Medical Transcription Services Market: Current Analysis and Forecast (2022-2030)

Medical transcription services involve converting audio recordings of medical appointments or other healthcare-related discussions into written text. This written text is then used to create patient records, progress notes, and other documentation required by healthcare professionals. The healthcare industry continues to grow, leading to a higher volume of patient visits and an increased need for comprehensive medical documentation. Transcription services help healthcare providers maintain accurate records and improve the efficiency of their operations. As a result, the market for medical transcription is witnessing growth.

Medical Transcription Services Market is expected to grow at a strong CAGR of 5% during the forecast period owing to the rising prevalence of chronic diseases. For instance, as per the World Health Organization (WHO), Cardiovascular disease is the leading cause of death worldwide, claiming an estimated 17.9 million lives each year.

Based on service, the market is segmented into history and physical report, discharge summary, operative note or report, consultation report, and others. As per our analysis, the consultation report segment acquired a major share in 2021. This is mainly due to the increasing prevalence of chronic diseases and the increasing number of medical consultation in the healthcare facilities.

Based on the procurement mode, the market is segmented into outsourcing, offshoring, and both. The offshoring segment is expected to grow with a higher CAGR in the medical transcription services market during the forecast period. The outsourcing of medical transcription services is a practice where healthcare providers or organizations contract with external service providers to transcribe medical dictations and convert them into written documents. This can be attributed to several factors, including the increasing demand for accurate and timely documentation, the need for healthcare providers to focus on core medical activities, cost savings, and advancements in technology.

Based on the end-user, the market is segmented into hospitals, clinics, academic medical centers, and others. As per our analysis, the hospital segment acquired a major share in 2021. The rising patient pool and the increasing number of hospital consultations increases the requirement of the maintenance of the health records are the important factors driving the market for medical transcription services.

For a better understanding of the market adoption of the industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific), Rest of World. North American region held the dominant share of the medical transcription services market in 2021. This is mainly due to the presence of well-established healthcare infrastructure in the region. Further, the integration of advanced technologies such as speech recognition software, natural language processing, and machine learning algorithms, which have improved the efficiency and accuracy of medical transcription services resulting in the increasing market of the medical transcription services in the region.

Some of the major players operating in the market include: Lingual Consultancy Services; Acusis LLC; Nuance Communications; 3M; Transcend Services; Scribe Technology; Medscribe; Transperfect; iMedX; and CloudCare.