The latest report by IMARC Group, titled “Medical Transcription Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032“, The global medical transcription market size reached US$ 75.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 123.6 Billion by 2032, exhibiting a growth rate (CAGR) of 5.5% during 2024-2032.
Medical transcription (MT), also known as healthcare documentation, refers to the process of converting verbal dictations of clinical data into a text format. It focuses on producing an accurate and complete record of patient health history and treatment that benefits doctors in reviewing the health status of a patient. It assists in optimizing operational efficiency, enhancing the quality of patient care, and reducing costs. It is widely utilized by healthcare providers to diagnose and treat patients and document the detail of patients for insurance and legal purposes. As a result, MT is employed in hospitals, clinics, clinical laboratories, and academic medical centers across the globe.
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Medical Transcription Market Trends and Drivers:
At present, the rising prevalence of chronic diseases, such as diabetes, melanoma, and cardiovascular, among the masses around the world represents one of the primary factors contributing to the growth of the market. Besides this, the increasing demand for automated MT, as it saves time and increases the efficiency and effectiveness of the process, is strengthening the growth of the market. Apart from this, the rising emergence of voice recognition technology in the MT that reduces human efforts is positively influencing the market. Moreover, the increasing awareness about the benefits of electronic health records (EHR) in streamlining information is bolstering the growth of the market. Furthermore, key manufacturers are introducing artificial intelligence (AI) and natural language understanding (NLU) technologies to provide real-time clinical data to clinicians, clinical documentation improvement (CDI) specialists, and coding teams.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Service Type:
- History and Physical Report
- Discharge Summary
- Operative Note or Report
- Consultation Report
- Others (Pathology Report, Radiology Report, etc.)
Breakup by Technology:
- Electronic Medical Records/Electronic Health Record (EMR/EHR)
- Picture Archiving and Communication System (PACS)
- Radiology Information System (RIS)
- Speech Recognition Technology (SRT)
- Others
Breakup by Mode of Procurement:
- Outsourcing
- Offshoring
- Both
Breakup by End User:
- Hospitals
- Clinics
- Clinical Laboratories
- Academic Medical Centers
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Acusis LLC
- Transcend Services
- Nuance Communications, Inc.
- MModal IP LLC
- iMedX Information Services Private Limited
- Global Medical Transcription LLC
- nThrive Revenue Systems LLC
- MTBC, Inc.
- MediScript Plus LLC
- TransTech Medical Solutions LLC,
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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