Medical Transcription Software Market By Deployment (Cloud Based, On Premises), By Type (Voice Capture, Voice Recognition), By End User Facilities (Hospitals and Clinics, Diagnostic Centers, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
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
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the medical transcription software market analysis from 2021 to 2031 to identify the prevailing medical transcription software market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the medical transcription software market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global medical transcription software market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Deployment
Cloud Based
On Premises
By Type
Voice Capture
Voice Recognition
By End User Facilities
Hospitals and Clinics
Type
Private
Public
Diagnostic Centers
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest Of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest Of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest Of LAMEA
Key Market Players
3M Company
Amazon Inc
Aquity Solutions
DeepScribe, Inc.
Dolbey System, Inc.
Global Medical Transcription
iMedX
Microsoft Corporation
SMARTMD
ZyDoc Medical Transcription
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