The global medical transcription software market size will benefit from the growing penetration of technology and automation in several applications across the healthcare industry. According to a report published by Fortune Business Insights, titled “Medical Transcription Software Market Size, Share & Industry Analysis, By Deployment (Cloud/Web-based and Installed/On-Premises), By End User Facility (Hospitals, Diagnostic Centers, Clinics, and Others), By Type (Voice Capture and Voice Recognition), By End User (Radiologists, Surgeons, Clinicians, and Others) and Regional Forecast, 2019-2026,” the market was valued at USD 1.17 Billion in 2018, and is projected to reach USD 3.84 Billion by 2026, exhibiting a CAGR of 16.5% during the forecast period.
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Key Players Operating in The Medical Transcription Software Market Include:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
- Nuance Communications, Inc.
- M*Modal IP LLC (3M)
- Acusis LLC
- Voicebrook, Inc.
- Speech Processing Solutions GmbH (Philips Dictation)
- Xelex Digital LLC (WebChartMD)
- nThrive, Inc.
- Scribe Technology Solutions
- ZyDoc Medical Transcription
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Highlights of the Report:
- In-depth analysis of various insights, namely, Medical Transcription Software Market trends, growth drivers, opportunities, and other related challenges.
- Comprehensive details of key market players, their core competencies, and Medical Transcription Software Market share.
- The potency of suppliers and buyers to make better business decisions.
- Lists out the market size in terms of volume.
Technological Advancements Have Been Integral to Market Growth
Recent technological advancements in medical transcription software are favoring the market growth. Factors such as reduced costs and easy-to-use nature of the software have led to high adoption of the product across the world. The advancements made in cloud services and their incorporation in medical transcription software has made a massive influence on the growth of the market in a positive way. The benefits offered by cloud, coupled with their cost-effective nature will aid market growth. As a result, several companies are now focusing on integrating cloud services into their patented software. In 2018, Speech Processing Solutions announced the launch of a new version of SpeechLive. The product was used to convert live voice notes into text and possessed stand-out features; the primary reason behind its worldwide popularity. Fortune Business Insights has predicted that the company’s latest product will not only help generate high revenue but will also have a positive impact on the overall medical transcription software market figures.
Driven by Favorable Government Regulations, North America to Establish a Dominance
Based on regional demographics, the report classifies the market into Europe, Asia Pacific, North America, Latin America, the Middle East and Africa, and North America. Among these regions, Fortune Business Insights has predicted North America to hold the higest market share in the coming years. The regulations imposed by governing bodies in this regions have emerged in favor of the use of this software. Moreover, increasing investment in cloud development and deployment will contribute to the growth of the market in North America. As of 2018, the medical transcription software market in North America was valued at USD 562.2 Million and this value is likely to increase at a rapid pace driven by the aforementioned factors.
Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments- Partnerships, Mergers and Acquisitions
- Technological Developments in Medical Transcription Software
- Revenue Models and Key Features of Solutions for Selective Players
- Transcription Services versus Voice Recognition Software- Pros and Cons
- Start-ups Scenario in Medical Transcription Software & Voice Based Technologies
- Overview of CAPD (Computer Assisted Physician Documentation)
- Penetration and Available Market of Voice Recognition in U.S. & Europe
- Profitability of the Major Companies
- Global Medical Transcription Software Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Deployment
- Installed/ On Premises
- Market Analysis, Insights and Forecast – By End-User Facility
- Diagnostic Centers
- Market Analysis, Insights and Forecast – By Type
- Voice Capture
- Voice Recognition
- Market Analysis, Insights and Forecast – By End-User
- Others (Allied health professionals, etc.)
- Market Analysis, Insights and Forecast – By Country
- North America
- Asia Pacific
- Rest of World
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- Extensive product offerings
- Customer research services
- Robust research methodology
- Comprehensive reports
- Latest technological developments
- Value chain analysis
- Potential Medical Transcription Software Market opportunities
- Growth dynamics
- Quality assurance
- Post-sales support
- Regular report updates
Reasons to Purchase this Report:
- Comprehensive analysis of the Medical Transcription Software Market growth drivers, obstacles, opportunities, and other related challenges.
- Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.
- Identifies market restraints and boosters.
- Identifies all the possible segments present in the market to aid organizations in strategic business planning.
KEY QUESTIONS ANSWERED:
- What is the market size and growth rate of the global and regional market by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market in the forecast period?
- What Factors are estimated to drive and restrain the Medical Transcription Software Market growth?
- What are the key technological and market trends shaping the market?
- What are the key opportunities in the market?
- What are the key companies operating in the market?
- Which company accounted for the highest market share?
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