Pune, India, Nov. 17, 2020 (GLOBE NEWSWIRE) -- The global medical transcription software market size is predicted to reach USD 4.89 billion by 2027, exhibiting a CAGR of 17.8% during the forecast period. The growing need for digital documentation in healthcare owing to the management and treatment of chronic diseases can be a vital factor augmenting the growth of the market. The market size stood at USD 1.32 billion in 2019. The market in North America stood at USD 631.9 million in 2019 and is expected to witness a high growth rate during the forecast period. The growth in the region is attributed to the rising need for digital documentation in healthcare.
KEY INDUSTRY DEVELOPMENTS:
- April 2019 - VIQ Solutions Inc., one of the leading player in the transcription market launched its AI-enabled and cloud-based NetScribe, a SaaS (software as a service) voice recognition technology which enables speech to text conversion in real-time, the platform is expected to be used in legal, medical, insurance and other domains.
- February 2019 - 3M, one of the leading players in healthcare technology completed the acquisition of MModal IP LLC with an aim to expand its portfolio in revenue cycle management, population health management, and clinical documentation with the help of speech recognition technology.
- January 2019 – Allscripts and Microsoft Corporation partnered together to develop new cloud-based clinical research technology.
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Technological Innovation in Transcription Software to Drive Market
The increasing technological advancements in medical transcription software, comprising of improvements in voice recognition, artificial intelligence, and machine learning is expected to spur opportunities for the market in the forthcoming years. The growing implementation of hi-tech technologies in healthcare to enhance treatment outcomes and clinical documentation will have a positive impact on the market.
The shift towards voice recognition owing to its faster results than conventional typing methods will further improve prospects of the market in the forthcoming years.
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High Demand for Documentation Services Amid Global Pandemic
The COVID-19 pandemic has affected various sectors including healthcare. However, the medical transcription software market is expected to gain astoundingly during the pandemic. The surge in coronavirus patients has created an enormous demand for digital documentation, which, in turn, will bode well for the global market.
The introduction of new products by industry players will aid the expansion of the market during the coronavirus emergency. For instance, in March 2020, ZyDoc announced the launch of its free COVID-19 EHR documentation services to all healthcare providers and hospitals affected by COVID-19 impact. These factors together will promote market adoption.
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Favorable Regulations by Government to Support Growth in North America
The market in North America stood at USD 631.9 million in 2019 and is expected to witness a high growth rate during the forecast period. The growth in the region is attributed to the rising need for digital documentation in healthcare.
The growing emphasis on maintaining patient information in structured formats will further augment the growth of the market. The favorable government regulations are expected to strengthen the growth of the market.
Europe is expected to witness a significant growth rate during the forecast period due to the rising adoption of cloud and voice recognition technologies in healthcare. The adoption of advanced technologies for streamlining clinical workflow and documentation in countries such as the UK, Germany, France will accelerate growth in Europe.
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The Report Lists the Main Companies in the Medical Transcription Software Market:
- Nuance Communications, Inc. (Burlington, U.S.)
- MModal IP LLC (3M) (Franklin, U.S.)
- Dolbey (Cincinnati, Georgia)
- Acusis LLC (Pittsburgh, U.S.)
- Voicebrook, Inc. (Lake Success, U.S.)
- Speech Processing Solutions GmbH (Philips Dictation) (Vienna, Austria)
- Xelex Digital LLC (WebChartMD) (Johnson City, U.S.)
- nThrive, Inc. (Alpharetta, U.S.)
- Scribe Technology Solutions (Naples, U.S.)
- ZyDoc Medical Transcription (Islandia, U.S.)
- Other Players
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Medical Transcription Software Market Segmentations:
By Deployment
• Cloud/ Web Based
• Installed/ On-Premises
By End User Facility
• Hospitals
• Diagnostic Centers
• Clinics
• Others
By Type
• Voice Capture
• Voice Recognition
By End User
• Radiologists
• Clinicians
• Surgeons
• Others
By Geography
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
• Rest of the World
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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