Medical Transcription Market

Medical Transcription Market: By Type, Application, and Region

Market Synopsis:

Global Medical Transcription market is valued at USD 1.17 Billion in 2022 and is projected to attain a value of USD 4.06 Billion by 2030 at a CAGR of 16.80% during the forecast period, 2022–2028. The process of translating verbal dictations of clinical data into pre-defined text or digital format is known as Medical Transcription (MT). With technological advancements, hospitals, healthcare facilities, clinics, and physicians are turning to MT to increase operational efficiency, improve patient care quality, and reduce capital investment. It also aids healthcare providers in keeping track of patient care and treatment records, which include medical examination findings, treatment plans, and other pertinent information. It also helps to relieve staff workload by removing the need to file patient forms, discharge summaries, and operation and progress notes. MT compiles an orderly and relevant medical history, allowing clinicians to assess the patient's present physical condition and devise an effective treatment strategy.

The market's expansion will be fueled by the world's ageing population. According to the World Health Organization, the global population of people aged 60 and more will increase from 12% in 2015 to roughly 22% in 2050. The Medical Transcription market will continue to grow as more healthcare will be required in the near future.

Rise in the Prevalence of Various Chronic Diseases

The frequency of numerous chronic diseases, including as cancer, diabetes, and cardiovascular disease has increased, resulting in a growth in the quantity of medical records generated in hospitals. Additionally, increased organisational knowledge of the benefits of electronic health records (EHR) in simplifying information is having a beneficial impact on the global Medical Transcription industry. ADT normalization, rapid document formatting, and speech recognition are just a few examples of new technologies that can automate the translation of audio-based records into text-based electronic files. These technologies help to reduce transcription time and improve overall accuracy.

Low Software Adoption

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One of the most common issues that healthcare IT outsourcing companies confront is their decision to pursue a full-fledged Medical Transcription company. For tiny Medical Transcription businesses, this frequently backfires. Each healthcare IT outsourcing company's requirements may differ. These requirements are determined by factors like as infrastructure, client preferences, and labour and talent availability. As a result, it is often recommended that such firms refrain from pursuing a full-fledged Medical Transcription business until the above-mentioned problems have been adequately handled. Because the Medical Transcription industry necessitates significant financial and time inputs, firms cannot justify entering this business until these resources are fully employed. Partial medical transcription, on the other hand, entails the use of MT solely to execute particular activities.

Market Segmentation:

The Global Medical Transcription market is segmented by End-User into Hospitals, Clinics, Clinical Laboratories, Academic Medical Centers and Others. Based on Deployment into Cloud/Web Based and Installed/On Premises. Based on Region, the Medical Transcription Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

North America is Expected to Dominate the Market

North America is expected to hold the highest proportion of the global Medical Transcription market in 2020. The flourishing research environment and ample financing programs, such as higher finances for the National Institutes of Health (NIH) and increasing R&D activities by biotechnology and pharmaceutical businesses, are driving market growth in North America.