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Global Medical Transcription Market 2023-2027

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    Report

  • 120 Pages
  • November 2022
  • Region: Global
  • TechNavio
  • ID: 5509380
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The medical transcription market is poised to grow by $24,676.02 million during 2023-2027, accelerating at a CAGR of 6.04% during the forecast period. The market is driven by the increase in the need for automated transcripts, rising chronic diseases and aging population, and growth in healthcare IT spending.

This report on the medical transcription market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment.

The medical transcription market is segmented as below:

By End-user

  • Hospitals
  • Physician groups
  • Clinics

By Type

  • Services
  • Software

By Geography

  • North America
  • APAC
  • Europe
  • South America
  • Middle East and Africa
This study identifies the emergence of voice recognition technologies as one of the prime reasons driving the medical transcription market growth during the next few years. Also, the growth of the MT outsourcing market and the adoption of cloud-based systems will lead to sizable demand in the market.

This report on the medical transcription market covers the following areas:

  • Medical transcription market sizing
  • Medical transcription market forecast
  • Medical transcription market industry analysis
The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading medical transcription market vendors that include 3M Co., Aquity LLC, Athreon Corp., CareCloud Inc., Ditto Transcripts, Excel Transcriptions Inc., Flatworld Solutions Pvt. Ltd., Global Medical Transcription LLC, iMedX Inc., Lingual Consultancy Services Pvt. Ltd., Med Scribe Inc., Microsoft Corp., Outsource Accelerator Ventures OPC, Pacific Solutions Pty Ltd., Same Day Transcriptions Inc., Savista LLC, TransPerfect Global Inc., VIVA Transcription Corp., and World Wide Dictation Service of New York Inc. Also, the medical transcription market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.

The analyst presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive primary and secondary research. The analyst's market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast accurate market growth.

Table of Contents

1 Executive Summary
1.1 Market overview
Exhibit 01: Executive Summary - Chart on Market Overview
Exhibit 02: Executive Summary - Data Table on Market Overview
Exhibit 03: Executive Summary - Chart on Global Market Characteristics
Exhibit 04: Executive Summary - Chart on Market by Geography
Exhibit 05: Executive Summary - Chart on Market Segmentation by End-user
Exhibit 06: Executive Summary - Chart on Market Segmentation by Type
Exhibit 07: Executive Summary - Chart on Incremental Growth
Exhibit 08: Executive Summary - Data Table on Incremental Growth
Exhibit 09: Executive Summary - Chart on Vendor Market Positioning
2 Market Landscape
2.1 Market ecosystem
Exhibit 10: Parent market
Exhibit 11: Market Characteristics
3 Market Sizing
3.1 Market definition
Exhibit 12: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 13: Market segments
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
4.1 Global medical transcription market 2017 - 2021
Exhibit 18: Historic Market Size - Data Table on Global medical transcription market 2017 - 2021 ($ million)
4.2 End-User Segment Analysis 2017 - 2021
Exhibit 19: Historic Market Size - End-User Segment 2017 - 2021 ($ million)
4.3 Type Segment Analysis 2017 - 2021
Exhibit 20: Historic Market Size - Type Segment 2017 - 2021 ($ million)
4.4 Geography Segment Analysis 2017 - 2021
Exhibit 21: Historic Market Size - Geography Segment 2017 - 2021 ($ million)
4.5 Country Segment Analysis 2017 - 2021
Exhibit 22: Historic Market Size - Country Segment 2017 - 2021 ($ million)
5 Five Forces Analysis
5.1 Five forces summary
Exhibit 23: Five forces analysis - Comparison between2022 and 2027
5.2 Bargaining power of buyers
Exhibit 24: Chart on Bargaining power of buyers - Impact of key factors 2022 and 2027
5.3 Bargaining power of suppliers
Exhibit 25: Bargaining power of suppliers - Impact of key factors in 2022 and 2027
5.4 Threat of new entrants
Exhibit 26: Threat of new entrants - Impact of key factors in 2022 and 2027
5.5 Threat of substitutes
Exhibit 27: Threat of substitutes - Impact of key factors in 2022 and 2027
5.6 Threat of rivalry
Exhibit 28: Threat of rivalry - Impact of key factors in 2022 and 2027
5.7 Market condition
Exhibit 29: Chart on Market condition - Five forces 2022 and 2027
6 Market Segmentation by End-user
6.1 Market segments
Exhibit 30: Chart on End-user - Market share 2022-2027 (%)
Exhibit 31: Data Table on End-user - Market share 2022-2027 (%)
6.2 Comparison by End-user
Exhibit 32: Chart on Comparison by End-user
Exhibit 33: Data Table on Comparison by End-user
6.3 Hospitals - Market size and forecast 2022-2027
Exhibit 34: Chart on Hospitals - Market size and forecast 2022-2027 ($ million)
Exhibit 35: Data Table on Hospitals - Market size and forecast 2022-2027 ($ million)
Exhibit 36: Chart on Hospitals - Year-over-year growth 2022-2027 (%)
Exhibit 37: Data Table on Hospitals - Year-over-year growth 2022-2027 (%)
6.4 Physician groups and clinics - Market size and forecast 2022-2027
Exhibit 38: Chart on Physician groups and clinics - Market size and forecast 2022-2027 ($ million)
Exhibit 39: Data Table on Physician groups and clinics - Market size and forecast 2022-2027 ($ million)
Exhibit 40: Chart on Physician groups and clinics - Year-over-year growth 2022-2027 (%)
Exhibit 41: Data Table on Physician groups and clinics - Year-over-year growth 2022-2027 (%)
6.5 Market opportunity by End-user
Exhibit 42: Market opportunity by End-user ($ million)
7 Market Segmentation by Type
7.1 Market segments
Exhibit 43: Chart on Type - Market share 2022-2027 (%)
Exhibit 44: Data Table on Type - Market share 2022-2027 (%)
7.2 Comparison by Type
Exhibit 45: Chart on Comparison by Type
Exhibit 46: Data Table on Comparison by Type
7.3 Services - Market size and forecast 2022-2027
Exhibit 47: Chart on Services - Market size and forecast 2022-2027 ($ million)
Exhibit 48: Data Table on Services - Market size and forecast 2022-2027 ($ million)
Exhibit 49: Chart on Services - Year-over-year growth 2022-2027 (%)
Exhibit 50: Data Table on Services - Year-over-year growth 2022-2027 (%)
7.4 Software - Market size and forecast 2022-2027
Exhibit 51: Chart on Software - Market size and forecast 2022-2027 ($ million)
Exhibit 52: Data Table on Software - Market size and forecast 2022-2027 ($ million)
Exhibit 53: Chart on Software - Year-over-year growth 2022-2027 (%)
Exhibit 54: Data Table on Software - Year-over-year growth 2022-2027 (%)
7.5 Market opportunity by Type
Exhibit 55: Market opportunity by Type ($ million)
8 Customer Landscape
8.1 Customer landscape overview
Exhibit 56: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
9.1 Geographic segmentation
Exhibit 57: Chart on Market share by geography 2022-2027 (%)
Exhibit 58: Data Table on Market share by geography 2022-2027 (%)
9.2 Geographic comparison
Exhibit 59: Chart on Geographic comparison
Exhibit 60: Data Table on Geographic comparison
9.3 North America - Market size and forecast 2022-2027
Exhibit 61: Chart on North America - Market size and forecast 2022-2027 ($ million)
Exhibit 62: Data Table on North America - Market size and forecast 2022-2027 ($ million)
Exhibit 63: Chart on North America - Year-over-year growth 2022-2027 (%)
Exhibit 64: Data Table on North America - Year-over-year growth 2022-2027 (%)
9.4 APAC - Market size and forecast 2022-2027
Exhibit 65: Chart on APAC - Market size and forecast 2022-2027 ($ million)
Exhibit 66: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
Exhibit 67: Chart on APAC - Year-over-year growth 2022-2027 (%)
Exhibit 68: Data Table on APAC - Year-over-year growth 2022-2027 (%)
9.5 Europe - Market size and forecast 2022-2027
Exhibit 69: Chart on Europe - Market size and forecast 2022-2027 ($ million)
Exhibit 70: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
Exhibit 71: Chart on Europe - Year-over-year growth 2022-2027 (%)
Exhibit 72: Data Table on Europe - Year-over-year growth 2022-2027 (%)
9.6 South America - Market size and forecast 2022-2027
Exhibit 73: Chart on South America - Market size and forecast 2022-2027 ($ million)
Exhibit 74: Data Table on South America - Market size and forecast 2022-2027 ($ million)
Exhibit 75: Chart on South America - Year-over-year growth 2022-2027 (%)
Exhibit 76: Data Table on South America - Year-over-year growth 2022-2027 (%)
9.7 Middle East and Africa - Market size and forecast 2022-2027
Exhibit 77: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
Exhibit 78: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
Exhibit 79: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
Exhibit 80: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
9.8 US - Market size and forecast 2022-2027
Exhibit 81: Chart on US - Market size and forecast 2022-2027 ($ million)
Exhibit 82: Data Table on US - Market size and forecast 2022-2027 ($ million)
Exhibit 83: Chart on US - Year-over-year growth 2022-2027 (%)
Exhibit 84: Data Table on US - Year-over-year growth 2022-2027 (%)
9.9 Canada - Market size and forecast 2022-2027
Exhibit 85: Chart on Canada - Market size and forecast 2022-2027 ($ million)
Exhibit 86: Data Table on Canada - Market size and forecast 2022-2027 ($ million)
Exhibit 87: Chart on Canada - Year-over-year growth 2022-2027 (%)
Exhibit 88: Data Table on Canada - Year-over-year growth 2022-2027 (%)
9.10 Japan - Market size and forecast 2022-2027
Exhibit 89: Chart on Japan - Market size and forecast 2022-2027 ($ million)
Exhibit 90: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
Exhibit 91: Chart on Japan - Year-over-year growth 2022-2027 (%)
Exhibit 92: Data Table on Japan - Year-over-year growth 2022-2027 (%)
9.11 UK - Market size and forecast 2022-2027
Exhibit 93: Chart on UK - Market size and forecast 2022-2027 ($ million)
Exhibit 94: Data Table on UK - Market size and forecast 2022-2027 ($ million)
Exhibit 95: Chart on UK - Year-over-year growth 2022-2027 (%)
Exhibit 96: Data Table on UK - Year-over-year growth 2022-2027 (%)
9.12 Germany - Market size and forecast 2022-2027
Exhibit 97: Chart on Germany - Market size and forecast 2022-2027 ($ million)
Exhibit 98: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
Exhibit 99: Chart on Germany - Year-over-year growth 2022-2027 (%)
Exhibit 100: Data Table on Germany - Year-over-year growth 2022-2027 (%)
9.13 Market opportunity by geography
Exhibit 101: Market opportunity by geography ($ million)
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
Exhibit 102: Impact of drivers and challenges in 2022 and 2027
10.4 Market trends
11 Vendor Landscape
11.1 Overview
11.2 Vendor landscape
Exhibit 103: Overview on Criticality of inputs and Factors of differentiation
11.3 Landscape disruption
Exhibit 104: Overview on factors of disruption
11.4 Industry risks
Exhibit 105: Impact of key risks on business
12 Vendor Analysis
12.1 Vendors covered
Exhibit 106: Vendors covered
12.2 Market positioning of vendors
Exhibit 107: Matrix on vendor position and classification
12.3 3M Co.
Exhibit 108: 3M Co. - Overview
Exhibit 109: 3M Co. - Business segments
Exhibit 110: 3M Co. - Key news
Exhibit 111: 3M Co. - Key offerings
Exhibit 112: 3M Co. - Segment focus
12.4 Aquity LLC
Exhibit 113: Aquity LLC - Overview
Exhibit 114: Aquity LLC - Product / Service
Exhibit 115: Aquity LLC - Key offerings
12.5 Athreon Corp.
Exhibit 116: Athreon Corp. - Overview
Exhibit 117: Athreon Corp. - Product / Service
Exhibit 118: Athreon Corp. - Key offerings
12.6 CareCloud Inc.
Exhibit 119: CareCloud Inc. - Overview
Exhibit 120: CareCloud Inc. - Business segments
Exhibit 121: CareCloud Inc. - Key news
Exhibit 122: CareCloud Inc. - Key offerings
Exhibit 123: CareCloud Inc. - Segment focus
12.7 Excel Transcriptions Inc.
Exhibit 124: Excel Transcriptions Inc. - Overview
Exhibit 125: Excel Transcriptions Inc. - Product / Service
Exhibit 126: Excel Transcriptions Inc. - Key offerings
12.8 Flatworld Solutions Pvt. Ltd.
Exhibit 127: Flatworld Solutions Pvt. Ltd. - Overview
Exhibit 128: Flatworld Solutions Pvt. Ltd. - Product / Service
Exhibit 129: Flatworld Solutions Pvt. Ltd. - Key offerings
12.9 Global Medical Transcription LLC
Exhibit 130: Global Medical Transcription LLC - Overview
Exhibit 131: Global Medical Transcription LLC - Product / Service
Exhibit 132: Global Medical Transcription LLC - Key offerings
12.10 iMedX Inc.
Exhibit 133: iMedX Inc. - Overview
Exhibit 134: iMedX Inc. - Product / Service
Exhibit 135: iMedX Inc. - Key offerings
12.11 Lingual Consultancy Services Pvt. Ltd.
Exhibit 136: Lingual Consultancy Services Pvt. Ltd. - Overview
Exhibit 137: Lingual Consultancy Services Pvt. Ltd. - Product / Service
Exhibit 138: Lingual Consultancy Services Pvt. Ltd. - Key offerings
12.12 Med Scribe Inc.
Exhibit 139: Med Scribe Inc. - Overview
Exhibit 140: Med Scribe Inc. - Product / Service
Exhibit 141: Med Scribe Inc. - Key offerings
12.13 Microsoft Corp.
Exhibit 142: Microsoft Corp. - Overview
Exhibit 143: Microsoft Corp. - Business segments
Exhibit 144: Microsoft Corp. - Key news
Exhibit 145: Microsoft Corp. - Key offerings
Exhibit 146: Microsoft Corp. - Segment focus
12.14 Outsource Accelerator Ventures OPC
Exhibit 147: Outsource Accelerator Ventures OPC - Overview
Exhibit 148: Outsource Accelerator Ventures OPC - Product / Service
Exhibit 149: Outsource Accelerator Ventures OPC - Key offerings
12.15 Pacific Solutions Pty Ltd.
Exhibit 150: Pacific Solutions Pty Ltd. - Overview
Exhibit 151: Pacific Solutions Pty Ltd. - Product / Service
Exhibit 152: Pacific Solutions Pty Ltd. - Key offerings
12.16 Same Day Transcriptions Inc.
Exhibit 153: Same Day Transcriptions Inc. - Overview
Exhibit 154: Same Day Transcriptions Inc. - Product / Service
Exhibit 155: Same Day Transcriptions Inc. - Key offerings
12.17 Savista LLC
Exhibit 156: Savista LLC - Overview
Exhibit 157: Savista LLC - Product / Service
Exhibit 158: Savista LLC - Key offerings
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 159: Inclusions checklist
Exhibit 160: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 161: Currency conversion rates for US$
13.4 Research methodology
Exhibit 162: Research methodology
Exhibit 163: Validation techniques employed for market sizing
Exhibit 164: Information sources
13.5 List of abbreviations
Exhibit 165: List of abbreviations

Executive Summary

The analyst recognizes the following companies as the key players in the global medical transcription market: 3M Co., Aquity LLC, Athreon Corp., CareCloud Inc., Ditto Transcripts, Excel Transcriptions Inc., Flatworld Solutions Pvt. Ltd., Global Medical Transcription LLC, iMedX Inc., Lingual Consultancy Services Pvt. Ltd., Med Scribe Inc., Microsoft Corp., Outsource Accelerator Ventures OPC, Pacific Solutions Pty Ltd., Same Day Transcriptions Inc., Savista LLC, TransPerfect Global Inc., VIVA Transcription Corp., and World Wide Dictation Service of New York Inc.

Commenting on the report, one of the report's analysts said: 'The latest trend gaining momentum in the market is the emergence of voice recognition technologies.'

According to the report, one of the major drivers for this market is the increase in the need for automated transcripts.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

Companies Mentioned (Partial List)

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

  • 3M Co.
  • Aquity LLC
  • Athreon Corp.
  • CareCloud Inc.
  • Ditto Transcripts
  • Excel Transcriptions Inc.
  • Flatworld Solutions Pvt. Ltd.
  • Global Medical Transcription LLC
  • iMedX Inc.
  • Lingual Consultancy Services Pvt. Ltd.
  • Med Scribe Inc.
  • Microsoft Corp.
  • Outsource Accelerator Ventures OPC
  • Pacific Solutions Pty Ltd.
  • Same Day Transcriptions Inc.
  • Savista LLC
  • TransPerfect Global Inc.
  • VIVA Transcription Corp.
  • World Wide Dictation Service of New York Inc.

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