Medical Transcription Market - Forecasts from 2023 to 2028

The global medical transcription market is estimated to grow at a CAGR of 6.05% during the forecast period.

The manual conversion of voice reports dictated by doctors and other healthcare professionals into text format is known as medical transcription (MT). Multiple benefits associated with medical transcription and reduced burden on doctors owing to increasing illness is a major growth factor of the medical transcription market. Moreover, the adoption of technology-based transcription services and increased digitalization in the healthcare industry is further expected to propel the medical transcription market.

Multiple Associated Benefits with Medical Transcription

There are various benefits associated with medical transcription that are contemplated to boost the medical transcription market. Maintaining accurate patient records is greatly facilitated by medical transcribing. Text documents that have been transcribed are available and can be stored straight on the hospital's server or the cloud. Therefore, all a provider needs to do to generate medical reports is to download and print the information. Expert medical transcriptionists can correctly record and deliver crucial information while minimizing the possibility of mistakes or misinterpretations. Additionally, insurance companies are billed for patient care using these transcriptions of the records.

Rising technology-enabled Transcription

The increasing technological advancements in healthcare including transcriptions are a major growth driver of the medical transcription market. For instance, in 2019, Amazon launched a machine-learning medical transcription service called Amazon Transcribe Medical that can automatically convert physician consultations and dictated notes from speech to text. In October 2020, ETranscription unveiled its new website and platform to expand high-quality transcription services. ETranscription also offered a free trial to help business streamline their flow. Healthcare practitioners and transcriptionists may safely store and access audio recordings and transcribed documents using cloud-based transcription services. These services provide collaboration tools that enable several people to access and work on the same files at once.

Increasing Demand for Electronic Health Records (EHRs)

A requirement for precise and thorough medical recording has arisen as a result of the increasing implementation of EHR systems in healthcare institutions thus it is one of the major growth drivers of the medical transcription market. For instance, around 88% of office-based physicians were using EMR/EHR services in the US as per the 2021 National Electronic Health Records Survey by CDC. Moreover, from 2019 to 2021, office-based physicians used telemedicine technology at a rate of 85.9%, up from 15.4%, and in 2021, 91.4% of general practitioners, 87.2% of doctors in medical specialities, and 74.8% of doctors in surgical specialities utilized telemedicine as per the CDC data. The need for top-notch medical transcription services is further fueled by the increased focus on interoperability and information exchange.

Growing Healthcare Industry

Medical transcription services are in high demand due to the growing healthcare sector, which includes hospitals, clinics, ambulatory care facilities, and specialized practices. The demand for precise and fast medical documentation rises in tandem with the expansion of the healthcare industry. For example, the total annual revenue of the global health industry exceeds US$5.8 trillion as per the Commission on Health Employment and Economic Growth Report. Moreover, by 2030, the Commission wants to encourage and direct the development of at least 40 million new employment in the social and health sectors and close the anticipated 18 million health worker shortage, mostly in low- and lower-middle-income nations. This expanding industry, therefore, propels the medical transcription market.

Restraints in the Market

Few factors are expected to limit the medical transcription market. For example, data security and privacy are major concerns in the medical transcribing market since it entails handling private patient information. Healthcare practitioners and transcription services must comply with stringent regulatory mandates like HIPAA. Strong cybersecurity procedures and regular compliance monitoring are necessary to ensure the transfer, storage, and access of patient data in a safe manner. These requirements might present difficulties and added expenses for transcription service providers. Moreover, transcription mistakes and inaccuracies may occur if automatic speech recognition (ASR) technologies are used without enough human monitoring. As a result, human transcriptionists are still required to evaluate and revise transcriptions, which can be expensive and time-consuming.

North America is expected to grow significantly

The North American region is projected to hold a significant share of the medical transcription market during the forecast period. Various factors attributed to such a share are the strong presence of healthcare facilities, the growing burden of diseases resulting in more burden on doctors, and higher adoption of technology-based transcription services. For instance, the employment rate of the US healthcare industry is projected to grow by 13% from 2021 to 2031 which is much faster than other industries as per the U.S. Bureau of Labour Statistics. Moreover, the presence of major market players such as Acusis LLC and Nuance Communications Inc. further propels the medical transcription market in the region through enhanced services.

Medical Transcription Market Players

• Acusis LLCis a business that specializes in providing medical transcribing and healthcare information management services. Acusis turns voice-recorded dictations into written medical papers by providing accurate and quick transcription services. Their staff of medical language experts and transcriptionists has received training in medical terminology, resulting in transcriptions of the highest caliber.
• Healthcare technology and services firm Aquity Solutionsfocuses on clinical documentation solutions. Ingenious technologies and services are offered by Aquity Solutions to help healthcare organizations produce accurate clinical documentation quickly. To help medical practitioners quickly record and transcribe medical information, its platform integrates artificial intelligence (AI) and natural language understanding (NLU) technology.
• A leader in artificial intelligence (AI), speech recognition, and natural language processing (NLP),Nuance Communications Inc.is a technology business that offers a range of products and services. Applications for their Dragon voice recognition software include healthcare, customer service, automotive, and more. Accurate transcription, speech commands, and interactive voice response systems are made possible by Nuance's voice recognition technology.

Key Market Developments

• In March 2022,an Irish health-tech company acquired transcription technology provider SyberScribe to expand its business in the Asia-Pacific region. SyberScribe provides low-cost outsourced medical transcription services and T-Pro provides clinics and healthcare organizations with cloud-based tech for speech recognition and digital dictation.

Segmentation:

By Service Type

• History and Physical Report
• Pathology Report
• Radiology Report

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

By End-User

• Hospitals
• Clinical Laboratories
• Academic Medical Centers
• Others

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• The Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others