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Medical Transcription Services - Global Strategic Business Report

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    Report

  • 278 Pages
  • May 2024
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 1206718
The global market for Medical Transcription Services is estimated at US$80.2 Billion in 2023 and is projected to reach US$117.2 Billion by 2030, growing at a CAGR of 5.6% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

Key Insights:

  • Market Growth: Understand the significant growth trajectory of the Consultation Reports segment, which is expected to reach US$41.5 Billion by 2030 with a CAGR of a 4.9%. The History & Physical Reports segment is also set to grow at 6.5% CAGR over the next 7 years.
  • Regional Analysis: Gain insights into the U.S. market, estimated at $24.2 Billion in 2023, and China, forecasted to grow at an impressive 5.4% CAGR to reach $20.7 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

  • Detailed Market Analysis: Access a thorough analysis of the Global Medical Transcription Services Market, covering all major geographic regions and market segments.
  • Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
  • Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Medical Transcription Services Market.
  • Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

  • How is the Global Medical Transcription Services Market expected to evolve by 2030?
  • What are the main drivers and restraints affecting the market?
  • Which market segments will grow the most over the forecast period?
  • How will market shares for different regions and segments change by 2030?
  • Who are the leading players in the market, and what are their prospects?

Report Features:

  • Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
  • In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
  • Company Profiles: Coverage of major players such as Acusis India, Audio Dicta Transcription Corporation (ADTC), iMedX Inc., and more.
  • Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Select Competitors (Total 52 Featured):

  • Acusis India
  • Audio Dicta Transcription Corporation (ADTC)
  • iMedX Inc.
  • M*Modal IP LLC
  • Medical Transcription Services
  • Nuance Communications, Inc.
  • TopTrans Company
  • Total Transcription Solutions, Inc.
  • TransDyne
  • TransTech Medical Solutions
  • Vennar Soft Inc.

MarketGlass Platform

Our reports are enhanced by the MarketGlass platform, which brings together industry experts and influencers to provide high-quality, accurate insights. This unique platform allows us to gather comprehensive data and market perspectives, ensuring you receive the most reliable and detailed analysis available.

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Influencer Market Insights
  • World Market Trajectories
  • Global Economic Update
  • At A Glance
  • Recent Market Activity
  • Preface
  • Transcription Services - Critical Component in Government and Industrial Sectors
  • Medical Transcription Services - Benchmark vs. Need
  • MT Services and its Benefits to Healthcare Professionals
  • Medical Transcription - Marching Ahead amid Technologically Advanced and Automated Environment
  • Embracing Innovative and Latest Technologies
  • Current and Future Analysis
  • US - The Largest Market
  • Globalization and Medical Transcription
  • Emergence of New Supply Markets in Eastern Europe and South America
  • MT Industry Remains Unscathed from Economic Recession
  • Hospitals Favor MT Services as Market Conditions Toughen
  • Favorable Economic Trends Positively Influence MT Services Market
  • Medical Transcription Services - Global Key Competitors Percentage Market Share in 2024 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
2. FOCUS ON SELECT PLAYERS
  • Acusis India (India)
  • Audio Dicta Transcription Services (USA)
  • Care Technologies India Private Ltd. (India)
  • eTransMed, LLC (USA)
  • iMedX Inc. (USA)
  • M*Modal IP LLC (USA)
  • Medical Transcription Services (USA)
  • Nuance Communications, Inc. (USA)
  • TopTrans Company (Philippines)
  • Total Transcription Solutions, Inc. (Philippines)
  • TransDyne (India)
  • TransTech Medical Solutions (USA)
  • Vennar Soft Inc. (USA)
3. MARKET TRENDS & DRIVERS
  • Positive Outlook for the Healthcare Industry - Key Growth Indicator
  • Outsourcing Gathers Steam
  • Sourcing Strategy/Model: Means to Achieve Business Process
  • Sole Sourcing - A Model for Increasing Operational Efficiency
  • Radiology Services Offer Lucrative Outsourcing Prospects
  • In-house Vis-a-Vis Outsourcing
  • Offshoring Gains Traction
  • Off-shoring to Drive Cost-Effectiveness
  • A Brief Sketch of Major Outsourcing Destinations
  • India
  • Philippines
  • Nearshoring Finds Favor among Businesses
  • The Debate on Voice Recognition Technology Continues
  • Speech Recognition Technology - Impact on Medical, Legal and General Transcription
  • Front-End Solution Application Still in Nascent Stage
  • Speech Recognition Editing Services Gain Momentum
  • Advancements Revolutionize MT
  • MT: No Longer the Lone Choice for Creation of Medical Records
  • Is EMR System Really a Threat for MT Services?
  • ICD-11: Boon or Bane?
  • Gradual Shift to "VBC" based Pricing Model
  • Aging Population - A Vital Demography
  • Preventive Healthcare Trend Offers Potential
  • Advantages of Medical Transcription Drives Demand
  • Advanced Technologies to the Rescue
  • Robotic Automation Makes In Roads in BPO Industry
  • Social Networking Trend Transforms Business Strategies
  • Growth of Internet-Centered Technologies
  • Faster Adoption of Cloud-Based Medical Transcription Services
  • BPO Providers Warm up to Green Computing
  • Medical Transcription Outsourcing - A Review
  • Reasons for Outsourcing MT Services
  • Outsourced MT Services
  • Advantages of MT Outsourcing
  • Drawbacks of Outsourcing MT Services
  • Medical Transcription Offshoring
  • Offshoring - A Lucrative Option to Curb Business Expenses
  • Offshoring Barriers
  • Developing Nations - A Haven for MT Outsourcing Services
  • INNOVATIONS AND TECHNOLOGICAL ADVANCEMENTS
  • Digital Technology and Medical Transcription
  • Adoption of New EHR System
  • Speech Recognition Technology for the MT Services Market
  • AI and Voice Transcription
4. GLOBAL MARKET PERSPECTIVE
  • Table 1: World Recent Past, Current & Future Analysis for Medical Transcription Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 2: World Historic Review for Medical Transcription Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 3: World 16-Year Perspective for Medical Transcription Services by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets for Years 2014, 2024 & 2030
  • Table 4: World Recent Past, Current & Future Analysis for Consultation Reports by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 5: World Historic Review for Consultation Reports by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 6: World 16-Year Perspective for Consultation Reports by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2014, 2024 & 2030
  • Table 7: World Recent Past, Current & Future Analysis for History & Physical Reports by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 8: World Historic Review for History & Physical Reports by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 9: World 16-Year Perspective for History & Physical Reports by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2014, 2024 & 2030
  • Table 10: World Recent Past, Current & Future Analysis for Operative Reports by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 11: World Historic Review for Operative Reports by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 12: World 16-Year Perspective for Operative Reports by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2014, 2024 & 2030
  • Table 13: World Recent Past, Current & Future Analysis for Other Service Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 14: World Historic Review for Other Service Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 15: World 16-Year Perspective for Other Service Types by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2014, 2024 & 2030
  • Table 16: World Medical Transcription Services Market Analysis of Annual Sales in US$ Million for Years 2014 through 2030
III. MARKET ANALYSIS
UNITED STATES
  • Medical Transcription Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2024 (E)
  • Table 17: USA Recent Past, Current & Future Analysis for Medical Transcription Services by Service Type - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
  • Table 18: USA Historic Review for Medical Transcription Services by Service Type - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 19: USA 16-Year Perspective for Medical Transcription Services by Service Type - Percentage Breakdown of Value Sales for Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types for the Years 2014, 2024 & 2030
CANADA
  • Table 20: Canada Recent Past, Current & Future Analysis for Medical Transcription Services by Service Type - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
  • Table 21: Canada Historic Review for Medical Transcription Services by Service Type - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 22: Canada 16-Year Perspective for Medical Transcription Services by Service Type - Percentage Breakdown of Value Sales for Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types for the Years 2014, 2024 & 2030
JAPAN
  • Medical Transcription Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2024 (E)
  • Table 23: Japan Recent Past, Current & Future Analysis for Medical Transcription Services by Service Type - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
  • Table 24: Japan Historic Review for Medical Transcription Services by Service Type - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 25: Japan 16-Year Perspective for Medical Transcription Services by Service Type - Percentage Breakdown of Value Sales for Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types for the Years 2014, 2024 & 2030
CHINA
  • Medical Transcription Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2024 (E)
  • Table 26: China Recent Past, Current & Future Analysis for Medical Transcription Services by Service Type - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
  • Table 27: China Historic Review for Medical Transcription Services by Service Type - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 28: China 16-Year Perspective for Medical Transcription Services by Service Type - Percentage Breakdown of Value Sales for Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types for the Years 2014, 2024 & 2030
EUROPE
  • Medical Transcription Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2024 (E)
  • Table 29: Europe Recent Past, Current & Future Analysis for Medical Transcription Services by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 30: Europe Historic Review for Medical Transcription Services by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 31: Europe 16-Year Perspective for Medical Transcription Services by Geographic Region - Percentage Breakdown of Value Sales for France, Germany, Italy, UK and Rest of Europe Markets for Years 2014, 2024 & 2030
  • Table 32: Europe Recent Past, Current & Future Analysis for Medical Transcription Services by Service Type - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
  • Table 33: Europe Historic Review for Medical Transcription Services by Service Type - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 34: Europe 16-Year Perspective for Medical Transcription Services by Service Type - Percentage Breakdown of Value Sales for Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types for the Years 2014, 2024 & 2030
FRANCE
  • Medical Transcription Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2024 (E)
  • Table 35: France Recent Past, Current & Future Analysis for Medical Transcription Services by Service Type - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
  • Table 36: France Historic Review for Medical Transcription Services by Service Type - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 37: France 16-Year Perspective for Medical Transcription Services by Service Type - Percentage Breakdown of Value Sales for Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types for the Years 2014, 2024 & 2030
GERMANY
  • Medical Transcription Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2024 (E)
  • Table 38: Germany Recent Past, Current & Future Analysis for Medical Transcription Services by Service Type - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
  • Table 39: Germany Historic Review for Medical Transcription Services by Service Type - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 40: Germany 16-Year Perspective for Medical Transcription Services by Service Type - Percentage Breakdown of Value Sales for Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types for the Years 2014, 2024 & 2030
ITALY
  • Table 41: Italy Recent Past, Current & Future Analysis for Medical Transcription Services by Service Type - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
  • Table 42: Italy Historic Review for Medical Transcription Services by Service Type - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 43: Italy 16-Year Perspective for Medical Transcription Services by Service Type - Percentage Breakdown of Value Sales for Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types for the Years 2014, 2024 & 2030
UNITED KINGDOM
  • Medical Transcription Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2024 (E)
  • Table 44: UK Recent Past, Current & Future Analysis for Medical Transcription Services by Service Type - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
  • Table 45: UK Historic Review for Medical Transcription Services by Service Type - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 46: UK 16-Year Perspective for Medical Transcription Services by Service Type - Percentage Breakdown of Value Sales for Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types for the Years 2014, 2024 & 2030
REST OF EUROPE
  • Table 47: Rest of Europe Recent Past, Current & Future Analysis for Medical Transcription Services by Service Type - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
  • Table 48: Rest of Europe Historic Review for Medical Transcription Services by Service Type - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 49: Rest of Europe 16-Year Perspective for Medical Transcription Services by Service Type - Percentage Breakdown of Value Sales for Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types for the Years 2014, 2024 & 2030
ASIA-PACIFIC
  • Medical Transcription Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2024 (E)
  • Table 50: Asia-Pacific Recent Past, Current & Future Analysis for Medical Transcription Services by Service Type - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
  • Table 51: Asia-Pacific Historic Review for Medical Transcription Services by Service Type - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 52: Asia-Pacific 16-Year Perspective for Medical Transcription Services by Service Type - Percentage Breakdown of Value Sales for Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types for the Years 2014, 2024 & 2030
REST OF WORLD
  • Table 53: Rest of World Recent Past, Current & Future Analysis for Medical Transcription Services by Service Type - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
  • Table 54: Rest of World Historic Review for Medical Transcription Services by Service Type - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 55: Rest of World 16-Year Perspective for Medical Transcription Services by Service Type - Percentage Breakdown of Value Sales for Consultation Reports, History & Physical Reports, Operative Reports and Other Service Types for the Years 2014, 2024 & 2030
IV. COMPETITION

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Acusis India
  • Audio Dicta Transcription Corporation (ADTC)
  • iMedX Inc.
  • M*Modal IP LLC
  • Medical Transcription Services
  • Nuance Communications, Inc.
  • TopTrans Company
  • Total Transcription Solutions, Inc.
  • TransDyne
  • TransTech Medical Solutions
  • Vennar Soft Inc.

Table Information