Medical transcription market size in the US to grow by USD 2.06 billion from 2021 to 2026; Growth driven by growing need for automated medical transcripts - Technavio

NEW YORK, May 5, 2023 /PRNewswire/ -- The size of the medical transcription market in the US is estimated to increase by USD 2.06 billion from 2021 to 2026. The market's growth momentum will be progressing at a CAGR of 5.57% during the forecast period. The market is driven by the growing need for automated medical transcripts. Healthcare professionals spend significant time proofreading the medical transcripts of their patients. This has created a need for automating the process by adopting speech recognition systems, integrating medical data from various information systems of hospitals, and compiling patient information into a single place. Automating medical transcripts reduces the time spent on proofreading transcripts and increases the time spent on consultations. It increases accuracy, eases accessibility, decreases time consumed, and enhances patient care. Automated medical transcripts also allow healthcare professionals to customize the vocabulary and add new medical terminologies, names of new pharmaceutical drugs, and names of their patients to the base vocabulary. Such benefits are expected to drive the growth of the market during the forecast period. Discover some insights on market size and forecast period (2022-2026) before buying the full report - Request a sample report

Medical transcription market in the US – Vendor Analysis

The medical transcription market in the US is fragmented due to the presence of multiple established vendors. Vendors in the market compete on factors such as price, quality, and service. Different vendors adopt different marketing strategies to increase their market share. The acquisition of new companies and small-sized vendors will provide leading competitors the opportunity to maintain their dominance in the market. The increasing competition among key market vendors will lead to the introduction of several innovative and advanced medical transcription technologies. Some of the key vendors covered in the report include:

• 3M Co. - The company offers medical transcription services that enable physicians to capture the patient's history anywhere and anytime and also provides quality tools for transcriptionists, allowing any labor source to deliver high-quality transcription.
• Aquity LLC - The company offers medical transcription services that are backed by technology-enabled quality checks and an endless loop of feedback to health data specialists.
• Dolbey - The company offers medical transcription services that provide the tools to dictate with installed software and optional microphones that one can access at any time given.
• NextGen Healthcare Inc. - The company offers medical transcription services where one can improve physician and patient satisfaction and increase financial outcomes.
• Athreon
• CBAY Transcription Inc.
• Crimson Interactive Pvt. Ltd.
• EHR Transcriptions Inc.
• Global Medical Transcription LLC
• InSync Healthcare Solution
• Managed Outsource Solutions
• Nuance Communications Inc.
• Scribetech UK Ltd.
• SmartMD
• Sunrise Transcriptions Inc.
• TransDyne
• vChart LLC
• World Wide Dictation Service of New York Inc.
• ZyDoc Medical Transcription LLC
• Amazon.com Inc.

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Medical Transcription Market in the US - Segmentation Assessment

Segment Overview
Technavio has segmented the market by end-user (hospitals and physician groups and clinics) and type (services and software). 

• The market growth in the hospitals segment will be significant over the forecast period. Hospitals are the prime end-users of medical transcriptions in the US. The segment is driven by the increasing partnerships between hospitals and clinics, the presence of multispecialty hospitals, the emergence of aesthetic clinics, and growing medical tourism. The increasing adoption of medical transcription services and software from hospitals will also drive the growth of the segment during the forecast period.

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Medical Transcription Market In the US – Market Dynamics

Key Trend – 

Improvements in medical transcription with machine learning are identified as the key trend in the market. Healthcare professionals in the US are increasingly adopting automated speech recognition (ASR) systems to record patient conversations and are giving note-writing work to such AI-based tools. This has created the need for advancements and improvements in ASR systems. Hence, vendors are introducing ASR systems that have an easy-to-use streaming application programming interface (API) that can integrate into any voice-enabled application. These systems are designed to transcribe medical speech and can be deployed at scale across various healthcare facilities. Vendors are also incorporating additional features such as automatic punctuation and intelligent punctuation to help healthcare providers to speak naturally and without having to vocalize explicit punctuation commands on the microphone such as adding a period, a comma, or an exclamation point. Such technological advancements are expected to have a positive impact on the market growth during the forecast period.

Major challenge – 

Low accuracy rates of speech recognition software will challenge the market growth. A study was recently published in the Journal of the American Medical Association (JAMA). It involved the analysis of errors in 217 clinical notes dictated by 144 physicians that were randomly selected from two healthcare organizations in the US. The study identified and analyzed errors in the medical transcripts generated by speech recognition software. An error rate of 7.4% across all documentation was concluded by the study. Similarly, a study was conducted in Australia to check the effectiveness of the clinical documents generated by ASR systems. As per the study, the clinical documents created with ASR systems had 4.3 times more errors than manually generated transcripts. The low accuracy rates of speech recognition software are restricting their adoption among end-users, which is negatively affecting the market growth.

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What are the key data covered in this medical transcription market in the US report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the medical transcription market in the US between 2022 and 2026
• Precise estimation of the medical transcription market size in the US and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the medical transcription market across US
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of medical transcription market vendors in the US

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Table of contents:

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Country Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 07: Parent market
• Exhibit 08: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 09: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 10: Market segments

• 3.3 Market size 2021

• 3.4 Market outlook: Forecast for 2021-2026 
• Exhibit 11: Chart on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 12: Data Table on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 13: Chart on US: Year-over-year growth 2021-2026 (%)
• Exhibit 14: Data Table on US: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

• 4.1 Five forces summary
• Exhibit 15: Five forces analysis - Comparison between 2021 and 2026

• 4.2 Bargaining power of buyers 
• Exhibit 16: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

• 4.3 Bargaining power of suppliers 
• Exhibit 17: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

• 4.4 Threat of new entrants 
• Exhibit 18: Threat of new entrants – Impact of key factors in 2021 and 2026

• 4.5 Threat of substitutes 
• Exhibit 19: Threat of substitutes – Impact of key factors in 2021 and 2026

• 4.6 Threat of rivalry
• Exhibit 20: Threat of rivalry – Impact of key factors in 2021 and 2026

• 4.7 Market condition
• Exhibit 21: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by End-user

• 5.1 Market segments
• Exhibit 22: Chart on End-user - Market share 2021-2026 (%)
• Exhibit 23: Data Table on End-user - Market share 2021-2026 (%)

• 5.2 Comparison by End-user 
• Exhibit 24: Chart on Comparison by End-user
• Exhibit 25: Data Table on Comparison by End-user

• 5.3 Hospitals - Market size and forecast 2021-2026 
• Exhibit 26: Chart on Hospitals - Market size and forecast 2021-2026 ($ million)
• Exhibit 27: Data Table on Hospitals - Market size and forecast 2021-2026 ($ million)
• Exhibit 28: Chart on Hospitals - Year-over-year growth 2021-2026 (%)
• Exhibit 29: Data Table on Hospitals - Year-over-year growth 2021-2026 (%)

• 5.4 Physician groups and clinics - Market size and forecast 2021-2026 
• Exhibit 30: Chart on Physician groups and clinics - Market size and forecast 2021-2026 ($ million)
• Exhibit 31: Data Table on Physician groups and clinics - Market size and forecast 2021-2026 ($ million)
• Exhibit 32: Chart on Physician groups and clinics - Year-over-year growth 2021-2026 (%)
• Exhibit 33: Data Table on Physician groups and clinics - Year-over-year growth 2021-2026 (%)

• 5.5 Market opportunity by End-user 
• Exhibit 34: Market opportunity by End-user ($ million)

6 Market Segmentation by Type

• 6.1 Market segments
• Exhibit 35: Chart on Type - Market share 2021-2026 (%)
• Exhibit 36: Data Table on Type - Market share 2021-2026 (%)

• 6.2 Comparison by Type
• Exhibit 37: Chart on Comparison by Type
• Exhibit 38: Data Table on Comparison by Type

• 6.3 Services - Market size and forecast 2021-2026 
• Exhibit 39: Chart on Services - Market size and forecast 2021-2026 ($ million)
• Exhibit 40: Data Table on Services - Market size and forecast 2021-2026 ($ million)
• Exhibit 41: Chart on Services - Year-over-year growth 2021-2026 (%)
• Exhibit 42: Data Table on Services - Year-over-year growth 2021-2026 (%)

• 6.4 Software - Market size and forecast 2021-2026 
• Exhibit 43: Chart on Software - Market size and forecast 2021-2026 ($ million)
• Exhibit 44: Data Table on Software - Market size and forecast 2021-2026 ($ million)
• Exhibit 45: Chart on Software - Year-over-year growth 2021-2026 (%)
• Exhibit 46: Data Table on Software - Year-over-year growth 2021-2026 (%)

• 6.5 Market opportunity by Type 
• Exhibit 47: Market opportunity by Type ($ million)

7 Customer Landscape

• 7.1 Customer landscape overview 
• Exhibit 48: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

8 Drivers, Challenges, and Trends

• 8.1 Market drivers

• 8.2 Market challenges

• 8.3 Impact of drivers and challenges 
• Exhibit 49: Impact of drivers and challenges in 2021 and 2026

• 8.4 Market trends

9 Vendor Landscape

• 9.1 Overview

• 9.2 Vendor landscape
• Exhibit 50: Overview on Criticality of inputs and Factors of differentiation

• 9.3 Landscape disruption
• Exhibit 51: Overview on factors of disruption

• 9.4 Industry risks
• Exhibit 52: Impact of key risks on business

10 Vendor Analysis

• 10.1 Vendors covered
• Exhibit 53: Vendors covered

• 10.2 Market positioning of vendors 
• Exhibit 54: Matrix on vendor position and classification

• 10.3 3M Co.
• Exhibit 55: 3M Co. - Overview
• Exhibit 56: 3M Co. - Business segments
• Exhibit 57: 3M Co. - Key news
• Exhibit 58: 3M Co. - Key offerings
• Exhibit 59: 3M Co. - Segment focus

• 10.4 Amazon.com Inc.
• Exhibit 60: Amazon.com Inc. - Overview
• Exhibit 61: Amazon.com Inc. - Business segments
• Exhibit 62: Amazon.com Inc. - Key news
• Exhibit 63: Amazon.com Inc. - Key offerings
• Exhibit 64: Amazon.com Inc. - Segment focus

• 10.5 Aquity LLC
• Exhibit 65: Aquity LLC - Overview
• Exhibit 66: Aquity LLC - Product / Service
• Exhibit 67: Aquity LLC - Key offerings

• 10.6 Dolbey
• Exhibit 68: Dolbey - Overview
• Exhibit 69: Dolbey - Product / Service
• Exhibit 70: Dolbey - Key offerings

• 10.7 InSync Healthcare Solution 
• Exhibit 71: InSync Healthcare Solution - Overview
• Exhibit 72: InSync Healthcare Solution - Product / Service
• Exhibit 73: InSync Healthcare Solution - Key offerings

• 10.8 NextGen Healthcare Inc. 
• Exhibit 74: NextGen Healthcare Inc. - Overview
• Exhibit 75: NextGen Healthcare Inc. - Product / Service
• Exhibit 76: NextGen Healthcare Inc. - Key offerings

• 10.9 Nuance Communications Inc. 
• Exhibit 77: Nuance Communications Inc. - Overview
• Exhibit 78: Nuance Communications Inc. - Business segments
• Exhibit 79: Nuance Communications Inc. - Key offerings
• Exhibit 80: Nuance Communications Inc. - Segment focus

• 10.10 SmartMD
• Exhibit 81: SmartMD - Overview
• Exhibit 82: SmartMD - Product / Service
• Exhibit 83: SmartMD - Key offerings

• 10.11 World Wide Dictation Service of New York Inc. 
• Exhibit 84: World Wide Dictation Service of New York Inc. - Overview
• Exhibit 85: World Wide Dictation Service of New York Inc. - Product / Service
• Exhibit 86: World Wide Dictation Service of New York Inc. - Key offerings

• 10.12 ZyDoc Medical Transcription LLC 
• Exhibit 87: ZyDoc Medical Transcription LLC - Overview
• Exhibit 88: ZyDoc Medical Transcription LLC - Product / Service
• Exhibit 89: ZyDoc Medical Transcription LLC - Key offerings

11 Appendix

• 11.1 Scope of the report

• 11.2 Inclusions and exclusions checklist 
• Exhibit 90: Inclusions checklist
• Exhibit 91: Exclusions checklist

• 11.3 Currency conversion rates for US$ 
• Exhibit 92: Currency conversion rates for US$

• 11.4 Research methodology
• Exhibit 93: Research methodology
• Exhibit 94: Validation techniques employed for market sizing
• Exhibit 95: Information sources

• 11.5 List of abbreviations 
• Exhibit 96: List of abbreviations

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Technavio is a leading technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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