR of 15.5% from 2022 to 2031. Medical Transcription is the process of transcribing recorded audio dictated by physicians or other healthcare professionals into text format. A person who does medical transcription is known as a medical transcriptionist. Medical reports can be voice files, notes taken during a lecture, or other spoken material. These are dictated over the phone or uploaded digitally via the Internet or through smart phone apps.
The global medical transcription software market is expected to grow at a significant rate during the forecast period, owing to increase in awareness of clinical documentation for the provision of quality patient care. In addition, rapid development of the of e-health industry, increase in government expenditure on healthcare factors also responsible for market growth. However, low adoption of medical transcription software in underdeveloped countries impede the market growth. On the other hand, high growth potential in emerging markets is expected to offer profitable medical transcription software market opportunity for the growth of the market during the forecast period.
The outbreak of COVID-19 has disrupted workflows in the healthcare sector globally. The disease has forced a number of industries to shut their doors temporarily, including several sub-domains of health care. However, there have been a positive effect on medical transcription software industry. The surge in coronavirus patients has created an enormous demand for digital documentation, which, in turn, is expected to positively impact the global market.
The launches of new products and services by key players are expected aid the expansion of the market during coronavirus. For instance, in March 2020, ZyDoc announced the launch of its free COVID-19 EHR documentation services to all healthcare providers and hospitals affected by COVID-19 impact. In addition, in April 2020, Nuance Communications, Inc. announced the Nuance Dragon Ambient eXperience (DAX) solution for telehealth, in response to the overwhelming increase in virtual visits sparked by the COVID-19 pandemic. Thus, increase in adoption of medical transcription software for medical documentation of COVID-19 patients positively impacted the growth of the medical transcription software industry during COVID-19 period.
MEDICAL TRANSCRIPTION SOFTWARE SEGMENTATION
The medical transcription software market size is segmented into deployment, type, end user facility and region. By deployment, the market is categorized into cloud based and on premises. On the basis of type, the market is segregated into voice capture and voice recognition. By end user facility, the market is classified into hospitals and clinics, diagnostic centers, and others. Others segment includes ambulatory surgical centers and healthcare systems. Hospitals and clinics segment is further segmented into private and public.
Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Segment Review
By deployment, the market is segmented into cloud-based and on premises. The cloud-based segment dominated the global market in 2021, and is expected to remain dominant during the forecast period, owing to increase in adoption of cloud-based software by various healthcare system and availability of cloud-based software in the market by various key players.
By type, the market is segregated into voice capture and voice recognition. The voice recognition segment dominated the global medical transcription software market share in 2021, and is anticipated to continue this trend during the forecast period. This is attributed to various benefits of voice recognition, such as higher accuracy, lower costs, and greater flexibility.
By end user facility, the market is classified into hospitals and clinics, diagnostic centers, and others. Others include ambulatory surgical centers and healthcare systems. Hospitals and clinics segment is further segmented into private and public. The hospitals and clinics segment held the largest market share in 2021, and is expected to remain dominant during the medical transcription software market forecast period, owing to increase in adoption of medical transcription software by hospitals and clinics to transcribe patient notes by voice dictation.
Region-wise, North America accounted for a major medical transcription software market share of the medical transcription software market in 2021, and is expected to maintain its dominance during the forecast period, owing to presence of major key players in the U.S. and other countries. In addition, increase in technological advancement, development in the healthcare sector, surge in the healthcare cost, and increase in geriatric population, drive growth of the market in the region. Further advancement in technology for healthcare, increase in prevalence of chronic disease, and upsurge in the need for medical transcription software for digital documentation also fuel the growth of the market.
Snapshot of the Asia-Pacific Medical transcription software market
Asia-Pacific offers profitable opportunities for key players operating in the medical transcription software market, thereby registering the fastest growth rate during the forecast period, owing to the growing infrastructure of industries, rising disposable incomes, and the well-established presence of domestic companies in the region.
In addition, increase in the number of population, advancement in technology for digital documentation, and increase in government initiatives, further drive the medical transcription software market growth. Furthermore, easy availability of medical transcription services due to the presence of the key players is another factor that boosts the growth of the market in this region. In addition, key players are highly active in the medical transcription market, which is evident by the strategies adopted by them to sustain the completion.
The key market players profiled in the report include, 3M, Dolbey System, Inc., Global Medical Transcription, DeepScribe, Inc., Microsoft Corporation (Nuance Communication, Inc.), Amazon, Inc. (Amazon Web Services, Inc.), ZyDoc Medical Transcription, SmartMD, AQuity Solutions, and iMedX.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the medical transcription software market analysis from 2021 to 2031 to identify the prevailing medical transcription software market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the medical transcription software market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global medical transcription software market trends, key players, market segments, application areas, and market growth strategies.
Medical Transcription Software Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 7 billion |
 Growth Rate | CAGR of 15.5% |
 Forecast period | 2021 - 2031 |
 Report Pages | 254 |
 By Deployment |
|
 By Type |
|
 By End User Facilities |
|
 By Region |
|
 Key Market Players | iMedX, SMARTMD, ZyDoc Medical Transcription, 3M Company, Microsoft Corporation, Global Medical Transcription, Dolbey System, Inc., Aquity Solutions, DeepScribe, Inc., Amazon Inc |
 Other key players | Microsoft Corporation |
Analyst Review
The global medical transcription software market is expected to exhibit high growth potential attributable to factors such as rise in need for digital documentation and increase in awareness about medical transcription software. Furthermore, the medical transcription software market has gained interest of healthcare facilities, owing to surge in demand for medical transcription software. Moreover, increase in government expenditure on healthcare and technological innovation in transcription software further fuel the growth of the market.
North America is expected to witness the highest growth, in terms of revenue, owing to surge in demand for better healthcare facilities, rise in demand for medical transcription solution, government reforms for the acceptance of medical transcription, and strong presence of key players in the region. However, Asia-Pacific is anticipated to witness notable growth, owing to rise in laboratories for research, increase in the number of population, advancement in technology for digital documentation, and increase in government initiatives.
Medical transcription software converts digital voice recordings into text that will be used and accessed by medical professionals. Medical transcription software uses speech recognition and natural learning processing (NLP) technologies to convert speech to text and store recorded dictations.
Cloud-based segment is the most influencing segment in medical transcription software market as cloud-based software is beneficial for small healthcare providers, as it is available at a low upfront cost, does not require in-house IT staff, and needs less time for implementation, which drives the growth of the segment.
Factors that drive the growth of the global medical transcription software market include, rise in need of digital documentation and increase in adoption of medical transcription software.
The base year is 2021 in medical transcription software market.
Top companies such as, 3M, Dolbey System, Inc., Global Medical Transcription, DeepScribe, Inc., Microsoft Corporation (Nuance Communication, Inc.), Amazon, Inc. (Amazon Web Services, Inc.), ZyDoc Medical Transcription, SmartMD, AQuity Solutions, and iMedX held a high market postion owing to the strong geographical foothold in different regions.
The forecast period for medical transcription software market is 2022 to 2031
The total market value of medical transcription software market is $1,631.74 million in 2021.
The market value of medical transcription software market in 2031 is $7,001.68 million.
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