Medical Transcription Market

Market Overview:

The global medical transcription market size reached US$ 75.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 123.6 Billion by 2032, exhibiting a growth rate (CAGR) of 5.5% during 2024-2032.

Medical transcription (MT), also known as healthcare documentation, is the process of converting verbal dictations of clinical data into pre-defined text or digital format. With the advancement in technology, hospitals, healthcare centers, clinics and physicians are opting for MT to optimize operational efficiency, improve quality of patient care and minimize capital expenditure. It also helps the healthcare providers to maintain patient care and treatment records detailing medical examination findings, treatment plans and relevant information. Besides this, it aids in reducing staff burden by eliminating the need to file patient forms, discharge summaries, and operation and progress notes. MT creates an organized and appropriate patient history, which enables the doctors in analyzing the current physical condition and prepare an ideal treatment plan for the patient.

There has been a rise in the prevalence of various chronic diseases, such as cancer, diabetes and cardiovascular diseases, which has consequently led to an increase in the number of medical records generated in hospitals. Along with this, the growing awareness among enterprises about the benefits of electronic health records (EHR) in streamlining information is having a positive impact on the MT market across the globe. Besides this, manufacturers have started leveraging latest technologies, such as ADT normalization, instantaneous document formatting and voice recognition that can automate the conversion of voice-based records into text-based electronic files. These technologies aid in reducing the time required for transcription as well as enhance the overall accuracy. Moreover, with the increasing risk of manipulation or theft of medical data or information, the leading companies have introduced high-end encryption technologies, data security mechanisms, and end-to-end secure processes for the exchange of information.

IMARC Group’s latest report provides a deep insight into the global medical transcription market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the medical transcription market in any manner.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global medical transcription market report, along with forecasts at the global and regional level from 2024-2032. Our report has categorized the market based on service type, technology, mode of procurement and end user.

Breakup by Service Type:

• History and Physical Report
• Discharge Summary
• Operative Note or Report
• Consultation Report
• Others (Pathology Report, Radiology Report, etc.)
   

Breakup by Technology:

• Electronic Medical Records/Electronic Health Record (EMR/EHR)
• Picture Archiving and Communication System (PACS)
• Radiology Information System (RIS) 
• Speech Recognition Technology (SRT) 
• Others
   

Breakup by Mode of Procurement:

• Outsourcing
• Offshoring
• Both
   

Breakup by End User:

• Hospitals
• Clinics
• Clinical Laboratories
• Academic Medical Centers
• Others
   

Breakup by Region:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

Competitive Landscape:

The report has also analyzed the competitive landscape of the market 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, TransTech Medical Solutions LLC, etc.

Report Coverage: