Medical transcription market to be valued $28.6b by 2028

Hospitals and clinics serve as key market consumers within the forecast period.

The global medical transcription market is projected to grow to $28.6b at an estimated compound annual growth rate (CAGR) of over 6.55% until 2028.

A report by Technavio revealed that the market is driven by the need for efficient and accurate healthcare services, with advancements such as speech recognition and natural language processing contributing to faster and more precise transcriptions.

“Clinics and hospitals are investing in these solutions to improve patient care and reduce operational costs,” The report said.

By end users, hospitals are expected to drive growth amidst modernising efforts with information technology (IT) systems to manage patient medical records effectively and securely.

In line with this, the adoption of electronic health records (EHRs) contributes to market growth due to transcripted data being a crucial part of the healthcare process.

“Automated technology, such as cloud-based systems and speech recognition software, streamlines record access for physicians, boosting productivity,” the report added.