May 30, 2023

The Europe Medical Transcription Software Market 2023 Size Forecast to 2030 research provides accurate economic, global, and country-level predictions and analyses. It provides a comprehensive perspective of the competitive market as well as an in-depth supply chain analysis to assist businesses in identifying major changes in industry practices. The market report also examines the current state of the industry, as well as predicted future growth, technological advancements, investment prospects, market economics, and financial data.

The Europe medical transcription software market size was valued at USD 562.2 million in 2021. The market is projected to grow from USD 638.1 million in 2022 to USD 1,753.6 million by 2029, exhibiting a CAGR of 15.5% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with experiencing higher-than-anticipated demand across Europe compared to pre-pandemic levels. Based on our analysis, the market exhibited a higher growth of 22.2% in 2020 as compared to 2019. Europe Medical Transcription Software Market Size, Share & COVID-19 Impact Analysis, By Deployment (Cloud/Web-based and On Premises/Installed), By End-user Facility (Hospitals, Diagnostic Centers, Clinics, and Others), By Type (Voice Capture and Voice Recognition), By End-user (Radiologists, Clinicians, Surgeons, and Others), and Regional Forecast, 2022-2029

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Market Growth Drivers:

Clinical documentation is an essential aspect of patient-physician interaction, as it collects and represents all patient-related data. Clinical documentation is helpful in patient evaluation, patient data recovery, tracking of diagnostic and treatment outcomes. These applications of clinical documentation are expected to drive its growth. An increase in clinical documentation practice in developed European countries is leading to larger adoption of EHR/EMR machines.

The companies are offering Electronic Health Record (EHR) integrated voice recognition platforms to advance clinical documentation during patient consultations. For instance, in August 2020, U.K.-based Lexacom introduced a portable, standalone unit with the latest AI technology for transcription, intending to advance clinical documentation.

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Statistical Analysis :

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Who are the Major Europe Medical Transcription Software Market Vendors?

  • 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)
  • DScribe Ltd. (U.K.)
  • Olympus Corporation (Japan)

Market Share Analysis:

The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.

Competitive Strategic Window:

The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favourable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period [2022 – 2029].

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