| Base Year: | 2022 |
| Forecast Years: | 2023 - 2030 |
| Historical Years: | 2017 - 2021 |
| Revenue 2022: | USD 1.17 Billion |
| Revenue 2030: | USD 4.06 Billion |
| Revenue CAGR (2023 - 2030) : | 16.80% |
| Fastest Growing Region (2023 - 2030) | Asia Pacific |
| Largest Region (2022): | North America |
Medical Transcription Market: By Type, Application, and Region
Market Synopsis:
Global Medical Transcription market is valued at USD 1.17 Billion in 2022 and is projected to attain a value of USD 4.06 Billion by 2030 at a CAGR of 16.80% during the forecast period, 2022–2028. The process of translating verbal dictations of clinical data into pre-defined text or digital format is known as Medical Transcription (MT). With technological advancements, hospitals, healthcare facilities, clinics, and physicians are turning to MT to increase operational efficiency, improve patient care quality, and reduce capital investment. It also aids healthcare providers in keeping track of patient care and treatment records, which include medical examination findings, treatment plans, and other pertinent information. It also helps to relieve staff workload by removing the need to file patient forms, discharge summaries, and operation and progress notes. MT compiles an orderly and relevant medical history, allowing clinicians to assess the patient's present physical condition and devise an effective treatment strategy.
The market's expansion will be fueled by the world's ageing population. According to the World Health Organization, the global population of people aged 60 and more will increase from 12% in 2015 to roughly 22% in 2050. The Medical Transcription market will continue to grow as more healthcare will be required in the near future.
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Rise in the Prevalence of Various Chronic Diseases
The frequency of numerous chronic diseases, including as cancer, diabetes, and cardiovascular disease has increased, resulting in a growth in the quantity of medical records generated in hospitals. Additionally, increased organisational knowledge of the benefits of electronic health records (EHR) in simplifying information is having a beneficial impact on the global Medical Transcription industry. ADT normalization, rapid document formatting, and speech recognition are just a few examples of new technologies that can automate the translation of audio-based records into text-based electronic files. These technologies help to reduce transcription time and improve overall accuracy.
Low Software Adoption
