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Medical Transcription Software Market to Exhibit a Decent CAGR of 17.8% and Hit USD 4.89 Billion by 2027; Advancement in Voice Recognition…

Posted: November 18, 2020 at 1:52 am


Pune, India, Nov. 17, 2020 (GLOBE NEWSWIRE) -- The global medical transcription software market size is predicted to reach USD 4.89 billion by 2027, exhibiting a CAGR of 17.8% during the forecast period. The growing need for digital documentation in healthcare owing to the management and treatment of chronic diseases can be a vital factor augmenting the growth of the market. The market size stood at USD 1.32 billion in 2019. The market in North America stood at USD 631.9 million in 2019 and is expected to witness a high growth rate during the forecast period. The growth in the region is attributed to the rising need for digital documentation in healthcare.

KEY INDUSTRY DEVELOPMENTS:

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Technological Innovation in Transcription Software to Drive Market

The increasing technological advancements in medical transcription software, comprising of improvements in voice recognition, artificial intelligence, and machine learning is expected to spur opportunities for the market in the forthcoming years. The growing implementation of hi-tech technologies in healthcare to enhance treatment outcomes and clinical documentation will have a positive impact on the market.

The shift towards voice recognition owing to its faster results than conventional typing methods will further improve prospects of the market in the forthcoming years.

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High Demand for Documentation Services Amid Global Pandemic

The COVID-19 pandemic has affected various sectors including healthcare. However, the medical transcription software market is expected to gain astoundingly during the pandemic. The surge in coronavirus patients has created an enormous demand for digital documentation, which, in turn, will bode well for the global market.

The introduction of new products by industry players will aid the expansion of the market during the coronavirus emergency. For instance, in March 2020, ZyDoc announced the launch of its free COVID-19 EHR documentation services to all healthcare providers and hospitals affected by COVID-19 impact. These factors together will promote market adoption.

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Favorable Regulations by Government to Support Growth in North America

The market in North America stood at USD 631.9 million in 2019 and is expected to witness a high growth rate during the forecast period. The growth in the region is attributed to the rising need for digital documentation in healthcare.

The growing emphasis on maintaining patient information in structured formats will further augment the growth of the market. The favorable government regulations are expected to strengthen the growth of the market.

Europe is expected to witness a significant growth rate during the forecast period due to the rising adoption of cloud and voice recognition technologies in healthcare. The adoption of advanced technologies for streamlining clinical workflow and documentation in countries such as the UK, Germany, France will accelerate growth in Europe.

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The Report Lists the Main Companies in the Medical Transcription Software Market:

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Medical Transcription Software Market Segmentations:

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

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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:

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Medical Transcription Software Market to Exhibit a Decent CAGR of 17.8% and Hit USD 4.89 Billion by 2027; Advancement in Voice Recognition...

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