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What is the size of the medical documentation services market?
Hello! Thanks for your question about the size of the medical documentation services market, segmented by human-based services and transcription software services. The short answer is that human medical scribes still account for the vast majority of the market, with software accounting for only 2.6% of the global market. You'll find a deep dive of my research below.
METHODOLOGY
To respond to your request, I looked for market research that broke down the medical documentation services market into segments based on the type of service, but was unable to find any research on the subject. Next, I looked for research on the medical documentation software market specifically, but was unable to find this. What I did find was market research on the voice and speech recognition market, with healthcare as a key segment. Using this data, I was able to calculate a rough estimate for how the market is segmented.
The global market for voice and speech recognition software was worth $3.73 billion in 2015. The healthcare transcription segment accounts for 35% of that market, which makes the global healthcare transcription speech recognition software market worth $1.3 billion.
The global market for medical transcription services was worth $41.4 billion in 2012, with a projected CAGR of 5.6%. To bring this figure up to date, I used a simple calculator to estimate the 2015 market size based on that CAGR, which was $48.75 billion.
So, if medical transcription software has a market size of $1.3 billion, that's 2.6% of the global medical transcription services market. The North American market for medical transcription services is worth $18 billion. If the same ratio for the software segment, 2.6%, holds true for the United States, that would make the medical transcription software market in the US worth $468 million.
As you can see, medical transcription software still accounts for a fairly small share of the market. That being said, this segment is projected to grow in the coming years. The global market for speech recognition software overall is projected to grow at a rate of 17% annually through 2020. Moreover, nine out of ten hospitals report plans to expand their use of speech recognition software.
CONCLUSION
To wrap up, human medical scribes still account for the vast majority of the medical documentation services market, with software accounting for only 2.6% of the global market. I hope this information is helpful to you! Thanks for using Wonder, and let us know if we can help you with anything else.