PUBLISHER: Allied Market Research | PRODUCT CODE: 1193235
PUBLISHER: Allied Market Research | PRODUCT CODE: 1193235
The global medical transcription software market was valued at $1,631.74 million in 2021, and is projected to reach $7,001.68 million by 2031, registering a CAGR of 15.5% from 2022 to 2031.
Medical transcription, also known as MT, is an allied health profession dealing with the process of transcribing voice-recorded medical reports that are dictated by physicians, nurses, and other healthcare practitioners. Medical reports can be voice files, notes taken during a lecture, or other spoken material. These are dictated over the phone or uploaded digitally via the Internet or through smart phone apps.
Rise in adoption of medical transcription software for digital documentation, increased use of cloud-based medical transcription software, rapid surge in aging population, and subsequent rise in the number of chronic diseases drive the market growth. However, lack of healthcare IT infrastructure in emerging markets, issues relating to software adoption such as workforce training, and increase in concerns regarding the patient data safety & security are expected to impede the market growth. Moreover, huge market potential in the developing regions is expected to offer opportunities for the market growth during the forecast period.
The medical transcription software market is segmented into deployment, type, end user facility, and region. By deployment, the market is categorized into cloud-based and on premises. On the basis of type, the market is segregated into voice capture and voice recognition. By end user facility, the market is classified into hospitals and clinics, diagnostic centers, and others. Others include ambulatory surgical centers and healthcare systems. Hospitals and clinics segment is further segmented into private and public. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and Rest of LAMEA).
Major key players that operate in the global medical transcription software market are 3M, Dolbey System, Inc., Global Medical Transcription, DeepScribe, Inc., Microsoft Corporation (Nuance Communication, Inc.), Amazon, Inc. (Amazon Web Services, Inc.), ZyDoc Medical Transcription, SmartMD, AQuity Solutions, and iMedX.
Key Benefits For Stakeholders
By Deployment
By Type
By End User Facilities
By Region