Medical Transcription Software Market to Reach $4.89 Billion by 2027; Integration of AI-Powered Solutions to Promote Growth

The global medical transcription software market size is expected to reach USD 4.89 billion by 2027. The growing importance of digital transcription software owing to its higher accuracy rate will simultaneously boost the adoption of the market,  mentioned in a report, titled “Medical Transcription Software Market Size, Share & COVID-19 Impact 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, 2020-2027” the market size stood at USD 1.32 billion in 2019 and is expected to exhibit a CAGR of 17.8% between 2020 to 2027.

Introduction of End-to-End Workflow Solution by ViQ to Drive Market

VIQ Solutions Inc, a major leader in AI-driven, digital voice and video capture technology and services for the law enforcement, legal, insurance, courts, and transcription service provider markets announced the launch of an innovative cloud-based, end-to-end workflow solution for the insurance industry. The NetScribe platform is powered by aiAssist enables streamlining of documentation processing, decreases labor costs and turnaround times, while improving accuracy and margins for VIQ‘s global client base. The introduction of the new platform by VIQ is expected to create lucrative business opportunities for the market owing to its revolutionary end-to-end workflow transition that will assist insurance clients with highly secured cloud computing infrastructure. Moreover, VIQ’s agnostic technologies will enable clients to utilize audio, visual, and cloud technologies as per their choice to meet operational needs. Besides, the growing security concerns regarding sensitive information will subsequently fuel demand for the NetScribe platform, which, in turn, will enable expansion of the market. Nonetheless, the growing technology implementation is expected to foster the healthy growth of the market for medical transcription software in the foreseeable future.

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Heavy Demand for Clinical Documentation in Healthcare to Encourage Expansion

The growing awareness about clinical documentation owing to its provision of quality patient care can be an essential factor bolstering the growth of the market. The growing adoption of Electronic health record (EHR/EMR) is expected to consequently create new opportunities for the market in the forthcoming years. The rising government regulations concerning clinical documentation systems will have a tremendous impact on the market in the forthcoming years. For instance, in 2019, the new digital health law has been mandated in Germany. The integration of AI (Artificial Intelligence) powered solutions in medical transcription for enhanced results will spur the demand for the market among healthcare centers. For instance, AI-powered voice recognition solutions offer better technical aid as compared to traditional services during radiology reporting.

Robust Offering of Key Players to Consolidate Industry Position

The global market for medical transcription software is steered by the presence of Nuance Communications, 3M, and Philips. Currently, Nuance Communications is dominating the market owing to its novel product offerings. The adoption of numerous strategies by the company will consolidate its position in the global market. The implementation of numerous technologies, strong and extensive range of product offerings, robust distribution network, and high post-sales support will further reinforce its standpoint in the industry. Moreover, other players such as MModal IP LLC (3M), Zydoc Medical, Acusis LLC, and Others are focus on product launches, acquisitions and partnerships to remain at the forefront with other leading industry players.

The Report Lists the Main Companies in the market for medical transcription software:

• Nuance Communications, Inc. (Burlington, U.S.)


• MModal IP LLC (3M) (Franklin, U.S.)


• Dolbey (Cincinnati, Georgia)


• Acusis LLC (Pittsburgh, U.S.)


• Voicebrook, Inc. (Lake Success, U.S.)


• Speech Processing Solutions GmbH (Philips Dictation) (Vienna, Austria)


• Xelex Digital LLC (WebChartMD) (Johnson City, U.S.)


• nThrive, Inc. (Alpharetta, U.S.)


• Scribe Technology Solutions (Naples, U.S.)


• ZyDoc Medical Transcription (Islandia, U.S.)


• Other Players

Further Report Findings:

• Regional Analysis: Europe is expected to witness a substantial growth rate during the forecast period owing to the increasing adoption of cloud and voice recognition technologies in healthcare. The rising emphasis on advanced technologies for enhanced clinical workflow will further aid development in UK, Germany, and France. Asia Pacific is expected to rise tremendously owing to the rising patient population in the region.


• Leading Segment: The cloud/ web based segment is expected to account for the largest share in the global market due to the rising adoption of advanced cloud-based software. The increasing demand for electronic health records is predicted to further boost the segment’s growth.

The Medical Transcription Software Market is Segmented into: