Yahoo Finance 2022 Statistics: Global Medical Transcription Market Size Will Surpass $5.11 Billion at 17.1% CAGR Growth: Vantage Market Research
WASHINGTON, Feb. 21, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Medical Transcription Market finds that growing chronic diseases, rising aging population, rising development of data analytics in the healthcare sector and increasing need for automated transcripts are some of the prominent factors for influencing the growth of Medical Transcription Market in coming years. In addition, exposure of voice recognition technologies, increasing outsourcing services for medical transcription and huge adoption of cloud-based systems are some other factors that propelling the growth of Medical Transcription Market in recent years. The total Global Medical Transcription Market is estimated to reach USD 5.11 Billion by 2028.
The market stood at a revenue of USD 1.50 Billion in the year 2021, and is expected to grow at a Compound Annual Growth Rate (CAGR) of 17.1%, states Vantage Market Research, in a report, titled “Medical Transcription Market by End User (Hospitals, Clinics, Clinical Laboratories, Academic Medical Centers), by Deployment (Cloud/Web Based, Installed/On-Premises), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Vast Advancement in Transcription Software Drives the Market
In recent years, huge technological advancement has been done in multiple sectors including healthcare. Therefore, techniques such as, artificial intelligence, machine learning and voice recognition methodology are also in high demand. These technology helps to improve treatment outcomes & provides structured clinical documentation and thus, influencing the positive impact in the market. Therefore, all these factors are responsible for bolstering the growth of Medical Transcription Market over the projected time period. In addition, emergence of hi-tech technologies in healthcare industry to give better outcomes is also expected to augment the growth of Medical Transcription Market during present years.
Effective Benefits of Medical Transcription Software Boost the Market
Medical transcription is a process which is used to convert dictated clinical data into digital format or predefined text. Thus, many hospitals, clinics, physicians and healthcare centres selected medical transcription processes to enhance the quality of patient care, provides the operational efficiency, and reduces the capital expenditure. This technique is also used to monitor patient information and their treatment procedures. This technique supports the provision of treatment plans and related information to the patient. Medical transcription software is majorly used to provide appropriate patient history and because of this, doctors can easily analyse the current physical condition of the patient & suggest treatment action plan accordingly. Therefore, all these benefits of medical transcription software in healthcare industry are expected to boost the growth of Medical Transcription Market in next few years.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Long Term Dynamics
Short Term Dynamics
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The Report on Medical Transcription Market Highlights:
Assessment of the market
Premium Insights
Competitive Landscape
COVID Impact Analysis
Historic Data, Estimates and Forecast
Company Profiles
Global and Regional Dynamics
Regional Analysis:
North America Dominates the Market
North America anticipated maximum growth for Medical Transcription Market during the forecast period. Increasing need for digital documentation in healthcare industry is a major key parameter for fuelling the growth of Medical Transcription Market in this region. In addition, increasing demand for maintaining patient information in structured format and favourable government regulations are some other factors that accelerated the maximum growth of Medical Transcription Market in this region. Furthermore, increasing adoption of cloud & voice recognition technologies in healthcare domain and usage of advanced technologies to regularize the clinical workflow & documentation in this region are supported to create lucrative growth opportunities for Medical Transcription Market in near future.
List of Prominent Players in the Medical Transcription Market:
Acusis LLC (US)
Transcend Services (Taiwan)
Nuance Communications Inc. (US)
MModal LLC (US)
iMedX Inc. (US)
Global Medical Transcription LLC (US)
nThrive Inc. (US)
MTBC Inc. (US)
Medi-Script Plus (US)
Trans Tech Medical Solutions LLC (US)
Browse market data Tables and Figures spread through 157 Pages and in-depth TOC on "Medical Transcription Market by End User (Hospitals, Clinics, Clinical Laboratories, Academic Medical Centers), by Deployment (Cloud/Web Based, Installed/On-Premises), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)". View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/medical-transcription-market-094000
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Medical Transcription Market?
How will the Medical Transcription Market change in the upcoming six years?
Which application and product will take a lion’s share of the Medical Transcription Market?
What is the Medical Transcription market drivers and restrictions?
What will be the CAGR and size of the Medical Transcription Market throughout the forecast period?
Recent Developments:
November, 2020: Nuance Communications, Inc. announced the planned sale of the Health Information Management (HIM) Transcription business and the Electronic Health Record (EHR) Go-Live Services business to a new independent company, DeliverHealth Solutions LLC.
March, 2018: Epic announced an agreement with Nuance Communications, Inc. to integrate speech recognition technology in EHR systems.
This market titled “Medical Transcription Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:
Report Attribute | Details |
Market Size in 2021 | USD 1.50 Billion |
Projected Market Size in 2028 | USD 5.11 Billion |
CAGR Growth Rate | CAGR of 17.1% From 2022 - 2028 |
Base Year | 2021 |
Historic Years | 2016 - 2020 |
Forecast Years | 2022 - 2028 |
Segments Covered | End User |
Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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