This is an update to the blog “Medical Transcription Service Market to Witness Growth Through 2019”.
According to the latest market research report by Technavio, the global medical transcription market is expected to grow by USD 16.64 billion during 2020-2024, at a CAGR of over 5%. One of the major factors that will have a positive impact on the growth of the market is the rising need for automation of medical transcripts in the healthcare sector. Increasing healthcare data is the major factor that leads to process automation. Medical transcription service that is automated will help to overcome all challenges associated with time and efficiency. Many manufacturers are also introducing automated transcription with technologies such as speech recognition systems. This helps in integrating medical data by various information systems of hospitals and compiling patient information at a single place, which is nationally accessible.
Another factor that will contribute to the growth of this market over the forecast period is the growing adoption of data analytics in the healthcare sector that will have a positive impact.
The market is segmented on the basis of geography (APAC, Europe, MEA, North America, and South America) and end-user (hospitals and physician groups and clinics). Based on end-user, the growth rate of the medical transcription market by the hospitals segment is expected to be faster compared with the physicians groups and clinics segment.
Key factors that are contributing to the market growth by the hospitals segment include
- Improvements made in the existing hospital IT systems to maintain patient records efficiently
- Rise in stringent government regulations that ensures data privacy and security in the hospital IT systems
- Expansion in the adoption of cloud-based systems for MT and automated speech recognition software
Geographically, North America is one of the largest markets and the region will provide major growth opportunities to vendors over the forecast period. Almost 41% of the overall market’s growth will originate from North America during the forecast period. Key factors that are contributing to the growth of the market in this region are investments in advanced IT infrastructure and innovation. The key areas for investments in healthcare IT are big data analytics and cloud-based tools. Also adoption of automated cloud-based voice recognition systems and structured medical cloud storage has increased. The US and Canada are the key markets for medical transcription in the region. However, the market growth rate in these regions will be slower than that of APAC during the forecast period.
Major medical transcription companies discussed in the report include
- Acusis LLC
- Excel Transcriptions Inc.
- Global Medical Transcription LLC
- iMedX Inc.
- Lingual Consultancy Services Pvt. Ltd.
- MModal IP LLC
- MTBC Inc.
- nThrive Inc.
- Nuance Communications Inc. and
- World Wide Dictation Service of New York Inc.
Competition among key players is prompting them to introduce several innovative and advanced technologies. Though the fast-growing market will offer vast business opportunities to the vendors, concerns about medical data privacy will challenge their growth. The report recommends market vendors including U.S. based medical transcription companies to focus more on growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments to make the most of the opportunities.