According to the latest report by IMARC Group, titled “Medical Transcription Market Report by Service Type (History and Physical Report, Discharge Summary, Operative Note or Report, Consultation Report, and Others), Technology (Electronic Medical Records/Electronic Health Record (EMR/EHR), Picture Archiving and Communication System (PACS), Radiology Information System (RIS), Speech Recognition Technology (SRT), and Others), Mode of Procurement (Outsourcing, Offshoring, Both), End User (Hospitals, Clinics, Clinical Laboratories, Academic Medical Centers, and Others), and Region 2024-2032,” the global medical transcription market size reached US$ 75.2 Billion in 2023. Medical transcription (MT) is the process of converting voice-recorded medical reports into written text. It can be dictated by healthcare professionals, which include patient histories, physical examination findings, diagnostic test results, and other healthcare-related information. It is added to the medical record of the patient, which serves as a formal document that can be shared and consulted by other medical professionals.
Global Medical Transcription Market Trends:
The increasing number of medical records generated in hospitals due to the surging prevalence of various chronic diseases, such as cancer, diabetes, and cardiovascular diseases, represents one of the major factors augmenting the market growth around the world. Moreover, the rising inclination toward telehealth, especially among the aging population, which is more susceptible to developing serious medical ailments, is supporting the market growth. In addition, the shifting preferences from fee-for-service to value-based care models that require more comprehensive and accurate medical records are contributing to the market growth. Apart from this, the growing adoption of MT services for streamlining administrative and clinical workflows, which makes the healthcare process more organized and efficient, is creating a positive outlook for the market. Looking forward, the market value is projected to reach US$ 123.6 Billion by 2032, expanding at a CAGR of 5.5% during 2024-2032.
Market Summary:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | US$ Billion |
| Segment Coverage | Service Type, Technology, Mode Of Procurement, End User, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Companies Covered | 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, and TransTech Medical Solutions LLC |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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