Pune, India, Feb. 21, 2023 (GLOBE NEWSWIRE) -- The Europe medical transcription software market size reached USD 562.2 million in 2021. The market value is anticipated to increase from USD 638.1 million in 2022 to USD 1,753.6 million by 2029 at a CAGR of 15.5% during the forecast duration. The operational benefits and increased flexibility of transcription software are expected to drive the market's growth rate during the forecast period. For example, OmniMD transcription software has an average turnaround time of 12 hours after receiving audio files, says Fortune Business InsightsTM in its report titled, “Europe Medical Transcription Software Market, 2022-2029”.
Key Industry Development-
December 2021: Olympus Corporation incorporated enabling factors such as expanding the global R&D network, focusing more on centralized quality assurance, strengthening the medical segment and scientific affairs, and regulatory affairs.
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Report Scope:
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 15.5% |
| 2029 Value Projection | 1,753.6 Million |
| Base Year | 2021 |
| Market Size in 2021 | USD 562.2 Million |
| Historical Data | 2018 to 2020 |
| No. of Pages | 88 |
Key Takeaways:
- During the period of forecasting, the cloud/web-based segment is anticipated to hold the top position in this market.
- Technology advancements, operational advantages, and increased flexibility of transcription software are expected to spur market growth over the course of the forecast period.
- Over the forecast period, the market will grow steadily at a CAGR of 15.5%.
- The adoption of the product is being pushed by factors like rising public awareness of clinical documentation and government regulations aimed at enhancing the clinical documentation system in European nations.
Drivers & Restraints-
Documentation & Technological Advances to Foster Growth
Clinical documentation is an important part of the patient-physician interaction as it collects and represents all patient-related data. Clinical documentation aids in patient evaluation, data recovery, and tracking of diagnostic and treatment outcomes. These clinical documentation applications are expected to drive market growth. Clinical documentation practices are increasing in developed European countries, leading to greater adoption of EHR/EMR machines. However, limited access to the internet in the region may hinder the Europe the medical transcription software market growth.
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Segments-
By Deployment, Cloud/Web-based Segment to Create Momentum During the Forecast Period
Based on deployment, the market of Europe medical transcription software is segmented into cloud/web-based and on-premises/installed.
The deployment segment is expected to grow at a higher CAGR than the rest due to the increased adoption of online health services and increased demand for cloud-based software among healthcare professionals.
By End-user Facility, Hospital Segment Held the Largest Share During the Forecast Period
Based on end-user facility, the Europe medical transcription software market share is segmented into diagnostic centres, hospitals, clinics, and others.
In 2021, the hospital's segment held the largest share. The management of extensive patient information, combined with the availability of infrastructure, is largely responsible for the market's higher percentage of hospitals.
By Type, Voice Recognition Segment Accounted for a Comparatively Larger Market Share
Based on type, the segments include voice capture and voice recognition. The voice recognition segment accounted for a comparatively larger market share in 2021.
The increasing adoption of new technology and rising government initiatives are propelling the voice recognition segment's growth. Furthermore, national R&D strategies contribute to Europe's increased market share for voice recognition software.
By End-user, the Clinicians' Segment Accounted for the Highest Share During the Projected Period
Based on end-user, the market is segmented into radiologists, clinicians, surgeons, and others (allied health professions)
Growing adoption by clinicians in Europe for maintaining patient records is responsible for the dominance of clinicians in the market.
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Report Coverage-
The research report examines the Europe market in depth. It focuses on important aspects such as leading companies, deployment, end-user facilities, types, and end-users. Aside from that, the report provides insights into current market trends and highlights key industry developments.
Competitive Landscape-
Innovation in Product Portfolio and Collaboration of Key Players to Support Market Growth
The market’s competitive landscape is semi-consolidated, with the top players, including Nuance Communications, Inc. and Speech Processing Solutions GmbH accounting for a significant share in 2021. A strong emphasis on developing innovative products and strategic collaborations with end-users in several regions is influencing the market leaders' dominance.
List of Key Market Players:
- Nuance Communications, Inc. (U.S.)
- Speech Processing Solutions GmbH (Austria)
- BigHand (U.K.)
- Tyger Valley Systems (U.K.)
- Lexacom (U.K.)
- Scribetech (U.K.) Ltd. (U.K.)
- Prescribe Digital (InventAsia Ltd.) (Spain)
- MEDISEC SOFTWARE LTD (U.K.)
- DScribe Ltd. (U.K.)
- Olympus Corporation (Japan)
Table Of Content
- Key Insights
-
- Key Industry Developments- Partnerships, Mergers and Acquisitions
- New Product Launches in Europe Medical Transcription Software Market
- Revenue Models and Key Features of Solutions for Selective Players
- Transcription Services versus Voice Recognition Software- Pros and Cons
- Adoption of Advanced AI-Powered Voice Recognition Solutions for Key Countries
- Impact of Covid-19 on the Market
- Europe Medical Transcription Software Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Deployment
- Cloud/ Web Based
- On-Premises/ Installed
- Market Analysis, Insights and Forecast – By End User Facilities
- Hospitals
- Diagnostic Centers
- Clinics
- Others
- Market Analysis, Insights and Forecast – By Type
- Voice Capture
- Voice Recognition
- Market Analysis, Insights and Forecast – By End User
- Radiologists
- Clinicians
- Surgeons
- Others (Allied Health Professionals, etc.)
- Market Analysis, Insights and Forecast – By Country/ Sub-region
- Germany
- U.K.
- France
- Italy
- Spain
- Scandinavia
- Rest of Europe
- Competitive Analysis
- Key Industry Developments
- Europe Market Share Analysis (2021)
- Company Profiles (Overview, Product, SWOT Analysis, Recent Developments, Strategies, financials (Based on Availability))
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- Nuance Communications, Inc.
- Speech Processing Solutions GmbH
- BigHand
- Tyger Valley Systems
- Lexacom
- Scribetech (UK) Ltd.
- Prescribe Digital (InventAsia Ltd.)
- MEDISEC SOFTWARE LTD
- DScribe Ltd.
- Olympus Corporation
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FAQs:
What are the key trends in the Europe medical transcription software market report?
Operational benefits and enhanced flexibility of transcription software and technological advancements are likely to boost the market growth during the forecast duration.
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