Medical Transcription Software Market to Reach $7.0 Billion Globally by 2031 at a CAGR of 15.5%: Allied Market Research
Rising awareness of clinical documentation for delivering quality patient care, rapid development of e-health industry and rising government healthcare expenditures are driving the growth of the global transcription software market medical.
PORTLAND, Oregon., October 28, 2022 /PRNewswire/ — Allied Market Research released a report titled, “Medical Transcription Software Market by Deployment (Cloud-Based, On-Premise), By Type (Voice Capture, Speech Recognition), By End-User Installations ( Hospitals & Clinics, Diagnostic Centers, Others): Global Opportunities Analysis and Industry Forecast 2021-2031”. According to the report, the global medical transcription software industry generated $1.6 billion in 2021, and should generate $7.0 billion by 2031, with a CAGR of 15.5% from 2022 to 2031.
Main determinants of growth
Rising awareness of clinical documentation for delivering quality patient care, rapid development of e-health industry and rising government healthcare expenditures are driving the growth of the global transcription software market medical. However, low adoption of medical transcription software in underdeveloped countries is limiting the market growth. Moreover, the high growth potential of emerging markets is expected to present new opportunities for the market in the coming years.
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- The outbreak of the Covid-19 pandemic has had a positive impact on the global medical transcription software market, owing to the increase in the number of coronavirus patients which has created a huge demand for digital documentation.
- Launches of new products and services by key players during the COVID-19 period have had a positive impact on the growth of the medical transcription software industry. For example, in March 2020ZyDoc has announced the launch of its free COVID-19 EHR Documentation Services to all healthcare providers and hospitals impacted by the COVID-19 pandemic.
- Moreover, in April 2020, Nuance Communications, Inc. announced the Nuance Dragon Ambient eXperience (DAX) solution for telehealth, in response to the dramatic increase in virtual visits caused by the COVID-19 pandemic. Thus, an increase in the adoption of medical transcription software for medical documentation of COVID-19 patients has boosted the growth of the medical transcription software market.
The cloud-based segment to maintain its leading status throughout the forecast period
Based on deployment, the cloud-based segment held the highest market share in 2021, accounting for approximately three-quarters of the global medical transcription software market, and is expected to maintain its leading status throughout the period. forecast. Additionally, the same segment is expected to show the highest CAGR of 15.8% from 2022 to 2031, owing to an increase in the adoption of cloud-based software by various healthcare systems and the availability of software cloud-based in the market by various key players. .
The voice recognition segment to maintain its leading status throughout the forecast period
Based on type, the voice recognition segment held the highest market share in 2021, accounting for more than two-thirds of the global medical transcription software market, and is expected to maintain its leading status throughout the period. forecast. Moreover, the same segment is expected to show the highest CAGR of 15.7% from 2022 to 2031. This is attributed to the various benefits of voice recognition, such as higher accuracy, lower costs and greater flexibility. .
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The hospital and clinic segment will maintain its leading position during the forecast period
Based on end-user installations, the hospital and clinic segment accounted for the largest share in 2021, contributing nearly three-fifths of the global medical transcription software market, and is expected to maintain its leading position during the forecast period. Additionally, the same segment is expected to show the highest CAGR of 16.0% from 2022 to 2031, driven by an increase in the adoption of medical transcription software by hospitals and clinics to transcribe patient notes by voice dictation.
North America maintain dominance by 2031
Based on the region, North America held the highest market share by revenue in 2021, accounting for almost two-fifths of the global medical transcription software market, and is expected to dominate the market during the forecast period. This is attributed to the rise in demand for better healthcare facilities, rise in demand for medical transcription solutions, and government reforms for the acceptance of medical transcription in the region. However, the Asia Pacific The region is projected to witness the fastest CAGR of 17.2% from 2022 to 2031. This is due to the rising prevalence of chronic diseases, increased awareness in the use of medical transcription services and the increase in health expenditure.
Major Market Players:-
- 3M Company,
- Amazon Inc.,
- Equity Solutions,
- DeepScribe, Inc.,
- Dolbey System, Inc.,
- Global Medical Transcription,
- Microsoft Corporation,
- ZyDoc Medical Transcription
The report provides a detailed analysis of these key players in the global medical transcription software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements and others to increase their market share and maintain dominant shares in different regions. The report is valuable for highlighting the business performance, operating segments, product portfolio, and strategic moves of market players to present the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business advisory division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas. AMR offers its services across 11 verticals, including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverage, Energy & Power, semiconductors and electronics, automotive and transport, ICT and media, aerospace and defense and BFSI.
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