Medical Transcription Services Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 72.86 Billion |
| Market Size (2029) | USD 96.55 Billion |
| CAGR (2024 - 2029) | 5.79 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Medical Transcription Services Market Analysis
The Medical Transcription Services Market size is estimated at USD 72.86 billion in 2024, and is expected to reach USD 96.55 billion by 2029, growing at a CAGR of 5.79% during the forecast period (2024-2029).
Factors such as the rising focus on technologies related to digital healthcare, novel service launches, and initiatives by key players are propelling the growth of the medical transcription services market.
Additionally, the rising focus on digital health technology like electronic health records and increasing service launches contribute to market growth. For instance, in June 2023, Nuance Communications, a Microsoft subsidiary specializing in speech recognition, integrated its AI-powered clinical notes application with Epic Systems. This collaboration aimed to reduce physicians' administrative burdens by enhancing the efficiency and accuracy of clinical documentation, allowing healthcare professionals to focus more on patient care.
Strategic initiatives by key market players are the key factor driving the demand for medical transcription services. For instance, in July 2023, Amazon expanded its health-focused apps and services by introducing a new platform, AWS HealthScribe, that leverages AI tools to assist clinicians in transcribing and analyzing patient interactions. AWS HealthScribe is an API designed to generate transcripts, extract pertinent details, and create summaries from doctor-patient discussions. These transcripts can be integrated into electronic health record (EHR) systems, streamlining the documentation process.
Similarly, in March 2022, Pittsburgh, Pennsylvania-based Acusis was acquired by AQuity Solutions. This acquisition expanded AQuity's scope of solutions to include practice management, tumor registry, medical billing, and collection services. Such initiatives and novel growth strategies are expected to propel the growth of the medical transcription services market during the forecast period.
Therefore, owing to the abovementioned factors, the market is expected to grow over the forecast period. However, concerns related to data privacy and data theft are expected to restrain the market's growth.
Medical Transcription Services Market Trends
The Electronic Medical Records/Electronic Health Records Segment is Expected to Witness Significant Growth Over the Forecast Period
An electronic health record (EHR) is the systematized collection of patient health information electronically stored in a digital format. Such records can be shared across different healthcare settings. The market for medical transcription services has been expanding recently due to the increasing conversion of post-old medical records into EHRs and growing documentation.
The rising focus on developing technologically advanced medical systems and increasing service launches further contribute to market growth. For instance, according to an article published in the MOS Medical Transcription Services in April 2024, integrating novel technologies such as artificial intelligence-powered medical transcription significantly enhances clinical documentation’s speed, accuracy, and cost-effectiveness. This is expected to drive the increased adoption and optimization of EHR systems. Such technological advancements reduce physicians' burden, improve workflow efficiency, and ensure compliance with regulatory standards. The integration of artificial intelligence in electronic health records is propelling the growth of the segment within the medical transcription services market.
The increasing adoption of growth strategies by major players also contributes to market growth. For instance, in September 2023, Hint Health collaborated with OpenAI to develop a new AI-enabled clinical documentation platform to enhance the physician-patient relationship by streamlining note-taking and transcription processes. As part of this initiative, Hint Health integrated beta capabilities into its All-in-One clinical platform, allowing doctors to record patient consultations or interactions directly within the app. The adoption of innovative growth strategies, such as the development of AI-powered clinical documentation platforms to enhance physician-patient interactions, is significantly contributing to the market’s expansion.
Additionally, increasing research funding in AI is propelling the growth of the segment by enabling more efficient and accurate data processing and improving the speed and quality of medical documentation. North America is already a pioneer in adopting cutting-edge technology and has witnessed significant investments in technological advancements. For instance, according to a report published by the National Institute of Health in May 2024, the research funding for machine learning and AI in 2023 in the United States was over USD 1.48 billion, which is estimated to surpass USD 2.2 billion by 2025. In conclusion, the substantial increase in research funding for AI significantly enhances the efficiency and accuracy of electronic health records in medical transcription, thereby boosting the overall quality and speed of medical documentation.
Increasing initiatives by key players are also propelling the market’s growth. For instance, in June 2022, Cerner, an electronic medical records (EMR) company, was acquired by Oracle Corporation. The acquisition aimed to strengthen Oracle’s healthcare offerings since Cerner’s software services were utilized by Hospitals and physicians’ offices to record and share health and medical data. In conclusion, the market is experiencing significant growth driven by strategic acquisitions and increasing initiatives from major market players, enhancing the integration and sharing of health and medical data.
Therefore, the segment for electronic medical records/electronic health records is expected to grow significantly over the forecast period due to the abovementioned factors.
North America is Expected to Hold a Significant Market Share Over the Forecast Period
North America holds a notable share of the medical transcription services market owing to the rising adoption of various strategies by key companies. Rising awareness about the benefits of electronic patient record keeping and the increasing geriatric population worldwide are the factors driving the market.
Another factor driving the expansion of the market is the increasing adoption of digital health technology like electronic health records and telemedicine. This approach has the advantage that highly trained transcriptionists understand the medical context, check for accuracy, and provide outstanding service that cannot be obtained from a software system alone.
Key product launches, the high concentration of market players, and the presence of several manufacturers in North America are some of the factors driving market growth. For instance, in August 2022, AI startup Abridge secured USD 12.5 million in a Series A1 funding round, increasing its total raised capital to USD 27 million. This investment was aimed at launching an enterprise solution for providers. The solution can be integrated with electronic medical records systems and used for telemedicine appointments via an API. Providers can record any medical conversation, whether with a patient or another care team member, and receive a transcript within minutes.
In March 2022, 3play Media launched a podcast transcription solution, which helps increase user flexibility and transcription accuracy. 3play Media provides a solution to the immediate gap for podcast producers who recognize that the high error rate of machine transcription jeopardizes the integrity of their content experience.
Therefore, the medical transcription services market is anticipated to grow in the region due to the abovementioned factors.
Medical Transcription Services Industry Overview
The medical transcription services market is fragmented due to the presence of many local providers offering a wide array of services, leading players to deploy numerous strategic initiatives that include competitive pricing strategies, partnerships, product expansion, sales and marketing initiatives, and mergers and acquisitions. Some of the key players in the market include Aquity Solutions, Transcend Services, Nuance Communications Inc., iMedX Inc., Medi-Script, Medscribe Inc., Same Day Transcriptions Inc., DoctorDocs Medical Transcription Services, Worldwide Dictation, and Athreon.
Medical Transcription Services Market Leaders
-
Nuance Communications Inc
-
Medi-Script
-
Transcend Services
-
Medscribe Inc
-
Same transcriptions Inc
*Disclaimer: Major Players sorted in no particular order
Medical Transcription Services Market News
- April 2024: Dr. Sravan Dhulipala launched OrthoScribe, a collaboration with Hannibal AI designed to transform the documentation of patient interactions. OrthoScribe is an AI-powered medical transcription and speech analysis product tailored specifically for the medical industry. At the time of the launch, OrthoScribe had already been adopted by over 100 orthopedic surgeons, showcasing its practical application and effectiveness in a clinical setting. The innovative tool aims to enhance the efficiency and accuracy of medical documentation through advanced AI technology.
- March 2024: Dolbey announced AI Assist, an expansion of Fusion Narrate. This development represented an evolution in speech recognition and automation technology. AI Assist enables healthcare providers to access and utilize generative AI within a secure, HIPAA-compliant environment. This innovative tool offers a new level of workflow automation in the healthcare sector. By incorporating generative AI, AI Assist aims to enhance efficiency and accuracy in healthcare documentation and processes.
Medical Transcription Services 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 Increased Awareness About the Benefits of Electronic Patient Record Keeping
4.2.2 Availability of Various Software Leading to Competitive Cost Reductions
4.2.3 Reimbursement Processing and Government Initiatives
4.3 Market Restraints
4.3.1 Concerns Pertaining to Data Privacy and Data Theft
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 (Market Size by Value - USD)
5.1 By Service Type
5.1.1 History & Physical Report
5.1.2 Discharge Summary
5.1.3 Operative Note or Report
5.1.4 Consultation Report
5.1.5 Other Services
5.2 By Technology
5.2.1 Electronic Medical Records/Electronic Health Records
5.2.2 Picture Archiving and Communication System
5.2.3 Radiology Information System
5.2.4 Speech Recognition Technology
5.2.5 Others
5.3 By Mode of Procurement
5.3.1 Outsourcing
5.3.2 Offshoring
5.3.3 Both
5.4 By End-User
5.4.1 Hospitals
5.4.2 Clinics
5.4.3 Clinical Laboratories
5.4.4 Academic Medical Centers
5.4.5 Others
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 Athreon
6.1.2 Doctor Docs medical transcription services
6.1.3 EHR Transcriptions Inc.
6.1.4 IKS Health
6.1.5 iMedX Inc
6.1.6 Medi-Script
6.1.7 Medscribe Inc.
6.1.8 Nuance Communications Inc.
6.1.9 Transcend Services
6.1.10 World Wide Dictation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Medical Transcription Services Industry Segmentation
As per the scope of the report, medical transcription services are an allied health profession dealing with transcribing voice-recorded medical reports dictated by physicians, nurses, and other healthcare practitioners.
The medical transcription services market is segmented by service type, technology, mode of procurement, end user, and geography. The service type segment is further divided into history & physical report, discharge summary, operative note or report, consultation report, and others. The technology type segment is further divided into electronic medical records/electronic health records, picture archiving and communication systems, radiology information systems, speech recognition technology, and others. The mode of procurement segment is further divided into outsourcing, offshoring, and both. By end user, the market is segmented into hospitals, clinics, clinical laboratories, academic medical centers, and others. The geography segment is further divided into North America, Europe, Asia-Pacific, Middle East and Africa, and South America.
| By Service Type | |
| History & Physical Report | |
| Discharge Summary | |
| Operative Note or Report | |
| Consultation Report | |
| Other Services |
| By Technology | |
| Electronic Medical Records/Electronic Health Records | |
| Picture Archiving and Communication System | |
| Radiology Information System | |
| Speech Recognition Technology | |
| Others |
| By Mode of Procurement | |
| Outsourcing | |
| Offshoring | |
| Both |
| By End-User | |
| Hospitals | |
| Clinics | |
| Clinical Laboratories | |
| Academic Medical Centers | |
| Others |
| Geography | ||||||||
| ||||||||
| ||||||||
| ||||||||
| ||||||||
|
Medical Transcription Services Market Research FAQs
How big is the Medical Transcription Services Market?
The Medical Transcription Services Market size is expected to reach USD 72.86 billion in 2024 and grow at a CAGR of 5.79% to reach USD 96.55 billion by 2029.
What is the current Medical Transcription Services Market size?
In 2024, the Medical Transcription Services Market size is expected to reach USD 72.86 billion.
Who are the key players in Medical Transcription Services Market?
Nuance Communications Inc, Medi-Script, Transcend Services, Medscribe Inc and Same transcriptions Inc are the major companies operating in the Medical Transcription Services Market.
Which is the fastest growing region in Medical Transcription Services 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 Services Market?
In 2024, the North America accounts for the largest market share in Medical Transcription Services Market.
What years does this Medical Transcription Services Market cover, and what was the market size in 2023?
In 2023, the Medical Transcription Services Market size was estimated at USD 68.64 billion. The report covers the Medical Transcription Services Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Medical Transcription Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Medical Transcription Services Industry Report
Statistics for the 2024 Medical Transcription Services market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Medical Transcription Services 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.
