Medical TranscriptionMarketwas valued at USD 1.50 Billion in 2021 and is projected to reach USD 5.11 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 17.1% during 2022-2028. Medical Transcription is the process of converting a vocabulary of clinical data into a predefined text or digital format. With the advancement of technology in hospitals, health centers, and clinics, physicians are choosing Medical Transcription to improve efficiency and improve patient care quality. It also assists healthcare providers to maintain patient care records and medical records containing the information obtained from medical examinations, treatment plans, and relevant information.
Medical Transcription helps to reduce staff burden by eliminating the need to file patient forms, discharge summaries, and performance notes and progress. It creates a well-structured and relevant patient history, enabling physicians to analyze the current physical conditions and prepare appropriate patient care. The COVID-19 epidemic has affected various areas, including health. However, the Medical Transcription Market is expected to benefit dramatically during this epidemic. The proliferation of coronavirus patients has created a huge demand for digital literature, which will also better reflect the global Medical Transcription Market. The introduction of new products by industry players will help market growth during the coronavirus emergency. For example, in March 2020, ZyDoc announced the launch of its free COVID-19 EHR services to all healthcare providers and hospitals affected by the impact of COVID-19. These combined factors will improve Medical Transcription Market acquisition.
There has also been an increase in the prevalence of various chronic diseases, such as cancer, diabetes, and heart disease, which has led to an increase in the number of medical records produced in hospitals. In line with this, growing awareness among businesses about the benefits of electronic health records (EHR) has a positive impact on the global Medical Transcription Market. On the other hand, there has been an increase in counter-counter products and the introduction of new products, the uncertainty of hospital administrators, and fraud and illicit sales of patient information are major challenges facing the Medical Transcription Market. Though with increased risk of fraud or theft of medical data or information, leading companies have introduced advanced encryption technology, data security methods, and secure end-to-end information exchange processes.
The global Medical Transcription Market can be segmented on the basis of service type into history and physical report, discharge summary, operative report, consultation report among others. Based on technology used, the market consists of segments like electronic health records, picture archiving and communication systems, radiology information systems, and speech recognition technology. While on the basis of mode of procurement there could either be outsourcing, offshoring, or both modes in the market.
Medical Transcription Markethas been studied in North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.The North America market stands at 49.2% in 2021 and has had the largest share in the global market. The growth of the region is due to the growing demand for digital literature in health care. The growing emphasis on maintaining patient information in systematic formats will enhance the market growth. Approved government regulations are expected to boost regional market growth.
Major companies in the Global Medical Transcription Market are Acusis LLC (US), Transcend Services (Taiwan), Nuance Communications Inc. (US), MModal LLC (US), iMedX Inc. (US), Global Medical Transcription LLC (US), nThrive Inc. (US), MTBC Inc. (US), Medi-Script Plus (US), TransTech Medical Solutions LLC (US), etc..