(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Jan. 13, 2025 (GLOBE NEWSWIRE) -- The "Medical Speech Recognition Software market by Deployment, by Functionality, by End-User, and By Region" report has been added to ResearchAndMarkets.com's offering.
The global medical speech recognition software market was estimated to be USD 1.73 billion in 2024 and is expected to reach USD 5.58 billion by 2035, with a CAGR of 11.21% during the forecast period 2025-2035. The market is expected to grow due to a number of factors, including the growing demand for better clinical efficiency, the increasing use of telemedicine and virtual health platforms, the advancements in AI and machine learning technologies, supportive government initiatives, and regulatory requirements.
Healthcare providers are increasingly pressured to enhance clinical workflows and alleviate administrative burdens. Medical speech recognition software facilitates faster note-taking and real-time transcription, significantly improving clinical efficiency, reducing physician burnout, and enhancing patient care. In August 2024, Nuance Communications, a Microsoft company, announced that Northwestern Medicine has selected Dragon Ambient eXperience Copilot, integrated with Epic, as its ambient voice solution. Powered by Microsoft Cloud for Healthcare, DAX Copilot enables Northwestern Medicine physicians to transform patient conversations into a productivity tool, thereby reducing documentation burdens and improving patient experiences. This development highlights the vital role of speech recognition technology in streamlining healthcare operations.
By deployment, the cloud-based segment accounted for the highest revenue-grossing segment in the global medical speech recognition software market in 2024 owing to the increasing demand for scalable, cost-effective solutions that offer easy integration with EHR systems and remote access capabilities. The flexibility and reduced infrastructure costs associated with cloud deployment have driven its adoption among healthcare providers. For instance, Dolbey and Company, Inc. and SOAP Health, a leading pioneer in AI-driven medical practices, formed a strategic alliance in August 2023. Through this partnership, SOAP Health's AI experience in medical interactions is combined with Dolbey's cutting-edge voice recognition technology, Fusion Narrate powered by nVoq.
The alliance aims to transform the interactions between patients and healthcare professionals by increasing productivity, revenue, early disease detection, diagnosis, and overall patient outcomes. Additionally, the On-premise software segment is predicted to grow at the fastest CAGR during the forecast period owing to the rising concerns over data privacy and security, particularly in large healthcare organizations that handle sensitive patient information. The ability to have complete control over data storage and management is a key factor contributing to its growth.
By functionality, the front-end speech recognition segment accounted for the highest revenue-grossing segment in the global medical speech recognition software market in 2024 owing to the growing preference for real-time documentation and improved clinical workflows, enabling healthcare professionals to dictate notes directly into the system during patient consultations, thereby saving time. For instance, Augmedix and Google Cloud teamed in December 2023 to connect Augmedix's speech recognition technology with EHR systems, facilitating real-time documentation and enhancing clinical workflow. Through reducing manual entry, this integration assists doctors in streamlining their documentation procedures. Additionally, the back-end speech recognition segment is predicted to grow at the fastest CAGR during the forecast period owing to its capability to streamline transcription processes, especially for lengthy medical records. This technology allows for batch processing of recorded dictations, reducing transcription turnaround times and operational costs for healthcare facilities.
By end-user, the doctors & physicians segment accounted for the highest revenue-grossing segment in the global medical speech recognition software market in 2024 owing to the widespread adoption of voice recognition tools to enhance clinical documentation efficiency and reduce administrative burdens, allowing doctors to focus more on patient care. For instance, Northwestern Medicine linked Dragon Ambient eXperience with Epic in August 2024 to expedite clinical recording. By automating the documentation process, this technology has decreased administrative costs and increased physician productivity, enabling healthcare providers to visit more patients. Additionally, the radiologist segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing use of speech recognition software for accurate and rapid reporting of imaging studies, which helps improve diagnostic efficiency and supports faster decision-making in critical care settings.
The North American region is anticipated to have the highest revenue share during the forecast period owing to the early adoption of advanced healthcare technologies, well-established healthcare infrastructure, and the presence of major industry players. Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to the rapid digital transformation of healthcare systems, increasing investments in healthcare IT infrastructure, and a growing emphasis on improving clinical efficiency in emerging markets like India and China.
This comprehensive research report focuses on the global and regional market size and forecasts from 2024 to 2035.
Report Scope:
Forecast Period: 2025-2035 Market Forecast by Deployment, Functionality, and End-User Market Forecast for 5 Regions and 17+ Countries North America (U.S. and Canada) Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe) Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC) Latin America (Brazil, Mexico, Argentina, Rest of LATAM) MEA (South Africa, GCC, Rest of MEA)
Company Profiles of the Top 10+ Major Market Players Nuance Communications (a Microsoft Company) IBM Watson Health 3M Health Information Systems (M*Modal) Philips Speech Processing Solutions Dolbey Systems Cerner Corporation Epic Systems Corporation Speechmatics Suki AI Athenahealth Amazon Web Services (AWS) iFLYTEK Oracle Corporation (Oracle Cerner) Vocera Communications (a subsidiary of Stryker) DeepScribe
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