Medical Transcription Market in the US by End-user, Type, and Geography - Forecast and Analysis 2022-2026

The medical transcription market share in the US is expected to increase to USD 2.06 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.57%.

This medical transcription market in the US research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers medical transcription market in the US segmentations by end-user (hospitals and physician groups and clinics) and type (services and software). The medical transcription market in the US report also offers information on several market vendors, including 3M Co., Aquity LLC, Athreon, 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, and Amazon.com Inc. among others.

What will the Medical Transcription Market Size in the US be During the Forecast Period?

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Medical Transcription Market in the US: Key Drivers, Trends, and Challenges

The growing need for automated medical transcripts is notably driving the medical transcription market growth in the US, although factors such as low accuracy rates of speech recognition software may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the medical transcription industry in the US. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key US Medical Transcription Market Driver 

• The growing need for automated medical transcripts is one of the key factors driving the US medical transcription market growth.
• The conversation between healthcare professionals and their patients during consultations offers the foundation for the diagnosis and treatment plans. Thus, 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, inefficient, and low in quality.
• Manual transcriptions increase the possibility of errors, which could lead to misdiagnosis, and incorrect treatments. Hence, there is a need for automating the process through speech recognition systems, integration of medical data by various information systems of hospitals, and compiling patient information in a single place that is nationally accessible.
• 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 healthcare providers through speaker dualization. Such benefits of using ASR will drive the US medical transcription market growth during the forecast period.

Key US Medical Transcription Market Trend 

• Improvements in medical transcription with machine learning is one of the key US medical transcription market trends fueling the market growth.
• The demand for digitized medical notes and clinical data to chronicle patient interactions has increased from hospital administration and insurance industry players in the US.
• Vendors in the market now offer ASR systems that have an easy-to-use streaming application programming interface (API) that can integrate into any voice-enabled application. These ASR systems can work with any device that has a microphone.
• ASR systems are now being enhanced with additional features such as automatic punctuation and intelligent punctuation that enable healthcare providers to speak naturally and without pausing during their discussion and without having to vocalize explicit punctuation commands on the microphone. Such features of ASR systems will fuel the US medical transcription market growth during the forecast period.

Key US Medical Transcription Market Challenge 

• Low accuracy rates of speech recognition software is one of the key factors challenging the US medical transcription market growth.
• Various studies have supported that 90% of hospitals in the US plan to increase their reliance on speech recognition technology, including ASR systems. However, the abundance of error and lack of accuracy in the clinical documents generated by this software can challenge the adoption of speech recognition technology.
• A study was recently published in the Journal of the American Medical Association (JAMA) that identified and analyzed errors in the medical transcripts generated by speech recognition software. The study concluded that there was an error rate of 7.4% across all documentation.
• In general, the EHR and other health information technology have various potential sources for error. This, in turn, will challenge the US medical transcription market growth during the forecast period.

This medical transcription market in the US analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Medical Transcription Market Vendors in the US?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• 3M Co.
• Aquity LLC
• Athreon
• 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
• Amazon.com Inc.

This statistical study of the medical transcription market in the US encompasses successful business strategies deployed by the key vendors. The medical transcription market in the US is fragmented and the vendors are deploying growth strategies such as price, quality, and service to compete in the market.

Product Insights and News

• 3M Co. - The company offers medical transcription services that enables physicians to capture the patient story anywhere, anytime and also provides quality tools for transcriptionists, allowing any labor source to deliver high quality transcription. 
• Amazon.com Inc. - The company offers medical transcription services that are designed to reduce the time spent on documentation and optimizing the resource for better cost-advantage. 
• Aquity LLC - The company offers medical transcription services that are backed by technology-enabled quality checks and an endless loop of feedback to health data specialists. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The medical transcription market in the US forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

What are the Revenue-generating End-user Segments in the Medical Transcription Market in the US?

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The medical transcription market share growth in the US by the hospitals segment will be significant during the forecast period. Patients largely depend on end-users such as hospitals that provide a wide range of medical services and conduct surgical and non-surgical procedures for various disorders. Large hospitals in the US, such as tier 1 and tier 2 hospitals with 300-1,000 beds, including multispecialty hospitals, diagnose and monitor most of the surgical events conducted in outpatient settings. Moreover, growing partnerships between hospitals and clinics, the presence of multispecialty hospitals, the emergence of aesthetic clinics, and medical tourism will boost the growth of the segment during the forecast period. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the medical transcription market in the US size and actionable market insights on post COVID-19 impact on each segment.

Parent Market Analysis

Technavio categorizes the medical transcription market in the US as a part of the global data processing and outsourced services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the medical transcription market in the US during the forecast period.

Medical Transcription Market in the US Value Chain Analysis

Our report provides extensive information on the value chain analysis for the medical transcription market in the US, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

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What are the Key Data Covered in this Medical Transcription Market in the US Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive medical transcription market growth in the US during the next five years
• Precise estimation of the medical transcription market size in the US and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the medical transcription industry in the US  
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of medical transcription market vendors in the US 

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