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Medical Transcription Software Market Estimated Growth Curve, Key Market Trends, Overview 2024 - 2033
Medical Transcription Software Market
As per the report, the medical transcription software market size has grown rapidly in recent years. It will grow from $2.24 billion in 2023 to $2.66 billion in 2024 at a compound annual growth rate (CAGR) of 18.6%. The medical transcription software market size is expected to see rapid growth in the next few years. It will grow to $5.31 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%.
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Rising Demand For Telemedicine And Remote Patient Monitoring Fuels Growth In The Medical Transcription Software Market
The increase in telemedicine and remote patient monitoring is expected to propel the growth of the medical transcription software market. Telemedicine refers to the use of digital communication technologies to provide and manage healthcare services remotely, while remote patient monitoring involves the continuous collection and transmission of patient health data from a distance to healthcare providers for ongoing assessment and intervention. There is an increasing demand for telemedicine and remote patient monitoring due to the need for accessible, efficient, and continuous healthcare delivery, particularly in underserved areas, and for managing chronic conditions with fewer physical visits. Telemedicine and remote patient monitoring use medical transcription software to accurately document and transcribe patient interactions and health data, enhancing the efficiency and accuracy of remote healthcare services. For instance, in February 2023, according to the 2022 Digital Health Consumer Adoption Survey conducted by Rock Health, a US-based healthcare organization, approximately 8,000 U.S. adults were surveyed, out of which 80% of all respondents have accessed care via telemedicine at some point in their lives, up 8 percentage points from 72% in 2021. Moreover, 82% of Hispanic respondents reported telemedicine use, reflecting a 9% increase in 2021. Therefore, the rise in telemedicine and remote patient monitoring is driving the growth of the medical transcription software market.
Increasing Focus On Technological Advancements In Medical Transcription
Major companies operating in the medical transcription software market are focusing on introducing technologically advanced solutions, such as AI-based medical scribe solutions, to gain a competitive edge in the market. AI-based medical scribe solutions are advanced software applications that utilize artificial intelligence (AI) technologies, including ML and NLP, to automate the transcription and documentation of medical encounters between healthcare providers and patients. For instance, in February 2024, RevMaxx AI, a US-based medical technology company, launched the RevMaxx AI medical scribe software, a revolutionary advancement in healthcare technology and an AI-based medical scribe solution designed to help healthcare professionals across the United States. RevMaxx AI medical scribe software aims to assist healthcare organizations in enhancing physician well-being, optimizing revenue, and maintaining financial stability while delivering care. The solution goes beyond mere transcription by suggesting HEDIS (Healthcare Effectiveness Data and Information Set) GAP Closure along with relevant ICD-10, CPT, and HCC codes, reducing human error by 20-50% in medical records, lowering claim denial rates, and improving government reimbursement chances.
The medical transcription software market covered in this report is segmented -
1) By Component: Software, Service
2) By Deployment: Cloud Or Web Based, On Premises Or Installed
3) By End Users: Hospitals And Clinics, Diagnostic Centers, Other End-User Facilities
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Major companies operating in the medical transcription software market are Alphabet Inc., McKesson Corporation, Microsoft Corporation, Optum Inc., Amazon Web Services Inc., International Business Machines Corporation, Oracle Corporation, 3M Company, Siemens Healthineers, GE Healthcare Technologies Inc., IQVIA Inc., iMedX Inc., NextGen Healthcare, Acusis LLC, DeepScribe, Scribe Healthcare Technologies, Deepgram, Sonix Inc., Dolbey Systems Inc., PertexaIQ, Voicepoint, WebChartMD, Arrendale Associates, Invox Medical, Deepcura AI, PhraseExpander, Precyse Solutions, Spheris, Transcend Services Inc., MedQuist Inc.
Contents of the report:
1. Executive Summary
2. Medical Transcription Software Market Report Structure
3. Medical Transcription Software Market Trends And Strategies
4. Medical Transcription Software Market - Macro Economic Scenario
5. Medical Transcription Software Market Size And Growth
…..
27. Medical Transcription Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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