The global medical transcription market size reached USD 79.4 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 128.5 Billion by 2033, exhibiting a growth rate (CAGR) of 5.22% during 2025-2033.
Report Attribute
|
Key Statistics
|
---|---|
Base Year
|
2024
|
Forecast Years
|
2025-2033
|
Historical Years
|
2019-2024
|
Market Size in 2024
|
USD 79.4 Billion |
Market Forecast in 2033
|
USD 128.5 Billion |
Market Growth Rate 2025-2033 | 5.22% |
Medical transcription (MT), also known as healthcare documentation, is the process of converting verbal dictations of clinical data into pre-defined text or digital format. With the advancement in technology, hospitals, healthcare centers, clinics and physicians are opting for MT to optimize operational efficiency, improve quality of patient care and minimize capital expenditure. It also helps the healthcare providers to maintain patient care and treatment records detailing medical examination findings, treatment plans and relevant information. Besides this, it aids in reducing staff burden by eliminating the need to file patient forms, discharge summaries, and operation and progress notes. MT creates an organized and appropriate patient history, which enables the doctors in analyzing the current physical condition and prepare an ideal treatment plan for the patient.
There has been a rise in the prevalence of various chronic diseases, such as cancer, diabetes and cardiovascular diseases, which has consequently led to an increase in the number of medical records generated in hospitals. Along with this, the growing awareness among enterprises about the benefits of electronic health records (EHR) in streamlining information is having a positive impact on the MT market across the globe. Besides this, manufacturers have started leveraging latest technologies, such as ADT normalization, instantaneous document formatting and voice recognition that can automate the conversion of voice-based records into text-based electronic files. These technologies aid in reducing the time required for transcription as well as enhance the overall accuracy. Moreover, with the increasing risk of manipulation or theft of medical data or information, the leading companies have introduced high-end encryption technologies, data security mechanisms, and end-to-end secure processes for the exchange of information.
IMARC Group’s latest report provides a deep insight into the global medical transcription market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the medical transcription market in any manner.
IMARC Group provides an analysis of the key trends in each sub-segment of the global medical transcription market report, along with forecasts at the global and regional level from 2025-2033. Our report has categorized the market based on service type, technology, mode of procurement and end user.
Breakup by Service Type:
Breakup by Technology:
Breakup by Mode of Procurement:
Breakup by End User:
Breakup by Region:
The report has also analyzed the competitive landscape of the market with some of the key players being Acusis LLC, Transcend Services, Nuance Communications, Inc., MModal IP LLC, iMedX Information Services Private Limited, Global Medical Transcription LLC, nThrive Revenue Systems LLC, MTBC, Inc., MediScript Plus LLC, TransTech Medical Solutions LLC, etc.
Report Features | Details |
---|---|
Base Year of the Analysis | 2024 |
Historical Period | 2019-2024 |
Forecast Period | 2025-2033 |
Units | Billion USD |
Segment Coverage | Service Type, Technology, Mode Of Procurement, End User, Region |
Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
Companies Covered | Acusis LLC, Transcend Services, Nuance Communications, Inc., MModal IP LLC, iMedX Information Services Private Limited, Global Medical Transcription LLC, nThrive Revenue Systems LLC, MTBC, Inc., MediScript Plus LLC, and TransTech Medical Solutions LLC |
Customization Scope | 10% Free Customization |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global medical transcription market was valued at USD 79.4 Billion in 2024.
We expect the global medical transcription market to exhibit a CAGR of 5.22% during 2025-2033.
The rising adoption of medical transcription by healthcare providers, as it aids in reducing staff burden by eliminating the need to file patient forms, discharge summaries, operation and progress notes, etc., is primarily driving the global medical transcription market.
The sudden outbreak of the COVID-19 pandemic has led to the increasing utilization of medical transcription to provide an organized patient history, which enables the doctors to analyze the current physical condition and prepare an ideal treatment plan for preventing the transmission of the coronavirus infection.
Based on the end user, the global medical transcription market can be bifurcated into hospitals, clinics, clinical laboratories, academic medical centers, and others. Currently, hospitals exhibit clear dominance in the market.
On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global medical transcription market include Acusis LLC, Transcend Services, Nuance Communications, Inc., MModal IP LLC, iMedX Information Services Private Limited, Global Medical Transcription LLC, nThrive Revenue Systems LLC, MTBC, Inc., MediScript Plus LLC, TransTech Medical Solutions LLC, etc.