The global medical transcription software industry generated $1.6 billion in 2021, and is anticipated to generate $7.0 billion by 2031, witnessing a CAGR of 15.5% from 2022 to 2031.
What is the Medical Transcription Software?
Medical transcription software is a tool that facilitates the conversion of spoken medical dictations into written text. It is used by healthcare professionals to transcribe medical reports, such as patient notes, discharge summaries, and clinical reports. These systems use voice recognition technology, combined with natural language processing, to accurately transcribe dictations. The output can then be edited and reviewed by a medical transcriptionist, who may make corrections and formatting adjustments as necessary. The use of medical transcription software helps to streamline the documentation process, saving time and reducing the risk of errors in patient records.
How big is Medical Transcription Software Market?
Region-wise, North America has largest the medical transcription software market share in 2021 and is expected to continue this trend during the forecast period. This is attributed to surge in demand for better healthcare facilities, rise in demand for medical transcription solution, and government reforms for the acceptance of medical transcription in the region.
However, Asia-Pacific is expected to register highest CAGR of 17.2% from 2022-2031, owing to increase in prevalence of chronic disease, rise in awareness related to the use of medical transcription services, and surge in healthcare expenditure.
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- CAGR: 15.5%
- Current Market Size: USD 1.6 Billion
- Forecast Growing Region: APAC
- Largest Market: North America
- Projection Time: 2021 – 2031
- Base Year: 2021
(𝐈𝐧 𝐭𝐨𝐝𝐚𝐲’𝐬 𝐜𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐦𝐚𝐫𝐤𝐞𝐭, 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐚𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐢𝐬 𝐚 𝐜𝐫𝐢𝐭𝐢𝐜𝐚𝐥 𝐬𝐭𝐞𝐩 𝐢𝐧 𝐢𝐝𝐞𝐧𝐭𝐢𝐟𝐲𝐢𝐧𝐠 𝐭𝐡𝐞 𝐜𝐨𝐫𝐫𝐞𝐜𝐭 𝐭𝐚𝐫𝐠𝐞𝐭 𝐜𝐨𝐧𝐬𝐮𝐦𝐞𝐫𝐬 𝐚𝐧𝐝 𝐩𝐫𝐨𝐯𝐢𝐝𝐢𝐧𝐠 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐬𝐞𝐝 𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐭𝐡𝐞𝐢𝐫 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐧𝐞𝐞𝐝𝐬. 𝐖𝐡𝐢𝐥𝐞 𝐟𝐨𝐫𝐦𝐮𝐥𝐚𝐭𝐢𝐧𝐠 𝐭𝐡𝐞𝐬𝐞 𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬, 𝐞𝐯𝐞𝐫𝐲 𝐟𝐚𝐜𝐞𝐭 𝐚𝐧𝐝 𝐬𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐩𝐫𝐨𝐛𝐥𝐞𝐦 𝐩𝐫𝐞𝐬𝐞𝐧𝐭𝐞𝐝 𝐛𝐲 𝐭𝐡𝐞 𝐩𝐚𝐫𝐭𝐢𝐜𝐮𝐥𝐚𝐫 𝐬𝐞𝐜𝐭𝐨𝐫 𝐢𝐬 𝐭𝐡𝐨𝐫𝐨𝐮𝐠𝐡𝐥𝐲 𝐜𝐨𝐧𝐬𝐢𝐝𝐞𝐫𝐞𝐝. 𝐈𝐭 𝐚𝐥𝐬𝐨 𝐜𝐨𝐧𝐬𝐢𝐝𝐞𝐫𝐬 𝐧𝐮𝐦𝐞𝐫𝐨𝐮𝐬 𝐠𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐫𝐞𝐟𝐨𝐫𝐦𝐬, 𝐭𝐡𝐞 𝐜𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐞𝐧𝐯𝐢𝐫𝐨𝐧𝐦𝐞𝐧𝐭, 𝐜𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐛𝐞𝐡𝐚𝐯𝐢𝐨𝐮𝐫, 𝐜𝐮𝐫𝐫𝐞𝐧𝐭 𝐚𝐧𝐝 𝐟𝐮𝐭𝐮𝐫𝐞 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬, 𝐚𝐧𝐝 𝐫𝐚𝐩𝐢𝐝𝐥𝐲 𝐜𝐡𝐚𝐧𝐠𝐢𝐧𝐠 𝐭𝐞𝐜𝐡𝐧𝐢𝐜𝐚𝐥 𝐛𝐫𝐞𝐚𝐤𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐬. 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐚𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐚𝐢𝐝𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐟𝐨𝐫𝐦𝐮𝐥𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐩𝐥𝐚𝐧𝐬 𝐚𝐧𝐝 𝐩𝐨𝐥𝐢𝐜𝐢𝐞𝐬.)
Impact of COVID-19 on the Medical Transcription Software Market-
- The outbreak of the Covid-19 pandemic had a positive impact on the global medical transcription software market, owing to surge in the number of coronavirus patients that created an enormous demand for digital documentation.
- The launches of new products and services by key players during the COVID-19 period positively impacted the growth of the medical transcription software industry. For instance, in March 2020, ZyDoc announced the launch of its free COVID-19 EHR documentation services to all healthcare providers and hospitals affected by the COVID-19 pandemic.
- In addition, in April 2020, Nuance Communications, Inc. announced the Nuance Dragon Ambient eXperience (DAX) solution for telehealth, in response to the overwhelming increase in virtual visits sparked by the COVID-19 pandemic. Thus, an increase in the adoption of medical transcription software for medical documentation of COVID-19 patients boosted the growth of the medical transcription software market
Get detailed COVID-19 impact analysis on the Medical Transcription Software Market
VALUE PROPOSITIONS RELATED TO THE REPORT:
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the specialty medical chairs market analysis from 2021 to 2031 to identify the prevailing specialty medical chairs market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the specialty medical chairs market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global specialty medical chairs market trends, key players, market segments, application areas, and market growth strategies.
Based on deployment, the cloud-based segment held the highest market share in 2021, accounting for around three-fourths of the global medical transcription software market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 15.8% from 2022 to 2031, owing to an increase in the adoption of cloud-based software by various healthcare systems and availability of cloud-based software in the market by various key players.
Based on type, the voice recognition segment held the highest market share in 2021, accounting for more than two-thirds of the global medical transcription software market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 15.7% from 2022 to 2031. This is attributed to the various benefits of voice recognition, such as higher accuracy, lower costs, and greater flexibility.
Based on end user facilities, the hospitals and clinics segment accounted for the largest share in 2021, contributing to nearly three-fifths of the global medical transcription software market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 16.0% from 2022 to 2031, due to an increase in the adoption of medical transcription software by hospitals and clinics to transcribe patient notes by voice dictation.
Some of the Top Players in the Global Market Are:
- 3M Company,
- Amazon Inc,
- Aquity Solutions,
- DeepScribe, Inc.,
- Dolbey System, Inc.,
- Global Medical Transcription,
- Microsoft Corporation,
- ZyDoc Medical Transcription
Inquire More About the Top Market Players Here:
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