Medical Transcription Market to Grow by $28.63 Billion Through 2028

Research firm Technavio expects the global medical transcription market to grow by $28.63 billion, or 6.55 percent compounded annually, through 2028.

Clinics and hospitals are investing in these solutions to improve patient care and reduce operational costs, it said in its latest report. The medical transcription market encompasses the conversion of spoken words from various healthcare sources into written documents. This process is essential for effective patient care and billing purposes, Technavio said further.

Among the trends driving this growth are the need to control increasing healthcare expenditures, the need for efficient and accurate documentation, and the adoption of digital health technologies, the firm said.

Telemedicine services and telehealth have also expanded the scope of medical transcription, enabling remote medical examination findings and treatment plans to be documented.

However, the medical transcription market faces growing concerns over data privacy, with potential data breaches due to inadequate authentication and unsecured resources posing risks that could hinder market growth, according to Technavio. To combat this threat, the industry has responded with growing implementation of data normalization, audio identification, and encryption.

Another challenge is the ability for solutions to deliver accurate and timely results. While advances in speech recognition and artificial intelligence have streamlined the process, truly effective transcription still requires human intervention for accuracy, Technavio concluded.

Key market players include 3M,Aquity, Athreon, CareCloud, Ditto Transcripts, Excel Transcriptions, Flatworld Solutions, Global Medical Transcription, iMedX, Lingual Consultancy Services, Med Scribe, Microsoft, Outsource Accelerator Ventures, Pacific Solutions, Same Day Transcriptions, Savista, TransPerfect Global, VIVA Transcription, , and World Wide Dictation Service of New York.