Market Overview:
The global medical transcription software market is expected to grow at a CAGR of 7.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for cloud-based and web-based medical transcription software solutions by hospitals and health systems across the globe. Additionally, the growing adoption of these solutions by small and medium-sized healthcare organizations is also contributing to the growth of this market. North America dominates the global medical transcription software market, followed by Europe, Asia Pacific, Latin America, and Middle East & Africa.
Product Definition:
Medical transcription software is a computer program used to create or edit medical transcripts from dictation by physicians or other healthcare professionals. The software allows for the quick and accurate entry of patient information, diagnosis, and treatment plans into a digital format that can be easily shared with other members of the healthcare team. Additionally, medical transcription software can help improve workflow and organization within a medical office or clinic.
Cloud-based:
Cloud-based medical transcription is a service that enables users to access medical records from remote locations. It also helps in maintaining the records of patients and doctors, which are easily accessible at any place and at any time. The cloud-based system offers various advantages such as easy accessibility of data, no requirement for additional hardware or software, real-time collaborative viewing during telehealth sessions etc., which has increased its demand among healthcare providers across the globe.
Web-based:
The global web-based and its usage in medical transcription software market size was valued at USD 6.5 billion in 2016. It is expected to expand at a CAGR of XX% over the forecast period owing to increasing demand for remote patient monitoring, clinical decision support, and healthcare IT services & solutions worldwide.
Application Insights:
Based on application, the global medical transcription software market is segmented into hospitals and health systems. Hospitals held the largest share in 2017 owing to factors such as increasing prevalence of chronic diseases and rising number of surgeries. In addition, an increase in hospital construction across the globe is expected to drive demand for medical transcriptions over the forecast period.
Health systems are anticipated to witness lucrative growth over the forecast period due to factors such as government initiatives encouraging adoption of EHRs and growing awareness about benefits associated with these software applications. For instance, according to a study published by Cerner Corporation in 2018, it was found that approximately 99% of U.S healthcare organizations have adopted EHRs while 97%of them have integrated their text-based information into their EHRs using Medical Language Librarians (MLL) tools or automatedbotanical identification tools (ABIT). Such trends are expected encourage market growth across various regions over next few years.
Regional Analysis:
North America dominated the global market in 2017. This can be attributed to factors such as increasing government funding for healthcare IT, rising adoption of cloud-based technologies, and high demand for quality medical translations. Moreover, growing number of hospitals and rising prevalence of chronic diseases are expected to drive the regional market over the forecast period.
Asia Pacific is anticipated to witness lucrative growth during the forecast period owing to increasing awareness about availability of these services among patients and physicians as well as rapid technological advancements in countries like India and China. In addition, booming medical tourism industry is also expected boost this region’s growth prospects during the forecast period. ‰˜The Transcribe Service was launched by Microsoft Corporation in 2018 with an aim towards reducing waiting time at clinics/hospitals across U.S.
Growth Factors:
- Increasing demand for medical transcription services due to the increase in the number of patients and also the complexity of medical cases.
- The increasing use of electronic health records (EHRs) is resulting in an increased demand for medical transcription software, as it helps to improve the accuracy and efficiency of transcription workflows.
- The growing trend of outsourcing clinical documentation processes to third-party service providers is also contributing to the growth of the market for medical transcription software.
- Rapid advancements in technology are helping to drive down costs and improve turnaround times, thereby fueling market growth.
Scope Of The Report
Report Attributes
Report Details
Report Title
Medical Transcription Software Market Research Report
By Type
Cloud-based, Web-based
By Application
Hospitals, Health Systems
By Companies
MModal, Winscribe, CLIN1, eScription One, SpeechRite, Accuro Voice, ChartNet, Dolbey, Acusis, ezMediscribes, Greenway
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
150
Number of Tables & Figures
105
Customization Available
Yes, the report can be customized as per your need.
Global Medical Transcription Software Market Report Segments:
The global Medical Transcription Software market is segmented on the basis of:
Types
Cloud-based, Web-based
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Hospitals, Health Systems
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- MModal
- Winscribe
- CLIN1
- eScription One
- SpeechRite
- Accuro Voice
- ChartNet
- Dolbey
- Acusis
- ezMediscribes
- Greenway
Highlights of The Medical Transcription Software Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Cloud-based
- Web-based
- By Application:
- Hospitals
- Health Systems
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Medical Transcription Software Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Medical transcription software is a computer application that helps medical professionals transcribe audio or video recordings of medical consultations. The software can be used to record and store audio files, as well as convert them into text files. It can also help doctors and nurses annotate the recordings with key details, such as patient names and addresses.
Some of the key players operating in the medical transcription software market are MModal, Winscribe, CLIN1, eScription One, SpeechRite, Accuro Voice, ChartNet, Dolbey, Acusis, ezMediscribes, Greenway.
The medical transcription software market is expected to grow at a compound annual growth rate of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Medical Transcription Software Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Medical Transcription Software Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Medical Transcription Software Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Medical Transcription Software Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Medical Transcription Software Market Size & Forecast, 2018-2028
4.5.1 Medical Transcription Software Market Size and Y-o-Y Growth
4.5.2 Medical Transcription Software Market Absolute $ Opportunity
Chapter 5 Global Medical Transcription Software Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Medical Transcription Software Market Size Forecast by Type
5.2.1 Cloud-based
5.2.2 Web-based
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Medical Transcription Software Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Medical Transcription Software Market Size Forecast by Applications
6.2.1 Hospitals
6.2.2 Health Systems
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Medical Transcription Software Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Medical Transcription Software Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Medical Transcription Software Analysis and Forecast
9.1 Introduction
9.2 North America Medical Transcription Software Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Medical Transcription Software Market Size Forecast by Type
9.6.1 Cloud-based
9.6.2 Web-based
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Medical Transcription Software Market Size Forecast by Applications
9.10.1 Hospitals
9.10.2 Health Systems
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Medical Transcription Software Analysis and Forecast
10.1 Introduction
10.2 Europe Medical Transcription Software Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Medical Transcription Software Market Size Forecast by Type
10.6.1 Cloud-based
10.6.2 Web-based
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Medical Transcription Software Market Size Forecast by Applications
10.10.1 Hospitals
10.10.2 Health Systems
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Medical Transcription Software Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Medical Transcription Software Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Medical Transcription Software Market Size Forecast by Type
11.6.1 Cloud-based
11.6.2 Web-based
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Medical Transcription Software Market Size Forecast by Applications
11.10.1 Hospitals
11.10.2 Health Systems
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Medical Transcription Software Analysis and Forecast
12.1 Introduction
12.2 Latin America Medical Transcription Software Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Medical Transcription Software Market Size Forecast by Type
12.6.1 Cloud-based
12.6.2 Web-based
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Medical Transcription Software Market Size Forecast by Applications
12.10.1 Hospitals
12.10.2 Health Systems
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Medical Transcription Software Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Medical Transcription Software Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Medical Transcription Software Market Size Forecast by Type
13.6.1 Cloud-based
13.6.2 Web-based
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Medical Transcription Software Market Size Forecast by Applications
13.10.1 Hospitals
13.10.2 Health Systems
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Medical Transcription Software Market: Competitive Dashboard
14.2 Global Medical Transcription Software Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 MModal
14.3.2 Winscribe
14.3.3 CLIN1
14.3.4 eScription One
14.3.5 SpeechRite
14.3.6 Accuro Voice
14.3.7 ChartNet
14.3.8 Dolbey
14.3.9 Acusis
14.3.10 ezMediscribes
14.3.11 Greenway
