What is Medical Transcription Software Market?
Medical transcription is a process of transcribing voice-recorded medical report data dictated by various physicians, nurses and other healthcare professionals. Medical reports can be voice files, noted taken during a lecture or other spoken material. Medical transcription software is a specialized speech recognition program that includes a database of medical terminology. It is used to convert audio recordings into electronic text that can be transferred over a network and printed out. It helps medical transcriptionist to do their job. Instead of creating documents, transcriptionist edits the transcribed documents for medical accuracy.
Highlights from Medical Transcription Software Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Communications, Inc. (United States), NCH Software (Australia), Winscribe Inc Ltd. (New Zealand), Capterra (United States), Seyyone Software Solutions (India), Xanadutec (United Kingdom), Spectrum SoftTech Solutions Pvt. ltd. (India), Sonix (United States), ChartNet Technologies Inc. (United States), Emdat (United States) and NextGen Healthcare, Inc. (United States) |
Medical transcription software market is a fragmented market due to the presence of various players. Further, companies are focusing on developing innovative products and solutions to improve quality, enhances and promotes performance. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launch, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Medical Transcription Software market throughout the forecasted period.
Communications, Inc. (United States), NCH Software (Australia), Winscribe Inc Ltd. (New Zealand), Capterra (United States), Seyyone Software Solutions (India), Xanadutec (United Kingdom), Spectrum SoftTech Solutions Pvt. ltd. (India), Sonix (United States), ChartNet Technologies Inc. (United States), Emdat (United States) and NextGen Healthcare, Inc. (United States) are some of the key players profiled in the study. Medical Transcription Software Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Hospitals, Physician Groups and Clinics and Other |
Type | Voice Capture and Voice Recognition |
Deployment | Cloud-Based,On-Premises |
On the basis of geography, the market of Medical Transcription Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Demand for Medical Transcription Software with Improved Features
Market Growth Drivers:
Technological Developments in the Healthcare Sector, Increasing Adoption of the Medical Transcription Software and High Accuracy and Easy To Use
Challenges:
Development of Medical Transcription Software with Improved Accuracy
Restraints:
Issues Associated With the Software Adoption
Opportunities:
Growing Healthcare Sector Worldwide and Rising Need of Digital Documentation
Key Target Audience
Medical transcription Software Providers, Emerging Companies, Research Institutes, Government Body & Associations and End-user
Market Leaders & Development Strategies
In July 2022, NextGen Healthcare, Inc. launched and demonstrated NextGen Office. The only electronic health record into the American podiatric medical association registry. NextGen Healthcare, Inc. is cloud-based healthcare technology solution provider. This launch helped NextGen Healthcare, Inc. to expand its presence in Medical Transcription Software market
On 30th May 2018, Nuance launched a cloud-based speech recognition platform Dragon medical one in Canada. Dragon Medical One, brings the power of speech directly to electronic health records (EHRs), enabling physicians to quickly and conveniently capture a patient’s complete story at the point of care.