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Medical Transcription Market Analysis US - Size and Forecast 2024-2028

Medical Transcription Market Analysis US - Size and Forecast 2024-2028

Published: Oct 2024 122 Pages SKU: IRTNTR73847

Market Overview at a Glance

$1.62 B
Market Opportunity
4.5%
CAGR
4.2
YoY growth 2023-2024(%)

US Medical Transcription Market Size 2024-2028 

The US medical transcription market size is forecast to increase by USD 1.62 billion at a CAGR of 4.5% between 2023 and 2028.

  • The medical transcription market in the US is experiencing significant growth due to the increasing demand for automated medical transcripts. The adoption of advanced Automatic Speech Recognition (ASR) systems in the healthcare sector is a key trend driving market growth. However, the market faces challenges such as the low accuracy rates of speech recognition software, which necessitates human intervention for editing and correction. Bluetooth speakers enable voice commands naturally, streamlining the transcription process. Despite this, the benefits of ASR systems, including improved efficiency and cost savings, are leading to their increasing adoption in the healthcare industry. As the US healthcare sector continues to digitize, the demand for accurate and efficient medical transcription services is expected to remain strong.

What will be the size of the US Medical Transcription Market during the forecast period?

Medical Transcription Market in US Size

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  • The US medical transcription market continues to evolve, driven by the integration of advanced technologies and the growing demand for convenience and connectivity in healthcare. Smart technology, including voice-activated assistants and innovative devices, has become an indispensable tool for medical professionals, enabling them to manage schedules, dictate notes, and access patient records hands-free.
  • Moreover, automation through artificial intelligence (AI) and natural language processing (NLP) has streamlined transcription processes, reducing turnaround times and increasing accuracy. With the proliferation of wireless Bluetooth speakers and voice commands, medical professionals can easily control media playback, streaming services, podcasts, audiobooks, and even smart home devices, enhancing their digital life and improving overall productivity. Built-in microphones and communication features allow for voice text messages and remote consultations, further expanding the capabilities of medical transcription solutions in the US market.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

  • End-user
    • Hospitals
    • Physician groups and clinics
  • Type
    • Services
    • Software
  • Geography
    • US

By End-user Insights

  • The hospitals segment is estimated to witness significant growth during the forecast period.

The medical transcription market in the US is primarily driven by specialized hospitals, particularly large tier 1 and tier 2 facilities with 300-1,000 beds, including multispecialty hospitals. These hospitals diagnose and monitor most surgical events in outpatient settings. Partnerships between hospitals and clinics, the emergence of aesthetic clinics, and medical tourism are also contributing to market growth. Innovative technologies, such as voice-controlled devices, virtual assistants, and natural language processing powered by artificial intelligence (AI), are transforming medical transcription. The integration of AI and NLP in medical transcription software enhances accuracy and efficiency, making it an essential tool for healthcare providers. The market is expected to continue growing due to these technological advancements and the increasing demand for efficient and accurate medical transcription services.

Medical Transcription Market in US Size

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The hospitals segment was valued at  USD 3.41 billion in 2018 and showed a gradual increase during the forecast period.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise in adoption of US Medical Transcription Market?

Growing need for automated medical transcripts is the key driver of the market.

  • In the US healthcare sector, medical transcription plays a crucial role in the communication between healthcare professionals and their patients during consultations. Traditional methods of medical transcription, such as dictation recorders, are time-consuming, inefficient, and prone to errors. Manual transcriptions increase the risk of misdiagnosis and incorrect treatments due to potential errors. To address this issue, there is a growing demand for automating medical transcription processes through advanced speech recognition systems and integration of medical data from various hospital information systems. These innovative devices employ natural language processing and artificial intelligence (AI) to enhance accuracy and streamline workflows. Additionally, the integration of voice-activated assistants and smart home devices into healthcare settings offers further convenience and connectivity.
  • Moreover, this includes voice commands for managing schedules, setting reminders, and controlling smart home devices for energy management and emergency situations. As the market for AI and IoT devices continues to evolve, cybersecurity professionals remain vigilant to ensure the security of these interconnected systems. This includes addressing vulnerabilities in home networks, securing home security devices, and implementing regulatory guidance for data-centric companies. In summary, the automation of medical transcription processes through speech recognition systems and integration of medical data from various hospital information systems, along with the use of voice-activated assistants and smart home devices, offers significant benefits for healthcare professionals and patients alike, while ensuring the security and privacy of sensitive information.

What are the market trends shaping the US Medical Transcription Market?

Growing adoption of advanced ASR systems in healthcare sector is the upcoming trend in the market.

  • In the US healthcare sector, the reliance on indispensable devices and smart technology has significantly grown to address the challenges of convenience, connectivity, and control. With the increasing demand for digitized medical records, Automatic Speech Recognition (ASR) systems have become indispensable devices for healthcare providers. These systems record patient conversations and generate notes, allowing physicians to save valuable time spent on documentation. The pandemic has further accentuated this trend, with physicians experiencing burnout leading to increased demand for automated medical note documentation. The integration of voice-activated assistants, such as virtual assistants and voice-controlled devices, into smart home devices, has revolutionized personal organization.
  • Moreover, functionalities like managing schedules, setting reminders, and sending voice text messages have become essential for maintaining work-life balance. The convenience of voice commands and built-in microphones has made communication more efficient, enabling users to control smart home devices, stream music, and access entertainment services. However, with the increasing use of IoT devices and interconnectedness, cybersecurity professionals remain concerned about potential vulnerabilities. The home network and security flaws in smart home devices pose risks, including hacking and forced entry. Mass notification systems and physical security tools are essential for emergency management and ensuring home security. Data-centric companies must prioritize regulatory guidance, software updates, and integration of security solutions to mitigate these risks.

What challenges does US Medical Transcription Market face during the growth?

Low accuracy rates of speech recognition software is a key challenge affecting market growth.

  • In the US healthcare sector, medical transcription, facilitated by indispensable devices like speech recognition technology and professional transcriptionists, plays a pivotal role in documenting clinical records efficiently. EHR systems' time-consuming clinical documentation process is significantly improved through the adoption of speech recognition technology, including Automatic Speech Recognition (ASR) systems. However, the widespread implementation of this technology faces a significant challenge: error-prone clinical documents generated by the software. According to recent studies, over 90% of US hospitals intend to enhance their reliance on speech recognition technology. Yet, the high error rate and inaccuracy in clinical documents can hinder the technology's adoption.
  • Furthermore, smart technology, such as voice-activated assistants and smart home devices, are increasingly being integrated into our digital lives, offering convenience, connectivity, and control. These functionalities, powered by artificial intelligence (AI) and natural language processing (NLP), enable the automation of various tasks, from managing schedules and streaming music to smart home control and entertainment media. As the interconnectedness of IoT devices grows, so does the importance of cybersecurity professionals in addressing vulnerabilities and ensuring regulatory guidance for data-centric companies. The integration of home security devices, such as voice-controlled devices and surveillance devices, requires strong security solutions to protect against hacking and other security flaws. The smart home movement, driven by AI and voice-activated assistants, is transforming our daily lives, from energy-consuming processes to emergency management and physical security tools.

Exclusive US Medical Transcription Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Medical Transcription Market in US Share by Geography

 Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, market forecast partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

  • 3M Co.
  • Amazon.com Inc.
  • Aquity LLC
  • Athreon Corp.
  • CBAY Transcription Inc.
  • Crimson Interactive Pvt. Ltd.
  • Dolbey
  • EHR Transcriptions Inc.
  • Global Medical Transcription LLC
  • InSync Healthcare Solution
  • Managed Outsource Solutions
  • NextGen Healthcare Inc.
  • Nuance Communications Inc.
  • Scribetech UK Ltd.
  • SmartMD
  • Sunrise Transcriptions Inc.
  • TransDyne
  • vChart LLC
  • World Wide Dictation Service of New York Inc.
  • ZyDoc Medical Transcription LLC

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

The medical transcription industry in the US has undergone significant transformation in recent years, driven by advancements in technology and the growing demand for efficient, accurate, and convenient solutions. This evolution has led to the emergence of indispensable devices that offer smart functionalities, connectivity, and control, enhancing the overall healthcare experience. One of the most prominent trends shaping the medical transcription market is the integration of artificial intelligence (AI) and natural language processing (NLP) technologies. These innovations enable voice-activated assistants and virtual assistants to transcribe medical records more accurately and efficiently than traditional methods.

Furthermore, voice commands and built-in microphones have become essential tools for medical professionals, allowing them to manage their schedules, communicate with colleagues, and control various aspects of their digital lives. Moreover, the proliferation of smart home devices and IoT (Internet of Things) technologies has extended beyond entertainment and convenience to include home security and energy management. Medical transcription devices are increasingly being integrated into these systems, offering enhanced functionality and automation. For instance, voice-controlled devices can be used to activate emergency management systems, monitor physical security tools, and manage mass notification systems. However, the adoption of these advanced technologies also brings about new challenges, particularly in the realm of cybersecurity.

In addition, as more devices become interconnected, the risk of security flaws and vulnerabilities increases. Cybersecurity professionals are, therefore, playing an increasingly important role in ensuring the security of data-centric companies and protecting sensitive medical information from potential hacks and breaches. Regulatory guidance plays a crucial role in shaping the medical transcription market in the US. Compliance with various regulations, such as HIPAA (Health Insurance Portability and Accountability Act), is essential for any organization dealing with sensitive patient information. As technology continues to evolve, regulatory bodies must adapt to ensure that new devices and functionalities are secure and compliant. Therefore, the medical transcription market in the US is undergoing a significant transformation, driven by the integration of AI, NLP, and IoT technologies. These advancements offer numerous benefits, including increased efficiency, accuracy, and convenience. However, they also bring about new challenges, particularly in the realm of cybersecurity. As the market continues to evolve, it is essential that organizations stay informed of the latest trends and regulatory guidance to ensure they are making the most of these innovations while mitigating potential risks.

Market Scope

Report Coverage

Details

Page number

122

Base year

2023

Historic period

 2018-2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 4.5%

Market growth 2024-2028

USD 1.62 billion

Market structure

Fragmented

YoY growth 2023-2024(%)

4.2

Competitive landscape

Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

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What are the Key Data Covered in this Market Research Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
  • Precise estimation of the size of the market  and its contribution of the market in focus to the parent market
  • Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
  • Growth of the market across US
  • Thorough analysis of the market's competitive landscape and detailed information about companies
  • Comprehensive analysis of factors that will challenge the growth of market companies

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Table of Contents not available.

Research Methodology

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape

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Frequently Asked Questions

Medical Transcriptionin US market growth will increase by $ 1624.2 mn during 2024-2028.

The Medical Transcriptionin US market is expected to grow at a CAGR of 4.5% during 2024-2028.

Medical Transcriptionin US market is segmented by End-user( Hospitals, Physician groups and clinics) Type( Services, Software)

3M Co., Amazon.com Inc., Aquity LLC, Athreon Corp., CBAY Transcription Inc., Crimson Interactive Pvt. Ltd., Dolbey, EHR Transcriptions Inc., Global Medical Transcription LLC, InSync Healthcare Solution, Managed Outsource Solutions, NextGen Healthcare Inc., Nuance Communications Inc., Scribetech UK Ltd., SmartMD, Sunrise Transcriptions Inc., TransDyne, vChart LLC, World Wide Dictation Service of New York Inc., ZyDoc Medical Transcription LLC are a few of the key vendors in the Medical Transcriptionin US market.

North America will register the highest growth rate of 100% among the other regions. Therefore, the Medical Transcriptionin US market in North America is expected to garner significant business opportunities for the vendors during the forecast period.

US, North America

  • Growing need for automated medical transcriptsThe conversation between healthcare professionals and their patients during consultations offers the foundation for the diagnosis and treatment plans. Thus is the driving factor this market.
  • it is important that the information collected during these interactions is accurate. Healthcare professionals make use of medical transcriptions such as dictation recorders that are time-consuming is the driving factor this market.
  • inefficient is the driving factor this market.
  • and low in quality. On the other hand is the driving factor this market.
  • manual transcriptions increase the possibility of errors is the driving factor this market.
  • which could lead to misdiagnosis is the driving factor this market.
  • and incorrect treatments. Physicians spend a significant amount of time proofreading the medical transcripts of their patients. Hence is the driving factor this market.
  • there is a need for automating the process through speech recognition systems is the driving factor this market.
  • integration of medical data by various information systems of hospitals is the driving factor this market.
  • and compiling patient information in a single place that is nationally accessible. This reduces the time spent on proofreading transcripts and increases the time spent on consultations.Vendors offer ASR systems that are compliant with the Health Insurance Portability and Accountability Act (HIPAA) standards for patient data privacy and security. These systems can also be used to capture patient phone calls and drug-safety monitoring calls is the driving factor this market.
  • including calls in pharmacovigilance is the driving factor this market.
  • and transcribe the conversation for downstream analysis. Healthcare professionals can customize ASR systems as per their needs and vernacular. For instance is the driving factor this market.
  • they can customize the vocabulary and add new medical terminologies is the driving factor this market.
  • names of new pharmaceutical drugs is the driving factor this market.
  • and names of their patients to the base vocabulary. They can also filter the vocabulary used in the automated medical transcripts by specifying a list of profane or offensive words is the driving factor this market.
  • which can be automatically removed from the transcripts by their ASR systems.Automated medical transcripts can be generated in real-time for US English and accented English spoken by non-native speakers. ASR systems can identify individual speakers in an audio clip and differentiate between patients and the healthcare providers through speaker diarization. It can attach a unique attribute to each speaker in the transcription output. These transcripts can be processed by using downstream text analytics to identify key elements such as medication is the driving factor this market.
  • dosage is the driving factor this market.
  • strength is the driving factor this market.
  • and frequency before the final entry into the electronic health record (EHR) systems. Therefore is the driving factor this market.
  • the need to automate the medical transcription process increases accuracy is the driving factor this market.
  • eases accessibility is the driving factor this market.
  • decreases time consumed is the driving factor this market.
  • and enhances patient care. The benefits obtained by using ASR systems will augment the growth of the medical transcription market in US during the forecast period. is the driving factor this market.

The Medical Transcriptionin US market vendors should focus on grabbing business opportunities from the Hospitals segment as it accounted for the largest market share in the base year.