The global medical transcription software market size is predicted to reach USD 4.89 billion by 2027, exhibiting a CAGR of 17.8% during the forecast period. The growing need for digital documentation in healthcare owing to themanagement and treatment of chronic diseases can be a vital factor augmenting the growth of the market, states Fortune Business Insights in a report, titled “Medical Transcription Software Market Size, Share &COVID-19 Impact 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, 2020-2027” the market size stood at USD 1.32 billion in 2019.
An Overview of the Impact of COVID-19 on this Market:
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The report on the medical transcription software market contains:
- Distinguished insights into all the segments
- Comprehensive data with methodical research
- Latest Market trends
- Factors impeding market growth
Technological Innovation in Transcription Software to Drive Market
The increasing technological advancements in medical transcription software, comprising of improvements in voice recognition, artificial intelligence, and machine learning is expected to spur opportunities for the market in the forthcoming years. The growing implementation of hi-tech technologies in healthcare to enhance treatment outcomes and clinical documentation will have a positive impact on the market. The shift towards voice recognition owing to its faster results than conventional typing methods will further improve prospects of the market in the forthcoming years. Moreover, the low cost of file transcription with the assistanceof a voice recognition platform leads to cost-effective documentation, which, in turn, will aid the adoption of the market in the foreseeable future. The rising inclination for digital documentation in healthcare will positively create a lucrative business for the market during the forecast period.
High Demand for Documentation Services Amid Global Pandemic
The COVID-19 pandemic has affected various sectors including healthcare. However, the medical transcription software market is expected to gain astoundingly during the pandemic. The surge in coronavirus patients has createdan enormous demand for digital documentation, which, in turn, will bode well for the global market. The introduction of new products by industry players will aid the expansion of the market during the coronavirus emergency. 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 COVID-19 impact. These factors together will promote market adoption.
Favorable Regulations by Government to Support Growth in North America
The market in North America stood at USD 631.9 million in 2019 and is expected to witness a high growth rate during the forecast period. The growth in the region is attributed to the rising need for digital documentation in healthcare. The growing emphasis on maintaining patient information in structured formats will further augment the growth of the market. The favorable government regulations are expected to strengthen the growth of the market. For instance, in March 2018, Epic, a leading digital reading platform announced an agreement with Nuance Communications, Inc. to integrate speech recognition technology in EHR systems. Europe is expected to witness a significant growth rate during the forecast period due to the rising adoption of cloud and voice recognition technologies in healthcare. The adoption of advanced technologies for streamlining clinical workflow and documentation in countries such as the UK, Germany, France will accelerate growth in Europe.
February 2019: 3M, a global leader in healthcare technology announced the acquisition of MModal IP LLC to expand its portfolio in revenue cycle management, population health management, and clinical documentation with the help of speech recognition technology.
The Report Lists the Main Companies in the Marketfor Medical Transcription Software:
- Nuance Communications, Inc. (Burlington, U.S.)
- MModal IP LLC (3M) (Franklin, U.S.)
- Dolbey (Cincinnati, Georgia)
- Acusis LLC (Pittsburgh, U.S.)
- Voicebrook, Inc. (Lake Success, U.S.)
- Speech Processing Solutions GmbH (Philips Dictation) (Vienna, Austria)
- Xelex Digital LLC (WebChartMD) (Johnson City, U.S.)
- nThrive, Inc. (Alpharetta, U.S.)
- Scribe Technology Solutions (Naples, U.S.)
- ZyDoc Medical Transcription (Islandia, U.S.)
- Other Players
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