Global Medical Transcription Market to Reach US$ 123.6 Billion by 2032, Facilitated by Increasing Number of Medical Records

September 15, 2023 | Healthcare

According to the latest report by IMARC Group, titled “Medical Transcription Market Report by Service Type (History and Physical Report, Discharge Summary, Operative Note or Report, Consultation Report, and Others), Technology (Electronic Medical Records/Electronic Health Record (EMR/EHR), Picture Archiving and Communication System (PACS), Radiology Information System (RIS), Speech Recognition Technology (SRT), and Others), Mode of Procurement (Outsourcing, Offshoring, Both), End User (Hospitals, Clinics, Clinical Laboratories, Academic Medical Centers, and Others), and Region 2024-2032,” the global medical transcription market size reached US$ 75.2 Billion in 2023. Medical transcription (MT) is the process of converting voice-recorded medical reports into written text. It can be dictated by healthcare professionals, which include patient histories, physical examination findings, diagnostic test results, and other healthcare-related information. It is added to the medical record of the patient, which serves as a formal document that can be shared and consulted by other medical professionals.

Global Medical Transcription Market Trends:

The increasing number of medical records generated in hospitals due to the surging prevalence of various chronic diseases, such as cancer, diabetes, and cardiovascular diseases, represents one of the major factors augmenting the market growth around the world. Moreover, the rising inclination toward telehealth, especially among the aging population, which is more susceptible to developing serious medical ailments, is supporting the market growth. In addition, the shifting preferences from fee-for-service to value-based care models that require more comprehensive and accurate medical records are contributing to the market growth. Apart from this, the growing adoption of MT services for streamlining administrative and clinical workflows, which makes the healthcare process more organized and efficient, is creating a positive outlook for the market. Looking forward, the market value is projected to reach US$ 123.6 Billion by 2032, expanding at a CAGR of 5.5% during 2024-2032.

Market Summary:

  • Based on the service type, the market has been segmented into history and physical report, discharge summary, operative note or report, consultation report, and others.
  • On the basis of the technology, the market has been segregated 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 model of procurement, the market has been categorized into outsourcing, offshoring, and both.
  • On the basis of the end user, the market has been classified into hospitals, clinics, clinical laboratories, academic medical centers, and others. Presently, hospitals hold the largest market share.
  • Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Amongst these, North America enjoys the leading position in the market.
  • The competitive landscape of the market has also been examined, 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Service Type, Technology, Mode Of Procurement, End User, Region
Region Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered 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
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Medical Transcription Market to Reach US$ 123.6 Billion by 2032, Facilitated by Increasing Number of Medical Records
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