Top Medical Transcription Companies

Skyquest Technology's expert advisors have carried out comprehensive research and identified these companies as industry leaders in the Medical Transcription Market. This Analysis is based on comprehensive primary and secondary research on the corporate strategies, financial and operational performance, product portfolio, market share and brand analysis of all the leading Medical Transcription industry players.

Medical Transcription Market Competitive Landscape

Competitive forces in the global medical transcription field bring key players to adopt innovative technology solutions and geographic expansions and strategic alliances to remain competitive. As a Microsoft subsidiary Nuance Communications has developed Dragon Medical One to drive major industry advancements in medical transcription. Through its cloud infrastructure this system provides instant transcription that merges perfectly with more than 200 Electronic Health Record (EHR) programs including Epic, Cerner and MEDITECH. Medical service productivity improves and health documentation precision improves thereby leading to better patient results when systems are integrated. The worldwide physician community uses Dragon Medical One with trust because of its more than 550,000 physician in 2022.​

The AI-based medical documentation solutions of M*Modal are their principal focus. The Fluency Direct speech recognition product from this company now operates as part of Cerner's EHR system to enhance its market position in North America. HealthTrust represents a significant business expansion for iMedX because the purchasing group includes 1,400 acute care facilities throughout the United States. As part of this alliance iMedX demonstrates its dedication to providing superior transcription services to a wide range of healthcare delivery organizations.

Top Player’s Company Profiles

  • Nuance Communications, Inc. (US)
  • MModal IP LLC (US)
  • iMedX, Inc. (US)
  • Aquity Solutions, LLC (US)
  • Acusis LLC (US)
  • Global Medical Transcription LLC (US)
  • MTBC, Inc. (now CareCloud, Inc.) (US)
  • TransTech Medical Solutions LLC (US)
  • MediScript Plus LLC (US)
  • VIVA Transcription Corporation (US)
  • Pacific Solutions, Inc. (US)
  • World Wide Dictation Service, Inc. (US)
  • Same Day Transcriptions, Inc. (US)
  • DoctorDocs LLC (US)
  • GoTranscript Ltd. (UK)
  • Avontix Solutions Pvt. Ltd. (India)
  • Outsource2india (Flatworld Solutions Pvt. Ltd.) (India)
  • Saince, Inc. (US)
  • Crescendo Systems Corporation (Canada)
  • Athreon, Inc. (US)

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Global Medical Transcription Market size was valued at USD 79.52 Billion in 2024 and is poised to grow from USD 83.97 Billion in 2025 to USD 129.85 Billion by 2033, growing at a CAGR of 5.6% during the forecast period (2026–2033).

Competitive forces in the global medical transcription field bring key players to adopt innovative technology solutions and geographic expansions and strategic alliances to remain competitive. As a Microsoft subsidiary Nuance Communications has developed Dragon Medical One to drive major industry advancements in medical transcription. Through its cloud infrastructure this system provides instant transcription that merges perfectly with more than 200 Electronic Health Record (EHR) programs including Epic, Cerner and MEDITECH. Medical service productivity improves and health documentation precision improves thereby leading to better patient results when systems are integrated. The worldwide physician community uses Dragon Medical One with trust because of its more than 550,000 physician in 2022.​ 'iMedX Inc. (U.S.) ', 'nThrive Inc. (U.S.) ', 'MTBC Inc. (U.S.) ', 'Medi-Script (U.S.) ', 'TransTech Medical Solutions LLC (U.S.) ', 'Outsource2 (India) ', 'TransPerfect (U.S.) ', 'VIVA Transcription Corp. (U.S.) ', 'Medscribe Inc. (U.S.) ', 'Pacific Solutions (U.S.) ', 'Same Day transcriptions Inc. (U.S.) ', 'DoctorDocs (U.S.) ', 'World Wide Dictation (U.S.) ', 'Athreon (U.S.)'

Higher medical transcription accuracy combined with prompt service delivery is needed because the world healthcare industry continues to grow rapidly. The WHO's 2023 Global Health Expenditure Report demonstrated that health spending surpassed USD 9.8 trillion in 2021 because it now consumes 10.3% of global GDP which emphasizes the requirement for accurate clinical records to deliver quality care while maintaining regulatory compliance. M*Modal announced increased use of their AI-powered medical transcription tools by healthcare providers who wanted to automate their documentation processes and cut errors as well as enhance operational efficiency.

Short-Term: In the short term, AI-powered transcription solutions and voice recognition technologies are seeing rapid adoption due to their ability to reduce physician burnout and administrative workload. Increased demand for telemedicine, particularly in remote or underserved areas, is also boosting transcription services, as healthcare providers need accurate and timely documentation for virtual consultations.

The market for medical transcription leads in North America because of its well-developed healthcare system which requires detailed documentation according to legal standards and general use of Electronic Health Records (EHR). The U.S. government through HIPAA regulations pushes healthcare providers to create correct medical records thus providing financial benefits to them. The Centers for Medicare & Medicaid Services (CMS) reports that healthcare spending reached USD 4.9 trillion in 2023 as compared to USD 4.56 trillion during 2022. Rising healthcare service utilization and spending by private insurers along with Medicare drove massive demand for structured medical data as the healthcare industry experienced this acceleration. The increase in physician burnout because of paperwork has stimulated healthcare providers to adopt transcription solutions with AI assistance for decreasing documentation strain.

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Global Medical Transcription Market
Medical Transcription Market

Report ID: SQMIG35D2300

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