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Medical Transcription Software Market Size, Share & Industry Analysis, By Deployment (Cloud/Web-Based and Installed/On-Premises), By End User Facility (Hospitals, Diagnostic Centers, Clinics, and Others), By Type (Voice Capture and Voice Recognition), By End User (Radiologists, Surgeons, Clinicians, and Others), and Regional Forecast 2019-2026

Region : Global | Published Date: Dec, 2019 | Report ID: FBI101572| Status : Published

 

KEY INDUSTRY INSIGHTS

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The global medical transcription software market size was at USD 1.17 Billion in 2018 and is projected to reach USD 3.84 Billion by 2026, exhibiting a CAGR of 16.5% during the forecast period.


Medical transcription is the process of transcribing the voice-recorded patient story by the physician or healthcare practitioners at the time of the patient encounter. These transcribes are referred by the physicians to take treatment decisions as well as for future reference, hence it is important to generate these files with higher accuracy.


Medical transcription software is used to transcribe the dictations of healthcare professionals. This software dramatically reduces the clinical documentation time and allows physicians to focus more on patient encounters. Additionally, remote access to dictation platforms are allowing physicians to dictate from anywhere and anytime, resulting in higher adoption of transcription software.


In the current market scenario, there are a number of factors offering lucrative environment for the adoption of medical transcription software. There is massive adoption of technology in healthcare in order to streamline the clinical workflow. Factors such as usability, convenience of operations, and the need for clinical documentation is likely to boost the growth of the medical transcription software market by 2026. 


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Healthcare services and technologies are transitioning from traditional engines to data driven technologies which hold the capacity to predict the future possibilities based on available medical information. In order to extract valuable information, it is very imperative to maintain and store the data in structured format. Moreover, increasing patient pool across the globe and increasing prevalence of diseases generates the demand for superior technologies to capture the data in digital setups.


MARKET DRIVERS


“Growing Importance of Clinical Documentation in Healthcare is Expected to Drive the Global Market During the Forecast Period”


One of the prominent driver for the medical transcription software market growth is increasing awareness of clinical documentation in order to provide quality patient care. Acts such as HITECH and others, are boosting the adoption of EHR/EMRs in developed regions. Moreover, increasing awareness and importance of clinical documentation in emerging nations is also likely to elevate the adoption of EHR/EMRs, which will eventually fuel the growth of the global market. Moreover, government regulations and acts are projected to boost the adoption of clinical documentation systems, which is eventually expected to drive the growth of this market during the forecast period. For instance, in 2008, the government of US passed HITECH (Health Information Technology for Economic and Clinical Health Act) Act (now the act is known as American Recovery and Reinvestment Act of 2009) with an aim to promote the adoption and utilization of EHR systems across the US. Moreover, till 2015, the government offered incentives for demonstrating the use of EHRs. However, after that, penalties were incurred by the government for not adopting EHR technology.


“Operational Benefits and Enhanced Flexibility of Transcription Software is Anticipated to Boost the Adoption of Medical Transcription Software”


An extensively increasing patient population is leading to higher number of hospital visits and physician consultations. It is a crucial factor to allocate more time for patient interaction rather than generating the documentation with an aim to improve the quality of disease diagnosis. Medical transcription software offers higher patient engagement at the time of patient encounters. The dictation technologies equipped in the transcription software actively transcribes the narrations into meaningful information, leading to quality diagnosis and better treatment outcomes. Additionally, benefits of transcription software over traditional transcription services such as reduction in cost, lower turnaround time, and higher level of customization is expected to boost the growth of the market by 2026.


SEGMENTATION


By Deployment Analysis


“The Cloud/Web-Based Segment Would Ensure to Generate the Highest Growth Rate During the Forecast Period.”


On the basis of deployment, the medical transcription software market can be segmented into cloud/web-based and installed/on-premises.


The web/cloud-based segment is estimated to hold the dominant share of the medical transcription software industry. Upcoming advanced cloud-based software and increasing adoption of electronic health records is expected to drive the growth of this segment. On the other hand, installed/on-premises segment is likely to lose its market share due to higher maintenance cost associated with it.


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Some of the other factors that have contributed to the high growth of the cloud/ web-based are cost-effectiveness, ease of use in massive workload, and smoother transactions. Moreover, expanding healthcare IT infrastructure across the globe is also expected to increase the opportunity for the growth of the market during the forecast period.


By End-User Facility Analysis


“Hospitals Segment is Anticipated to Exhibit a Significant CAGR During the Forecast Period.”


On the basis of an end-user facility, the medical transcription software market can be segmented into hospitals, diagnostic centers, clinics, and others. In terms of end-user facility, the hospital's segment is anticipated to grow at a faster CAGR. This is primarily due to the increasing demand for advanced healthcare facilities and rising emphasis on clinical documentation across the globe. Moreover, increasing number of hospitals in emerging nations is generating lucrative environment for the adoption of medical transcription software during the forecast period. Clinics amongst the end-user facility segment are expected to register considerable CAGR owing to increasing adoption of EHR/EMRs in clinics, which are likely to create favorable environment for the higher number of installations of the medical transcription software.


Due to exponentially increasing patient population, there is higher demand for diagnostic procedures. Moreover, dictation technology is enabling rapid pace of diagnostic procedures, which is resulting into lower patient waiting time. Combined with this, increasing adoption of voice recognition technology for medical transcription is also expected to drive the growth of the diagnostic centers segment in medical transcription software market. Others segment in the market, which includes, ambulatory surgery centers, specialty clinics etc. is also expected to register considerable CAGR by 2026.


By Type Analysis


“Voice Recognition to hold a leading position in the Medical Transcription Software market in terms of revenue generation in the forecast period.”


On the basis of type, the global market can be segmented into voice capture and voice recognition. Voice recognition in type segment is expected to generate the highest revenue in this market during the forecast period. Voice recognition technology solutions are capable of real-time speech to text with the help of Natural Language Processing (NLP) algorithms. Such advanced functionality is allowing physicians to lower the documentation time. Additionally, advantages offered by voice recognition such as improved accuracy, reduced cost, and improved flexibility are likely to drive the voice recognition type segment during the forecast period.


Voice capture is anticipated to hold considerable market share in the developing regions. Active marketing strategies implemented by market players operating in the voice capture technologies are estimated to drive the voice capture segment.


By End User Analysis


“Clinicians Segment Would Hold the Highest Share Among End Users.”


On the basis of end user, the market for medical transcription software can be segmented into radiologists, clinicians, surgeons, and others. The clinicians segment is anticipated to have the dominant share because of higher number of patient encounters. Moreover, implementation of government regulations in order to consolidate clinical documentation is projected to drive the clinicians in end user segment in the global market.  


Radiologists are expected to register considerable CAGR in the global market owing to increasing number of medical imaging number of procedures across the globe. However, surgeons and others (allied healthcare professionals, etc.) are anticipated to have lesser market share owing to comparatively lower patient encounter and need of medical transcription. 


REGIONAL ANALYSIS


North America generated a revenue of USD 562.2 Million in 2018 and is anticipated to emerge dominant in the global market during the forecast period. Factors such as growing need of clinical documentation, emphasis on maintaining patient information in structured formats, and regulations imposed by government authorities are expected to drive the medical transcription software market share in North America. Moreover, increasing infrastructure facilities and higher investments on clinical documentation in North America are also prominently anticipated to boost the adoption of medical transcription software in hospitals during the forecast period.


Asia Pacific is expected to witness the highest growth in the market value. Rising awareness about clinical documentation in Asia Pacific region is expected to propel the demand for medical dictation software during the forecast period. Healthcare professionals in India, China, Japan, and the rest of Asia Pacific are expected to adopt dictation technologies for medical transcription in order to improve the patient treatment outcomes.


North America Medical Transcription Software Market Size, 2018

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On the other hand, Europe is projected to witness significant growth in the market due to increasing adoption of cloud and voice recognition technologies in healthcare. Moreover, higher emphasis on utilization of advanced technologies in order to streamline clinical workflow and documentations in major countries like UK, Germany, France are likely to boost the growth of the Europe market.  Rapidly increasing healthcare infrastructure in countries such as South Africa, UAE, Brazil, Saudi Arabia, and others are anticipated to offer massive potential for increased adoption of the medical transcription software during the forecast period.


INDUSTRY KEY PLAYERS


“Market Players like Nuance Communications, Inc., M*Modal IP LLC (3M), and Philips Dictation (Speech Processing Solutions GmbH) Will Ensure to Strengthen the Market Position with Respect to Providing Medical Transcription Software Across the Globe”


The medical transcription software market is highly consolidated market since top 3 players hold considerable share of the market. As of 2018, Nuance Communications is leading the player in the global market. The company is reinforcing its strategic position in the market owing to hold on unique technology, wide range of product offering, robust distribution network, superior quality and post-sale support. This company together with Philips Dictation (Speech Processing Solutions GmbH) currently holds over half of the market share in terms of revenue. Other players operating in the global market are MModal IP LLC (3M), Zydoc Medical, Acusis LLC, and Others.   


List of Key Companies Covered



  • Nuance Communications, Inc.

  • M*Modal IP LLC (3M)

  • Dolbey

  • Acusis LLC

  • Voicebrook, Inc.

  • Speech Processing Solutions GmbH (Philips Dictation)

  • Xelex Digital LLC (WebChartMD)

  • nThrive, Inc.

  • Scribe Technology Solutions

  • ZyDoc Medical Transcription


REPORT COVERAGE


Medical transcription software is widely used to record and transcribe the patient encounter with the help of natural language processing algorithms equipped in the software. Extensively increasing patient pool, growing awareness and importance of clinical documentation, and increasing healthcare IT infrastructure in anticipated to drive the market during the forecast period. Combined with this, government regulations and acts are projected to boost the adoption of clinical documentation systems, which is eventually expected to drive the growth of the medical transcription software market during the forecast period.


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Along with this, the medical transcription software market report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are key industry developments- partnerships, mergers and acquisitions, technological developments in medical transcription software, revenue models and key features of solutions for selective players, transcription services versus voice recognition software- pros and cons, and adoption of advanced AI powered voice recognition solutions for key countries.


Report Scope & Segmentation














































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD Billion)



Segmentation



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




INDUSTRY DEVELOPMENT



  • October 2018: Speech Processing Solutions GmbH launched advanced version of SpeechLive, a cloud platform utilized in dictation and transcription.

  • June 2018: Nuance Communications, Inc. signed a strategic partnership with Nexgen with an aim to introduce their Dragon Law Enforcement Speech recognition platform on expanded customer base.

  • February 2017: MModal IP LLC launched virtual scribing program which is compatible with their existing clinical documentation solution suit. The newly launched module enables efficient patient physician engagement by reducing the burden of manual clinical documentation.


Frequently Asked Questions

Fortune Business Insights says that the Medical Transcription Software market was valued at USD 1.17 Billion in 2018 and is projected to reach USD 3.84 Billion by 2026.

In 2018, the market was valued at USD 1.17 Billion.

Growing at a CAGR of 16.5%, the market will exhibit steady growth in the forecast period (2019-2026)

Cloud/ Web Based deployment is expected to be the leading segment in this market during the forecast period.

Increasing importance of clinical documentation will drive the growth of the medical transcription software market.

Nuance Communications, Inc., M*Modal IP LLC (3M), and Philips Dictation are the top players in the market.

North America is expected to hold the highest market share in the market

Increased awareness, increasing adoption of EHR/EMRs, cost benefits, and government regulations would drive the adoption of Medical Transcription Software solutions.

Dictation technologies, voice recognition, and transition from traditional medical transcription services to AI-Powered voice recognition based medical transcription are the hyper-market trends of medical transcription software.

Medical Transcription Software Market Size, Share and Global Industry Trend Forecast till 2026
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