Product Code: GVR-4-68040-450-4
Medical Speech Recognition Software Market Growth & Trends:
The global medical speech recognition software market is expected to reach USD 3.17 billion by 2030, registering a CAGR of 11.16% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is being driven by several key factors such as increasing demand for efficient healthcare documentation, rising integration with EHR, advancements in artificial intelligence (AI) and natural language processing (NLP) and growing focus on improving patient care and reducing errors.
The shift towards cloud-based solutions is driving the growth of medical speech recognition software. Cloud-based systems offer scalability, remote access, and reduced IT infrastructure costs, making them an attractive option for healthcare providers. For instance, AWS HealthLake, a cloud-based solution from Amazon Web Services, includes speech recognition capabilities that support the processing and analysis of healthcare data. This solution is gaining traction for its advanced capabilities in managing and analyzing large volumes of healthcare data.
Furthermore, innovations in AI and NLP are enhancing the capabilities of medical speech recognition software, making it more accurate and adaptable to various medical terminologies. These advancements help in handling complex medical language and improving transcription quality. Also, the integration of speech recognition software with EHR systems is a key trend driving market growth. This integration enhances the efficiency of data entry, improves documentation accuracy, and facilitates real-time updates to patient records. In December 2023, Augmedix has partnered with Google Cloud to integrate its speech recognition technology with EHR systems, enabling real-time documentation and improving clinical workflow. This integration helps physicians streamline their documentation processes and reduce manual entry.
Moreover, the growing need for efficient and accurate documentation in healthcare settings is a major driver for the adoption of medical speech recognition software. Healthcare professionals are under pressure to manage increasing patient loads and extensive documentation requirements, leading to a rising adoption of speech recognition tools. For instance, in August 2024, Northwestern Medicine implemented Dragon Ambient eXperience integrated with Epic to streamline clinical documentation. This solution has significantly improved physician productivity by automating the documentation process, thereby allowing healthcare providers to see more patients and reduce administrative burdens.
Medical Speech Recognition Software Market Report Highlights:
- On the basis of deployment type, the cloud based segment dominated the market in 2023 with a share of 54.5%, owing to the increasing demand for improved clinical efficiency, cost-effectiveness & scalability, and growing emphasis on data accessibility and collaboration.
- Doctors and physician segment held the largest market share of 36.4% in 2023. Doctors and physicians are increasingly adopting these software increase the efficiency in documentation and enhance the accuracy. In addition, by automating documentation tasks, speech recognition software reduces the administrative workload for doctors, allowing them to focus more on patient care rather than paperwork.
- North America dominated the market with a market share of 51.3% in 2023. The market in North America is experiencing robust growth due to rapid advancements in AI and NLP, growing adoption of cloud-based solutions, and a focus on real-time reporting and data security.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.1.1. Deployment
- 1.1.2. End Use
- 1.1.3. Regional scope
- 1.1.4. Estimates and forecast timeline.
- 1.2. Research Methodology
- 1.3. Information Procurement
- 1.3.1. Purchased database.
- 1.3.2. GVR's internal database
- 1.3.3. Secondary sources
- 1.3.4. Primary research
- 1.3.5. Details of primary research
- 1.4. Information or Data Analysis
- 1.4.1. Data analysis models
- 1.5. Market Formulation & Validation
- 1.6. Model Details
- 1.6.1. Commodity flow analysis (Model 1)
- 1.6.2. Approach 1: Commodity flow approach
- 1.6.3. Volume price analysis (Model 2)
- 1.6.4. Approach 2: Volume price analysis
- 1.7. List of Secondary Sources
- 1.8. List of Primary Sources
- 1.9. Objectives
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.3. Competitive Insights
Chapter 3. Medical Speech Recognition Software Market Variables, Trends & Scope
- 3.1. Market Lineage Outlook
- 3.1.1. Parent market outlook
- 3.1.2. Related/ancillary market outlook
- 3.2. Market Dynamics
- 3.2.1. Market driver analysis
- 3.2.2. Market restraint analysis
- 3.3. Medical Speech Recognition Software Market Analysis Tools
- 3.3.1. Industry Analysis - Porter's
- 3.3.1.1. Supplier power
- 3.3.1.2. Buyer power
- 3.3.1.3. Substitution threat
- 3.3.1.4. Threat of new entrant
- 3.3.1.5. Competitive rivalry
- 3.3.2. PESTEL Analysis
- 3.3.2.1. Political landscape
- 3.3.2.2. Technological landscape
- 3.3.2.3. Economic landscape
- 3.3.3. COVID-19 Impact
- 3.3.4. Case Study
Chapter 4. Medical Speech Recognition Software Market : Deployment Estimates & Trend Analysis
- 4.1. Deployment Market Share, 2023 & 2030
- 4.2. Segment Dashboard
- 4.3. Global Medical Speech Recognition Software Market by Deployment Outlook
- 4.4. Cloud-based
- 4.4.1. Market estimates and forecast 2018 to 2030 (USD Billion)
- 4.5. On-premise
- 4.5.1. Market estimates and forecast 2018 to 2030 (USD Billion)
Chapter 5. Medical Speech Recognition Software Market : Functionality Estimates & Trend Analysis
- 5.1. Functionality Market Share, 2023 & 2030
- 5.2. Segment Dashboard
- 5.3. Global Medical Speech Recognition Software Market by Functionality Outlook
- 5.4. Front-end Speech Recognition
- 5.4.1. Market estimates and forecast 2018 to 2030 (USD Billion)
- 5.5. Back-end Speech Recognition
- 5.5.1. Market estimates and forecast 2018 to 2030 (USD Billion)
- 5.6. Voice Command and Control.
- 5.6.1. Market estimates and forecast 2018 to 2030 (USD Billion)
Chapter 6. Medical Speech Recognition Software Market : End Use Estimates & Trend Analysis
- 6.1. End Use Market Share, 2023 & 2030
- 6.2. Segment Dashboard
- 6.3. Global Medical Speech Recognition Software Market by End Use Outlook
- 6.4. Doctors & Physicians
- 6.4.1. Market estimates and forecast 2018 to 2030 (USD Billion)
- 6.5. Radiologist
- 6.5.1. Market estimates and forecast 2018 to 2030 (USD Billion)
- 6.6. Medical Transcriptionist
- 6.6.1. Market estimates and forecast 2018 to 2030 (USD Billion)
- 6.7. Others
- 6.7.1. Market estimates and forecast 2018 to 2030 (USD Billion)
Chapter 7. Medical Speech Recognition Software Market : Regional Estimates & Trend Analysis, By Deployment, Functionality and End Use
- 7.1. Regional Market Share Analysis, 2023 & 2030
- 7.2. Regional Market Dashboard
- 7.3. Global Regional Market Snapshot
- 7.4. Market Size, & Forecasts Trend Analysis, 2018 to 2030:
- 7.5. North America
- 7.5.1. U.S.
- 7.5.1.1. Key country dynamics
- 7.5.1.2. Regulatory framework/ reimbursement structure
- 7.5.1.3. Competitive scenario
- 7.5.1.4. U.S. market estimates and forecasts 2018 to 2030 (USD Billion)
- 7.5.2. Canada
- 7.5.2.1. Key country dynamics
- 7.5.2.2. Regulatory framework/ reimbursement structure
- 7.5.2.3. Competitive scenario
- 7.5.2.4. Canada market estimates and forecasts 2018 to 2030 (USD Billion)
- 7.5.3. Mexico
- 7.5.3.1. Key country dynamics
- 7.5.3.2. Regulatory framework/ reimbursement structure
- 7.5.3.3. Competitive scenario
- 7.5.3.4. Mexico market estimates and forecasts 2018 to 2030 (USD Billion)
- 7.6. Europe
- 7.6.1. UK
- 7.6.1.1. Key country dynamics
- 7.6.1.2. Regulatory framework/ reimbursement structure
- 7.6.1.3. Competitive scenario
- 7.6.1.4. UK market estimates and forecasts 2018 to 2030 (USD Billion)
- 7.6.2. Germany
- 7.6.2.1. Key country dynamics
- 7.6.2.2. Regulatory framework/ reimbursement structure
- 7.6.2.3. Competitive scenario
- 7.6.2.4. Germany market estimates and forecasts 2018 to 2030 (USD Billion)
- 7.6.3. France
- 7.6.3.1. Key country dynamics
- 7.6.3.2. Regulatory framework/ reimbursement structure
- 7.6.3.3. Competitive scenario
- 7.6.3.4. France market estimates and forecasts 2018 to 2030 (USD Billion)
- 7.6.4. Italy
- 7.6.4.1. Key country dynamics
- 7.6.4.2. Regulatory framework/ reimbursement structure
- 7.6.4.3. Competitive scenario
- 7.6.4.4. Italy market estimates and forecasts 2018 to 2030 (USD Billion)
- 7.6.5. Spain
- 7.6.5.1. Key country dynamics
- 7.6.5.2. Regulatory framework/ reimbursement structure
- 7.6.5.3. Competitive scenario
- 7.6.5.4. Spain market estimates and forecasts 2018 to 2030 (USD Billion)
- 7.6.6. Norway
- 7.6.6.1. Key country dynamics
- 7.6.6.2. Regulatory framework/ reimbursement structure
- 7.6.6.3. Competitive scenario
- 7.6.6.4. Norway market estimates and forecasts 2018 to 2030 (USD Billion)
- 7.6.7. Sweden
- 7.6.7.1. Key country dynamics
- 7.6.7.2. Regulatory framework/ reimbursement structure
- 7.6.7.3. Competitive scenario
- 7.6.7.4. Sweden market estimates and forecasts 2018 to 2030 (USD Billion)
- 7.6.8. Denmark
- 7.6.8.1. Key country dynamics
- 7.6.8.2. Regulatory framework/ reimbursement structure
- 7.6.8.3. Competitive scenario
- 7.6.8.4. Denmark market estimates and forecasts 2018 to 2030 (USD Billion)
- 7.7. Asia Pacific
- 7.7.1. Japan
- 7.7.1.1. Key country dynamics
- 7.7.1.2. Regulatory framework/ reimbursement structure
- 7.7.1.3. Competitive scenario
- 7.7.1.4. Japan market estimates and forecasts 2018 to 2030 (USD Billion)
- 7.7.2. China
- 7.7.2.1. Key country dynamics
- 7.7.2.2. Regulatory framework/ reimbursement structure
- 7.7.2.3. Competitive scenario
- 7.7.2.4. China market estimates and forecasts 2018 to 2030 (USD Billion)
- 7.7.3. India
- 7.7.3.1. Key country dynamics
- 7.7.3.2. Regulatory framework/ reimbursement structure
- 7.7.3.3. Competitive scenario
- 7.7.3.4. India market estimates and forecasts 2018 to 2030 (USD Billion)
- 7.7.4. Australia
- 7.7.4.1. Key country dynamics
- 7.7.4.2. Regulatory framework/ reimbursement structure
- 7.7.4.3. Competitive scenario
- 7.7.4.4. Australia market estimates and forecasts 2018 to 2030 (USD Billion)
- 7.7.5. South Korea
- 7.7.5.1. Key country dynamics
- 7.7.5.2. Regulatory framework/ reimbursement structure
- 7.7.5.3. Competitive scenario
- 7.7.5.4. South Korea market estimates and forecasts 2018 to 2030 (USD Billion)
- 7.7.6. Thailand
- 7.7.6.1. Key country dynamics
- 7.7.6.2. Regulatory framework/ reimbursement structure
- 7.7.6.3. Competitive scenario
- 7.7.6.4. Thailand market estimates and forecasts 2018 to 2030 (USD Billion)
- 7.8. Latin America
- 7.8.1. Brazil
- 7.8.1.1. Key country dynamics
- 7.8.1.2. Regulatory framework/ reimbursement structure
- 7.8.1.3. Competitive scenario
- 7.8.1.4. Brazil market estimates and forecasts 2018 to 2030 (USD Billion)
- 7.8.2. Argentina
- 7.8.2.1. Key country dynamics
- 7.8.2.2. Regulatory framework/ reimbursement structure
- 7.8.2.3. Competitive scenario
- 7.8.2.4. Argentina market estimates and forecasts 2018 to 2030 (USD Billion)
- 7.9. MEA
- 7.9.1. South Africa
- 7.9.1.1. Key country dynamics
- 7.9.1.2. Regulatory framework/ reimbursement structure
- 7.9.1.3. Competitive scenario
- 7.9.1.4. South Africa market estimates and forecasts 2018 to 2030 (USD Billion)
- 7.9.2. Saudi Arabia
- 7.9.2.1. Key country dynamics
- 7.9.2.2. Regulatory framework/ reimbursement structure
- 7.9.2.3. Competitive scenario
- 7.9.2.4. Saudi Arabia market estimates and forecasts 2018 to 2030 (USD Billion)
- 7.9.3. UAE
- 7.9.3.1. Key country dynamics
- 7.9.3.2. Regulatory framework/ reimbursement structure
- 7.9.3.3. Competitive scenario
- 7.9.3.4. UAE market estimates and forecasts 2018 to 2030 (USD Billion)
- 7.9.4. Kuwait
- 7.9.4.1. Key country dynamics
- 7.9.4.2. Regulatory framework/ reimbursement structure
- 7.9.4.3. Competitive scenario
- 7.9.4.4. Kuwait market estimates and forecasts 2018 to 2030 (USD Billion)
Chapter 8. Competitive Landscape
- 8.1. Recent Developments & Impact Analysis, By Key Market Participants
- 8.2. Company/Competition Categorization
- 8.3. Key Company Market Share Analysis, 2023
- 8.4. Company Profiles
- 8.4.1. Nuance Communications, Inc.
- 8.4.1.1. Company overview
- 8.4.1.2. Financial performance
- 8.4.1.3. Product benchmarking
- 8.4.1.4. Strategic initiatives
- 8.4.2. 3M Health Information Systems
- 8.4.2.1. Company overview
- 8.4.2.2. Financial performance
- 8.4.2.3. Product benchmarking
- 8.4.2.4. Strategic initiatives
- 8.4.3. IBM Watson Health
- 8.4.3.1. Company overview
- 8.4.3.2. Financial performance
- 8.4.3.3. Product benchmarking
- 8.4.3.4. Strategic initiatives
- 8.4.4. Microsoft Corporation
- 8.4.4.1. Company overview
- 8.4.4.2. Financial performance
- 8.4.4.3. Product benchmarking
- 8.4.4.4. Strategic initiatives
- 8.4.5. DeepScribe
- 8.4.5.1. Company overview
- 8.4.5.2. Financial performance
- 8.4.5.3. Product benchmarking
- 8.4.5.4. Strategic initiatives
- 8.4.6. Augnito
- 8.4.6.1. Company overview
- 8.4.6.2. Financial performance
- 8.4.6.3. Product benchmarking
- 8.4.6.4. Strategic initiatives
- 8.4.7. Deepgram
- 8.4.7.1. Company overview
- 8.4.7.2. Financial performance
- 8.4.7.3. Product benchmarking
- 8.4.7.4. Strategic initiatives
- 8.4.8. ScienceSoft
- 8.4.8.1. Company overview
- 8.4.8.2. Financial performance
- 8.4.8.3. Product benchmarking
- 8.4.8.4. Strategic initiatives
- 8.4.9. PrognoCIS
- 8.4.9.1. Company overview
- 8.4.9.2. Financial performance
- 8.4.9.3. Product benchmarking
- 8.4.9.4. Strategic initiatives
- 8.4.10. WebChart MD
- 8.4.10.1. Company overview
- 8.4.10.2. Financial performance
- 8.4.10.3. Product benchmarking
- 8.4.10.4. Strategic initiatives
- 8.4.11. The FTW Transcriber
- 8.4.11.1. Company overview
- 8.4.11.2. Financial performance
- 8.4.11.3. Product benchmarking
- 8.4.11.4. Strategic initiatives
- 8.4.12. Dolbey
- 8.4.12.1. Company overview
- 8.4.12.2. Financial performance
- 8.4.12.3. Product benchmarking
- 8.4.12.4. Strategic initiatives
- 8.4.13. Lexacom
- 8.4.13.1. Company overview
- 8.4.13.2. Financial performance
- 8.4.13.3. Product benchmarking
- 8.4.13.4. Strategic initiatives
- 8.4.14. SpeechWrite
- 8.4.14.1. Company overview
- 8.4.14.2. Financial performance
- 8.4.14.3. Product benchmarking
- 8.4.14.4. Strategic initiatives
- 8.4.15. S10.AI
- 8.4.15.1. Company overview
- 8.4.15.2. Financial performance
- 8.4.15.3. Product benchmarking
- 8.4.15.4. Strategic initiatives