The medical transcription market share in the US will post an incremental growth of USD 2.06 billion, progressing at a CAGR of 5.57% during the forecast period. The growing need for automated medical transcripts will offer immense growth opportunities to market vendors. The medical transcription market in the US is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Medical Transcription Market in the US by End-user, Type, and Geography - Forecast and Analysis 2022-2026” provides a detailed analysis of the prevalent market forces, trends, and challenges likely to impact the market in focus.
The medical transcription market in the US is segmented by end-user (hospitals and physician groups and clinics) and type (services and software).
The growth of the medical transcription market size in the US by hospital segment will be significant during the forecast period. The growth of the segment is attributed to the factors such as growing partnerships between hospitals and clinics, the presence of multispecialty hospitals, the emergence of aesthetic clinics, and medical tourism
The growing need for automated medical transcripts will directly influence the medical transcription market in the US. In addition, the improvements in medical transcription with machine learning are the major medical transcription market trends in the US that will positively impact the market growth. However, factors such as the low accuracy rates of speech recognition software will hamper the medical transcription market growth in the US.
The market is fragmented due to the presence of several players. Some of the major medical transcription market vendors in the US are 3M Co., Aquity LLC, Athreon, CBAY Transcription Inc., Crimson Interactive Pvt. Ltd., Dolbey, EHR Transcriptions Inc., Global Medical Transcription LLC, InSync Healthcare Solution, Managed Outsource Solutions, NextGen Healthcare Inc., 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, and Amazon.com Inc.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2022-2026.
CAGR of the medical transcription market in the US forecast during 2022-2026.
Market-level data on units, average selling prices, and values of the medical transcription market share in the US.
Prediction of the upcoming trends, drivers, and factors that challenge the growth of the medical transcription market in the US.
Medical transcription industry growth across the US
