Technavio Forecasts Significant Growth in Medical Transcription

Research firm Technavio forecasts the medical transcription market to grow by $16.64 billion per year, or more than a 5 percent compound annual growth rate, through 2024.

The report identifies an increase in the need for automated transcripts, rising chronic diseases, aging population, and the growing adoption of data analytics in the healthcare sector as some of the major factors driving the growth of the market. In addition, the adoption of cloud-based systems, the emergence of voice recognition technologies, and the growth of medical transcription outsourcing services are some of the prominent market trends anticipated to boost the market growth positively during the forecast period.

Among users, hospitals lead the market due to the increasing adoption of cloud-based systems for machine translation and automated speech recognition software, the research found. In terms of geography, almost 41 percent of the market's growth will come from North America, owing to increased investments in advanced IT infrastructure and innovation.

The report identifies Acusis, Excel Transcriptions, Global Medical Transcription, iMedX, Lingual Consultancy Services, MModal, MTBC, nThrive, Nuance Communications, and World Wide Dictation Service of New York as the dominant players in the medical transcription market.