The global medical transcription software market will benefit from the growing penetration of technology and automation in several applications across the healthcare industry. According to a report published by Fortune Business Insights, titled “Medical Transcription Software Market Size, Share & Industry Analysis, By Deployment (Cloud/Web-based and Installed/On-Premises), By End User Facility (Hospitals, Diagnostic Centers, Clinics, and Others), By Type (Voice Capture and Voice Recognition), By End User (Radiologists, Surgeons, Clinicians, and Others) and Regional Forecast, 2019-2026,” the market was valued at USD 1.17 Billion in 2018, and is projected to reach USD 3.84 Billion by 2026, exhibiting a CAGR of 16.5% during the forecast period.
An Overview of the Impact of COVID-19 on this Market:
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For More Information : https://www.fortunebusinessinsights.com/industry-reports/medical-transcription-software-market-101572
Technological Advancements Have Been Integral to Market Growth
Recent technological advancements in medical transcription software are favoring the market growth. Factors such as reduced costs and easy-to-use nature of the software have led to high adoption of the product across the world. The advancements made in cloud services and their incorporation in medical transcription software has made a massive influence on the growth of the market in a positive way. The benefits offered by cloud, coupled with their cost-effective nature will aid market growth. As a result, several companies are now focusing on integrating cloud services into their patented software. In 2018, Speech Processing Solutions announced the launch of a new version of SpeechLive. The product was used to convert live voice notes into text and possessed stand-out features; the primary reason behind its worldwide popularity. Fortune Business Insights has predicted that the company’s latest product will not only help generate high revenue but will also have a positive impact on the overall medical transcription software market figures.
Driven by Favorable Government Regulations, North America to Establish a Dominance
Based on regional demographics, the report classifies the market into Europe, Asia Pacific, North America, Latin America, the Middle East and Africa, and North America. Among these regions, Fortune Business Insights has predicted North America to hold the higest market share in the coming years. The regulations imposed by governing bodies in this regions have emerged in favor of the use of this software. Moreover, increasing investment in cloud development and deployment will contribute to the growth of the market in North America. As of 2018, the medical transcription software market in North America was valued at USD 562.2 Million and this value is likely to increase at a rapid pace driven by the aforementioned factors.
