This is an update to the blog “Medical Transcription Service Market to Witness Growth Through 2019”.
According to an earlier market research report from 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.
Technavio’s most recent market research analysis has found that the medical transcription industry is projected to expand at a compound annual growth rate (CAGR) of 6.04% from 2022 to 2027. It is anticipated that the market will grow by USD 24,676.02 million.
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 Catalysts for the Growth of Medical Transcription services
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 ensure data privacy and security in the hospital IT systems
- Expansion in the adoption of cloud-based systems for MT and automated speech recognition software
- The need for automated transcription in healthcare facilities to improve patient care, accessibility, accuracy, and time efficiency.
Important Market Trends for Medical Transcription
One major development that will affect the expansion of the global medical transcription industry is the development of speech recognition technologies. Medical report transcription can be automated with speech recognition software. Without requiring human input, the software translates audio files to text. It is simple to integrate software-automated text data into information systems and share information with medical specialists for additional therapy. The global market for medical transcription is thus anticipated to expand during the forecast period due to the inclusion of voice recognition technologies.
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.
As per another recent report by Technavio, hospitals saw a steady rise in market share in 2017, reaching USD 30,413.25 million, and by 2021, the market share was still rising. The goal of the government’s stricter laws is to guarantee system security and privacy for data. Furthermore, further expenditures in IT and healthcare will spur advancements in cloud-based computing and automatic speech recognition. Over the course of the forecast period, these factors are anticipated to propel the medical transcription market at a steady pace. In addition, the study offers a synopsis of the historical and projected market shares, their respective categories, and the factors driving growth between 2017 and 2027.
Key Players
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.
Do you want to know about the significance of medical transcription in a hospital?
Read our blog post, 5 Ways in Which Medical Transcription Is Important in a Hospital Setting.
