Medical Transcription Software Market | CAGR of 16.3% By 2032

The global medical transcription software market size was valued at USD 2.55 billion in 2024. The market is projected to grow from USD 2.92 billion in 2025 to USD 8.41 billion by 2032, exhibiting a CAGR of 16.3% during the forecast period.

Fortune Business Insights™ presents this information in its latest report titled “Medical Transcription Software Market Size, Share & Industry Analysis, By Deployment (Cloud /Web Based and On Premises/Installed), By Type (Voice Capture and Voice Recognition), By End-user (Radiologists, Clinicians, Surgeons, and Others), By End-user Facility (Hospitals, Diagnostic Centers, Clinics, and Others), and Regional Forecast, 2025-2032”.

A medical transcription software is specifically designed to convert audio-recorded medical reports into organized and in-depth written documents. This will make it easier for doctors to keep a close track of their patient’s details. There are several benefits associated with this software, such as decreased chances of errors from manual work, precise record-keeping, and enhanced efficiency. Moreover, several market players are increasing their research & development efforts to launch new versions of this software and improve the healthcare sector’s performance. These factors are expected to fuel the product’s use in the healthcare industry.

The COVID-19 pandemic had a positive influence on the market’s development as there was a tremendous rise in the demand for telemedicine services during this period. As patients stayed indoors due to the imposition of lockdowns and movement restrictions, many of them turned to virtual medical solutions, such as telemedicine to get a virtual diagnosis of their underlying medical condition. This scenario also fueled the use of Electronic Health Records (EHRs) and Electronic Medical Records (EMRs), which were used to offer precise diagnosis of various diseases. These factors accelerated the demand for medical transcription software to turn audio-recorded statements into written documents.

Speech Processing Solutions Collaborated With Kim to Introduce SpeechFill to Simplify Documentation Process

Speech Processing Solutions GmbH (Philips Dictation) announced its collaboration with Kim, a no-code, SaaS, and patent-protected document generation, assembly, and workflow automation platform. This collaboration gave rise to the launch of SpeechFill. It is an innovative platform that brings together speech recognition technology and document automation. SpeechFill simplifies the process of document generation for companies and enhances user accessibility.

Increasing Significance of Clinical Documentation in Healthcare Sector to Accelerate Market Growth

The importance of clinical documentation is rising among healthcare professionals as this process can help them deliver better patient care and enhance the overall efficiency of healthcare systems. Many medical facilities are increasing their reliance on clinical documentation as it can keep an effective and detailed record of the treatment strategies for patients and their interactions with healthcare professionals. Moreover, governments across the world are implementing laws and rules to increase the use of clinical documentation to improve patient care. This factor will further boost the medical transcription software market growth.

However, increasing threat of cyberattacks can deter customers from using this software, thereby hindering the market’s progress.

Key Companies to Focus On Expanding Geographical Presence and Product Range to Maintain Market Dominance

The market is highly consolidated due to the presence of leading companies, such as Speech Processing Solutions GmbH (Philips Dictation), Speech Processing Solutions GmbH (Philips Dictation), and 3M. These firms are focusing on expanding their product range by launching novel versions of the medical transcription software. They are also collaborating with other organizations to increase their geographical presence and assert their dominance in the market.

Notable Industry Development:

September 2023: DeepScribe Inc. introduced its Customization Studio for its fully automated AI Scribe. The new launch empowered healthcare systems to offer support to specialized workflows, thereby accelerating the company's growth in the medical transcription market.

List of the Companies Profiled in the Report:

• Nuance Communications, Inc. (Microsoft) (U.S.)
• 3M (U.S.)
• Dolbey (U.S.)
• Voicebrook, Inc. (U.S.)
• Speech Processing Solutions GmbH (Philips Dictation) (Austria)
• Xelex Digital LLC (WebChartMD) (U.S.)
• Scribe Technology Solutions (U.S.)
• ZyDoc Medical Transcription (U.S.)

Further Report Findings

• North America dominated the global medical transcription software market share in 2024 owing to the rising use of Electronic Medical Records (EMRs) and Electronic Health Records (EHRs). Moreover, the network of clinics and hospitals is increasing in countries, such as the U.S. and Canada, which will further increase the product use.
• Europe also captured a sizeable market share in 2024 due to the high availability of trained medical experts and implementation of various policies by governments to support the use of medical transcription software. Moreover, rising demand for cutting-edge technologies to enhance the efficiency of healthcare processes, which will further boost the regional market’s growth.
• Based on type, the voice recognition segment registered the highest revenue in 2024 as this technology uses Natural Language Processing (NLP) algorithms to convert real-time speech into text. This feature is helping medical professionals decrease their time spent on paperwork, thereby fueling the segment’s growth.

Table of Segmentation