Medical Transcription Market Predicted To Reach USD 3.79 Billion By 2029

Medical Transcription Market

Medical transcription involves converting voice or verbal notes given by medical professionals, into predefined text or digital transcripts. Medical practices can now rely on various transcription options, ranging from automatic speech recognition (ASR) software to professional human transcribers. Professional medical transcription companies provide the services of experienced transcriptionists, who are equipped with the latest skills, tools, and technology to provide quick, accurate, and reliable transcripts of the recorded audio or video recordings.

According to a report from Data Bridge Market Research, the global medical transcription market is predicted to rocket up to USD 3.79 billion by 2029, which was USD 1.50 billion in 2021. The market is expected to undergo a CAGR of 12.30% during the forecast period 2022 to 2029. Along with the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, this market report also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Key factors that are driving the market growth are – the increase in the prevalence of several chronic illnesses, including melanoma, cardiovascular problems, diabetes and the increasing demand of medical records for those conditions. Other factors that are facilitating the market growth are – rapid urbanization, numerous benefits offered by electronic health records (EHR) and the introduction of high-end encryption technologies.

However, certain factors that are restraining the medical transcription market growth are – the rise of over-the-counter drugs, the launch of new goods, hospital administrators’ hesitation, fraud, and the unauthorized selling of patient data. Leading medical transcription companies have incorporated cutting-edge encryption technology, data security measures, and secure end-to-end information exchange processes despite the heightened risk of fraud or theft of medical data or information.

When it comes to the impact of COVID-19 on the medical transcription market, it is predicted that the epidemic would have a significant positive impact on the market. The recent development highlighted in the report is that in March 2020, ZyDoc announced the beginning of its free COVID-19 EHR services to all hospitals and healthcare organizations impacted by COVID-19.

The report is segmented on the basis of services type, technology, mode of procurement, and end user.

By services type, the market includes History and Physical Report, Discharge Summary, Operative Note or Report, Consultation Report, Pathology Report, Radiology Report, and others. By technology, the market is sub divided into Electronic Medical Records/Electronic Health Record (EMR/EHR), Picture Archiving and Communication System (PACS), Radiology Information System (RIS), Speech Recognition Technology (SRT), and Others. End users of this global market are – hospitals, clinics, clinical laboratories, academic medical centers, and others.

Geographically, the market is divided into – U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America. Owing to the strong healthcare IT infrastructure and market players penetration in the anticipated period of 2022 to 2029, North America dominates the market. Asia-Pacific is expected to grow at the highest growth rate in the forecast period, due to the rising health awareness among the people and growing demand of advanced medical technology.

Key market players of this global market include Acusis LLC (U.S.), Transcend Services (Taiwan), Nuance Communications Inc. (U.S.), MModal LLC (U.S.), iMedX Inc. (U.S.), Global Medical Transcription LLC (U.S.), nThrive Inc. (U.S.), MTBC Inc. (U.S.), Medi-Script (U.S.), TransTech Medical Solutions LLC (U.S.), Mmodal (Canada), Outsource2 (India), TransPerfect (U.S.), VIVA Transcription Corp. (U.S.), Medscribe Inc. (U.S.), Pacific Solutions (U.S.), Same Day transcriptions Inc. (U.S.), DoctorDocs (U.S.), World Wide Dictation (U.S.), Athreon (U.S.).

While choosing a medical transcription outsourcing company, practices must consider several factors such as – accuracy, turnaround time, price, features, and more.