In terms of revenue, the Global Medical Transcription Market is expected to reach USD 5.11 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 17.1% from 2022 to 2028.
Digitalization is currently taking over the majority of the healthcare sector, this includes, management, patent record, prescription, telehealth, and others. The rising number of patients and enormous data generated needs documentation, this helps healthcare professionals to recollect the information accordingly. The increasing need for documentation is the major factor driving the Medical Transcription Market. The increased awareness among the patient’s health and government regulations to adopt clinical documentation is another factor fueling the growth of the market.
- The cloud/web-based sub-segment is anticipated to dominate the segment for Medical Transcription Market and growing at a substantial Compound Annual Growth Rate (CAGR). This is owing to the deployment of advanced cloud-based software and increasing adoption of e-health records.
- The hospital segment is accounted for the largest market share in 2021. The demand for medical transcription in healthcare facilities is rising on account of the significant development on clinical documentation.
- North America is the largest regional segment. This surge is attributed to the rising demand of medical transcription in developed economies such as the U.S. and Canada. This region dominated owing to its stringent government regulatory norms and advanced utilization of technology to streamline clinical workflow.
Some of key players in Medical Transcription Market include - Acusis LLC (US), Transcend Services (Taiwan), Nuance Communications Inc. (US), MModal LLC (US), iMedX Inc. (US), Global Medical Transcription LLC (US), nThrive Inc. (US), MTBC Inc. (US), Medi-Script Plus (US), TransTech Medical Solutions LLC (US), etc..
The demand for clinical documentation software in the healthcare sector is expected to propel growth in the medical industry. Some of the key technological advancements in medical transcription are voice recognition, machine learning, and artificial intelligence which are currently used widely by healthcare organizations. These enhanced advancements are expected to generate revenue for the Medical Transcription Market.
Additionally, the subsequent fear of loss of data and errors caused by miscommunication is expected to surge in the demand for Medical Transcription Market in coming years. For instance, inSync Healthcare Solutions has come up with several innovative medical transcription solutions that can benefit the healthcare sector. For example, enhanced waitlist management software helps patients get automatic notifications for their slots and provides schedules accordingly. Also, helps set search parameters for sequential appointments to identify healthcare professionals’ availability on specific days of the week, within the next few days, weeks, or months.
North America is expected to dominate the Global Medical Transcription Market in 2021 and is likely to continue the same trend during the forecast period. An increase in government initiatives and support in medical transcription software is likely to generate demand in this region for this market in near future. Increasing Research and Development (R&D) facilities in countries such as U.S. & Canada are further adding spotlight on the development and use of medical transcription software products. Significant improvements in the healthcare infrastructure, especially in the developing economies, are providing a thrust to the Medical Transcription Market growth.
On January 20, 2022 — DrChrono Inc., an EverHealth solution that is developing an essential platform and services for modern medical practices, announced that it has teamed up with “Solv”, an app that delivers everyday healthcare on-demand, equipping providers with the technology they need to improve patient access to quality healthcare, virtually or in person. The integration aims to ultimately provide a simple, friendly, and transparent experience that increases patient care access and satisfaction to support convenient online booking.