Medical Transcription Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 20.60 Billion |
| Market Size (2029) | USD 27.60 Billion |
| CAGR (2024 - 2029) | 6.04 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Medical Transcription Market Analysis
The Medical Transcription Market size is estimated at USD 20.60 billion in 2024, and is expected to reach USD 27.60 billion by 2029, growing at a CAGR of 6.04% during the forecast period (2024-2029).
The growth of the medical transcription market can be attributed to the increasing awareness of the benefits of electronic patient record keeping. Moreover, the rising need for automated transcripts, increasing awareness of digital documentation, advancement in technology, growing demand for universal reporting styles, and the increasing geriatric population worldwide are the major drivers leading to the tremendous growth of the medical transcription market.
The development of the latest technologies, such as ADT normalization, voice recognition that can convert voice-based records into text-based electronic records, instant document formatting, and highly encrypted technologies, have led to the adoption of medical transcription. For instance, in October 2022, PhysicianOne Urgent Care implemented Augnito's voice recognition AI solutions at over 20 US locations to streamline clinical workflows, lessen administrative burdens on providers, and enhance the quality of clinical documentation. By automating clinical documentation processes, Augnito's solutions can help reduce the costs associated with traditional medical transcription services. Thus, such development is raising the adoption rate of advanced medical transcription services, which drives the medical transcription market.
Moreover, medical transcription helps obtain easily searchable, accurate recall of critical facts, easy sharing of medical documents, and reduced paperwork. It also decreases the need for huge space, manpower, and time. Apart from these advantages, medical transcription aids in reducing any risk related to legal and reimbursement issues. Given all the mentioned facts, the medical transcription market is expected to grow significantly during the forecast period.
However, changes in healthcare reimbursement policies can impact the profitability of medical transcription services.
Medical Transcription Market Trends
Speech Recognition Technology (SRT) is Expected to Dominate the Market During the Forecast Period
Speech recognition technology (SRT) is dominant in driving the medical transcription market due to its ability to revolutionize and streamline the transcription process in healthcare settings. SRT enables real-time transcription of spoken words into text, significantly reducing the time required for documentation compared to traditional manual transcription methods. This boosts efficiency and productivity within healthcare facilities.
For instance, in September 2023, the British Journal of Nursing reported that University Hospital Southampton adopted Solventum's M*Modal speech-recognition software (adopted in 2021). The initiative aims to free up more time for healthcare providers to concentrate on patient care. By April 2023, the hospital achieved a 100% adoption for documents transcribed using the Solventum M*Modal systems. Achieving a 100% adoption rate indicates high user satisfaction, positive user experiences, and widespread adoption within a prestigious healthcare institution. This can encourage other facilities to consider and adopt similar SRT solutions, driving segment growth.
Moreover, many SRT solutions seamlessly integrate with electronic health record (EHR) systems, enabling direct input of transcribed data into patient records. This integration streamlines the documentation process and ensures data accuracy and consistency across the healthcare system. Additionally, SRT enables remote transcription services, allowing transcriptionists to work from anywhere. This flexibility benefits healthcare facilities with distributed teams or those needing off-site transcription services.
Thus, the abovementioned benefits, such as a high adoption rate and seamless integration with electronic health records, are some factors that drive the speech recognition technology segment in the medical transcription market.
North America Dominates the Market and is Expected to do Same During the Forecast Period
In North America, the recent developments highlight the ongoing efforts of players and organizations to enhance their platforms, provide more personalized products, and contribute to the overall growth of the market. For instance, in March 2023, Nuance Communications launched Dragon Ambient eXperience (DAX) Express, an AI-driven clinical notes application that generates draft clinical notes within seconds after patient visits. DAX Express enhances clinical efficiency, allowing clinicians to focus more on patient care than paperwork.
Moreover, growing awareness of digital documentation and technology implementation by most physicians, hospitals, clinics, and other healthcare providers in the United States and Canada has led North America to witness tremendous growth in the medical transcription market. In April 2024, the Ottawa Hospital stated that it launched a pilot project in June 2024 that uses a Microsoft artificial intelligence tool to record conversations between patients and doctors and transcribe them into medical notes. The use of cutting-edge AI technology for transcription at the Ottawa Hospital demonstrates innovation in healthcare documentation processes, showcasing the potential for advanced solutions to drive efficiency and accuracy in medical transcription.
In conclusion, the growth of the medical transcription market in North America is driven by key product launches and the presence of a wide number of service providers.
Medical Transcription Industry Overview
The medical transcription market is highly competitive, with several players around the globe. With the rising patient awareness levels and high prevalence of diseases, many regional players are expected to be part of the medical transcription market during the forecast period. Some of the major players in the market are Acusis LLC, Global Medical Transcription LLC, iMedX Inc., Transcend Services, Excel Transcriptions Inc., MModal IP LLC, Solventum, Lingual Consultancy Services Pvt. Ltd, MTBC Inc., and Nuance Communications Inc.
Medical Transcription Market Leaders
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Acusis LLC.
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nThrive Inc.
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iMedX Inc.
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Nuance Communications Inc.
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Excel Transcriptions Inc.
*Disclaimer: Major Players sorted in no particular order
Medical Transcription Market News
- February 2024: RevMaxx, an AI-based medical transcription company, introduced an AI medical scribe solution to streamline and optimize the documentation process. Traditional documentation methods often consume a significant portion of healthcare providers' time. In response to this challenge, the company has introduced an AI-powered personal assistant that provides an easy documentation process.
- April 2024: Barti Software introduced an AI-driven ambient listening and transcription technology as an add-on to its electronic health records (EHR) and practice management platform, specifically tailored for optometric practices.
Medical Transcription Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Demand for Automated Transcripts
4.2.2 Advancement in Technology
4.3 Market Restraints
4.3.1 Dictation Challenges
4.3.2 Risk of Cyber Attacks and Low Software Adoption
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Software
5.1.2 Services
5.2 By Technology
5.2.1 Electronic Medical Record/Electronic Health Record (EMR/EHR)
5.2.2 Picture Archiving and Communication System (PACS)
5.2.3 Radiology Information System (RIS)
5.2.4 Speech Recognition Technology (SRT)
5.2.5 Other Technologies
5.3 By Mode of Procurement
5.3.1 Outsourcing
5.3.2 Offshoring
5.3.3 Other Modes of Procurement
5.4 By End User
5.4.1 Hospitals
5.4.2 Physician Groups
5.4.3 Clinics and Clinical Laboratories
5.4.4 Other End Users
5.5 Geography
5.5.1 North America
5.5.1.1 United States
5.5.1.2 Canada
5.5.1.3 Mexico
5.5.2 Europe
5.5.2.1 Germany
5.5.2.2 United Kingdom
5.5.2.3 France
5.5.2.4 Italy
5.5.2.5 Spain
5.5.2.6 Rest of Europe
5.5.3 Asia-Pacific
5.5.3.1 China
5.5.3.2 Japan
5.5.3.3 India
5.5.3.4 Australia
5.5.3.5 South Korea
5.5.3.6 Rest of Asia-Pacific
5.5.4 Middle East and Africa
5.5.4.1 GCC
5.5.4.2 South Africa
5.5.4.3 Rest of Middle East and Africa
5.5.5 South America
5.5.5.1 Brazil
5.5.5.2 Argentina
5.5.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Acusis LLC
6.1.2 Global Medical Transcription LLC
6.1.3 iMedX Inc.
6.1.4 Trancend Services
6.1.5 Excel Transcriptions Inc.
6.1.6 MModal IP LLC
6.1.7 Solventum
6.1.8 Lingual Consultancy Services Pvt. Ltd
6.1.9 MTBC Inc.
6.1.10 Nuance Communications Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Medical Transcription Industry Segmentation
Medical transcription refers to the conversion of the voice-based reports of doctors, physicians, and other healthcare providers into text-based electronic reports. This involves transcribing patient information and reports dictated by doctors into electronic text formats.
The medical transcription market is segmented by type, technology, mode of procurement, and end user. In terms of type, the market is segmented into software and services. By technology, the market is segmented into electronic medical record/electronic health record (EMR/EHR), picture archiving and communication system (PACS), radiology information system (RIS), speech recognition technology (SRT), and other technologies. By mode of procurement, the market is segmented into outsourcing, offshoring, and other modes of procurement. By end user, the market is segmented into hospitals, physician groups, clinics and clinical laboratories, and other end users. The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers market size and forecasts for the medical transcription market in value (USD) for the above segments.
| By Type | |
| Software | |
| Services |
| By Technology | |
| Electronic Medical Record/Electronic Health Record (EMR/EHR) | |
| Picture Archiving and Communication System (PACS) | |
| Radiology Information System (RIS) | |
| Speech Recognition Technology (SRT) | |
| Other Technologies |
| By Mode of Procurement | |
| Outsourcing | |
| Offshoring | |
| Other Modes of Procurement |
| By End User | |
| Hospitals | |
| Physician Groups | |
| Clinics and Clinical Laboratories | |
| Other End Users |
| Geography | ||||||||
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Medical Transcription Market Research FAQs
How big is the Medical Transcription Market?
The Medical Transcription Market size is expected to reach USD 20.60 billion in 2024 and grow at a CAGR of 6.04% to reach USD 27.60 billion by 2029.
What is the current Medical Transcription Market size?
In 2024, the Medical Transcription Market size is expected to reach USD 20.60 billion.
Who are the key players in Medical Transcription Market?
Acusis LLC., nThrive Inc., iMedX Inc., Nuance Communications Inc. and Excel Transcriptions Inc. are the major companies operating in the Medical Transcription Market.
Which is the fastest growing region in Medical Transcription Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Medical Transcription Market?
In 2024, the North America accounts for the largest market share in Medical Transcription Market.
What years does this Medical Transcription Market cover, and what was the market size in 2023?
In 2023, the Medical Transcription Market size was estimated at USD 19.36 billion. The report covers the Medical Transcription Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Medical Transcription Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Medical Transcription Industry Report
Statistics for the 2024 Medical Transcription market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Medical Transcription analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
