Global Medical Transcription Market to Reach US$ 102.1 Billion by 2028, Propelled by the Rising Incidences of Numerous Chronic Diseases

October 18, 2022

The latest report by IMARC, titled “Medical Transcription Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global medical transcription market size reached US$ 70.8 Billion in 2022. Medical transcription (MT), or healthcare documentation, refers to the procedure through which medical reports dictated by physicians and other healthcare experts are converted from voice into text format. The voice reports consist of lab results, clinical summaries, surgery notes, and other medical processes. The objective of medical transcription is to acquire a written record of a patient’s medical history. These files are either printed and stored as paperwork or preserved in electronic formats. Nowadays, with the advancements in technology, healthcare centers, clinics, and physicians are widely adopting medical transcriptions to enhance the quality of patient care, reduce capital expenditure, and optimize operational efficiency. It eliminates the need to file patient forms, operation and progress notes, and discharge summaries, thereby minimizing staff burden. In recent years, MT has gained momentum as it creates an appropriate and organized patient history, enabling doctors to analyze the prevailing physical condition and prepare an ideal treatment plan.

Global Medical Transcription Market Trends:

One of the primary factors driving the market is the rising incidences of numerous chronic diseases, such as diabetes, cancer, and cardiovascular diseases, resulting in an increasing number of medical records generated in hospitals. Additionally, the numerous benefits offered by electronic health records (EHR) in streamlining information have escalated the product adoption rate. Other than this, medical transcription requires high-end accuracy and skilled manpower. As a result, several healthcare professionals and hospitals outsource transcription jobs to save both time and monetary resources. Besides this, the transition from conventional transcription techniques to more advanced techniques of MT, such as artificial intelligence (AI) powered solutions, is creating a positive market outlook. Furthermore, the utilization of the latest technologies, including ADT normalization, instantaneous document formatting, and voice recognition to reduce the time required for transcription and enhance overall accuracy, are propelling the market growth. Moreover, key players are launching high-end encryption technologies, end-to-end secure procedures, and data security mechanisms to reduce the risk of manipulation or theft of medical data or information, which is further contributing to market growth. Looking forward, IMARC Group expects the market size to reach US$ 102.1 Billion by 2028, expanding at a CAGR of 5.8% during the forecast period (2023-2028).

Market Summary:

  • Based on the service type, the market has been divided into history and physical report, discharge report, operative note or report, consultation report, and others.
  • On the basis of technology, the market has been segmented into electronic medical records/ electronic health record (EMR/EHR), picture archiving and communication system (PACS), radiology information system (RIS), speech recognition technology (SRT), and others.
  • Based on the mode of  procurement, the market has been segregated into outsourcing, offshoring, and both.
  • On the basis of the end user, the market has been categorized into hospitals, clinics, clinical laboratories, academic medical centers, and others.
  • Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has also been analyzed, with some of the key players being Acusis LLC, Transcend Services, Nuance Communications Inc., MModal IP LLC, iMedX Information Services Private Limited, Global Medical Transcription LLC, nThrive Revenue Systems LLC, MTBC Inc., MediScript Plus LLC, and TransTech Medical Solutions LLC.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Medical Transcription Market to Reach US$ 102.1 Billion by 2028, Propelled by the Rising Incidences of Numerous Chronic Diseases
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