Online Medical Transcription is fastest growing segment fueling the growth of Medical Transcription Services Market

 

The global Medical Transcription Services Market is estimated to be valued at US$ 75.6 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Medical transcription services involve transcribing doctor's instructions, medical reports, and meeting minutes into text from an audio file. This helps maintain accurate medical records of patients. With the advancement of cloud technology and virtual healthcare, online medical transcription has gained popularity as doctors and hospitals can receive transcribed documents directly on their digital devices without waiting for physical transcription.

Market key trends:
The growing adoption of electronic health records and virtual healthcare services during COVID-19 pandemic has boosted the demand for online medical transcription. As per a survey, over 90% of doctors in the U.S. are now using online consultation platforms. This has increased the need for remote medical transcription services to efficiently populate patient records. Furthermore, integration of artificial intelligence and machine learning technologies is enabling more accurate and faster transcription turnaround times. Voice recognition software and natural language processing algorithms can now recognize different accents and medical terminologies for high quality transcripts.
Segment Analysis
The medical transcription services market is segmented by type into history and physical reports, discharge summaries, operative notes, consultation reports, pathology reports, radiology reports and other clinical notes. The history and physical reports segment dominates the market as it captures the patient's health condition and treatment, which is crucial for future reference.

Key Takeaways
The global medical transcription services market is expected to witness high growth, exhibiting a CAGR of 6.4% over the forecast period, due to increasing demand for better healthcare facilities and need to reduce medical documentation errors.

Regional analysis
North America dominates the medical transcription services market currently due to advanced healthcare infrastructure and focus on reducing medical errors in the region. Asia Pacific is expected to grow at the highest CAGR during the forecast period due to increasing investments by key players and growing healthcare expenditure in emerging countries.

Key players
Key players operating in the medical transcription services market are Acusis LLC, SMARTMD Corporation, EHR Transcriptions, Inc., VIQ Solutions Inc., MModal, Inc., DataMatrix Technologies, Inc., The Dictation Source, Nuance Communications, Inc., Precyse Coding Solutions, LLC, Scribe Technology Solutions, Transcend Services, and TransTech Medical Solutions.

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