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Medical Transcription Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

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    Report

  • 108 Pages
  • July 2022
  • Region: Global
  • IMARC Group
  • ID: 5633171
The global medical transcription market reached a value of US$ 66.5 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 96.5 Billion by 2027, exhibiting a CAGR of 6.4% during 2021-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

Medical transcription (MT), also known as healthcare documentation, is the process of converting verbal dictations of clinical data into pre-defined text or digital format. With the advancement in technology, hospitals, healthcare centers, clinics and physicians are opting for MT to optimize operational efficiency, improve quality of patient care and minimize capital expenditure. It also helps the healthcare providers to maintain patient care and treatment records detailing medical examination findings, treatment plans and relevant information. Besides this, it aids in reducing staff burden by eliminating the need to file patient forms, discharge summaries, and operation and progress notes. MT creates an organized and appropriate patient history, which enables the doctors in analyzing the current physical condition and prepare an ideal treatment plan for the patient.

There has been a rise in the prevalence of various chronic diseases, such as cancer, diabetes and cardiovascular diseases, which has consequently led to an increase in the number of medical records generated in hospitals. Along with this, the growing awareness among enterprises about the benefits of electronic health records (EHR) in streamlining information is having a positive impact on the MT market across the globe. Besides this, manufacturers have started leveraging latest technologies, such as ADT normalization, instantaneous document formatting and voice recognition that can automate the conversion of voice-based records into text-based electronic files. These technologies aid in reducing the time required for transcription as well as enhance the overall accuracy. Moreover, with the increasing risk of manipulation or theft of medical data or information, the leading companies have introduced high-end encryption technologies, data security mechanisms, and end-to-end secure processes for the exchange of information.

The publisher’s latest report provides a deep insight into the global medical transcription market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the medical transcription market in any manner.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global medical transcription market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on service type, technology, mode of procurement and end user.

Breakup by Service Type:

  • History and Physical Report
  • Discharge Summary
  • Operative Note or Report
  • Consultation Report
  • Others (Pathology Report, Radiology Report, etc.)

Breakup by Technology:

  • Electronic Medical Records/Electronic Health Record (EMR/EHR)
  • Picture Archiving and Communication System (PACS)
  • Radiology Information System (RIS)
  • Speech Recognition Technology (SRT)
  • Others

Breakup by Mode of Procurement:

  • Outsourcing
  • Offshoring
  • Both

Breakup by End User:

  • Hospitals
  • Clinics
  • Clinical Laboratories
  • Academic Medical Centers
  • Others

Breakup by Region:

North America

Europe

  • Asia Pacific

Middle East and Africa

Latin America


Competitive Landscape:

The report has also analyzed the competitive landscape of the market with some of the key players being Acusis LLC, Transcend Services, Nuance Communications, Inc., MModal IP LLC, iMedX Information Services Private Limited, Global Medical Transcription LLC, nThrive Revenue Systems LLC, MTBC, Inc., MediScript Plus LLC, TransTech Medical Solutions LLC, etc.

Key Questions Answered in This Report:

  • How has the global medical transcription market performed so far and how will it perform in the coming years?
  • What are the key regional markets in the global medical transcription industry?
  • What has been the impact of COVID-19 on the global medical transcription industry?
  • What is the breakup of the market based on the service type?
  • What is the breakup of the market based on the technology?
  • What is the breakup of the market based on the mode of procurement?
  • What is the breakup of the market based on the end user?
  • What are the various stages in the value chain of the global medical transcription industry?
  • What are the key driving factors and challenges in the global medical transcription industry?
  • What is the structure of the global medical transcription industry and who are the key players?
  • What is the degree of competition in the global medical transcription industry?
Frequently Asked Questions about the Global Medical Transcription Market

What is the estimated value of the Global Medical Transcription Market?

The Global Medical Transcription Market was estimated to be valued at $66.5 Billion in 2021.

What is the growth rate of the Global Medical Transcription Market?

The growth rate of the Global Medical Transcription Market is 6.4%, with an estimated value of $96.5 Billion by 2027.

What is the forecasted size of the Global Medical Transcription Market?

The Global Medical Transcription Market is estimated to be worth $96.5 Billion by 2027.

Who are the key companies in the Global Medical Transcription Market?

Key companies in the Global Medical Transcription Market include Acusis LLC, Transcend Services, Nuance Communications Inc., MModal IP LLC, iMedX Information Services Private Limited, Global Medical Transcription LLC, nThrive Revenue Systems LLC, MTBC Inc. and TransTech Medical Solutions LLC.

Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Medical Transcription Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Service Type
5.5 Market Breakup by Technology
5.6 Market Breakup by Mode of Procurement
5.7 Market Breakup by End User
5.8 Market Breakup by Region
5.9 Market Forecast
6 Market Breakup by Service Type
6.1 History and Physical Report
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Discharge Summary
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Operative Note or Report
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Consultation Report
6.4.1 Market Trends
6.4.2 Market Forecast
6.5 Others
6.5.1 Market Trends
6.5.2 Market Forecast
7 Market Breakup by Technology
7.1 Electronic Medical Records/Electronic Health Record (EMR/EHR)
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Picture Archiving and Communication System (PACS)
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Radiology Information System (RIS)
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Speech Recognition Technology (SRT)
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Others
7.5.1 Market Trends
7.5.2 Market Forecast
8 Market Breakup by Mode of Procurement
8.1 Outsourcing
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Offshoring
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Both
8.3.1 Market Trends
8.3.2 Market Forecast
9 Market Breakup by End User
9.1 Hospitals
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Clinics
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Clinical Laboratories
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Academic Medical Centers
9.4.1 Market Trends
9.4.2 Market Forecast
9.5 Others
9.5.1 Market Trends
9.5.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 Market Trends
10.1.2 Market Forecast
10.2 Europe
10.2.1 Market Trends
10.2.2 Market Forecast
10.3 Asia Pacific
10.3.1 Market Trends
10.3.2 Market Forecast
10.4 Middle East and Africa
10.4.1 Market Trends
10.4.2 Market Forecast
10.5 Latin America
10.5.1 Market Trends
10.5.2 Market Forecast
11 SWOT Analysis
11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats
12 Value Chain Analysis
13 Porter’s Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 Acusis LLC
15.3.2 Transcend Services
15.3.3 Nuance Communications, Inc.
15.3.4 MModal IP LLC
15.3.5 iMedX Information Services Private Limited
15.3.6 Global Medical Transcription LLC
15.3.7 nThrive Revenue Systems LLC
15.3.8 MTBC, Inc.
15.3.9 MediScript Plus LLC
15.3.10 TransTech Medical Solutions LLC
List of Figures
Figure 1: Global: Medical Transcription Market: Major Drivers and Challenges
Figure 2: Global: Medical Transcription Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Medical Transcription Market: Breakup by Service Type (in %), 2021
Figure 4: Global: Medical Transcription Market: Breakup by Technology (in %), 2021
Figure 5: Global: Medical Transcription Market: Breakup by Mode of Procurement (in %), 2021
Figure 6: Global: Medical Transcription Market: Breakup by End User (in %), 2021
Figure 7: Global: Medical Transcription Market: Breakup by Region (in %), 2021
Figure 8: Global: Medical Transcription Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 9: Global: Medical Transcription Industry: SWOT Analysis
Figure 10: Global: Medical Transcription Industry: Value Chain Analysis
Figure 11: Global: Medical Transcription Industry: Porter’s Five Forces Analysis
Figure 12: Global: Medical Transcription (History and Physical Report) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Medical Transcription (History and Physical Report) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Medical Transcription (Discharge Summary) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Medical Transcription (Discharge Summary) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Medical Transcription (Operative Note or Report) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Medical Transcription (Operative Note or Report) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Medical Transcription (Consultation Report) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Medical Transcription (Consultation Report) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Medical Transcription (Other Service Types) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Medical Transcription (Other Service Types) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Medical Transcription (Electronic Medical Records/Electronic Health Record) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Medical Transcription (Electronic Medical Records/Electronic Health Record) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Medical Transcription (Picture Archiving and Communication System) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Medical Transcription (Picture Archiving and Communication System) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: Medical Transcription (Radiology Information System) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: Medical Transcription (Radiology Information System) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: Global: Medical Transcription (Speech Recognition Technology) Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: Global: Medical Transcription (Speech Recognition Technology) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: Global: Medical Transcription (Other Technologies) Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: Global: Medical Transcription (Other Technologies) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Global: Medical Transcription (Outsourcing) Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Global: Medical Transcription (Outsourcing) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: Global: Medical Transcription (Offshoring) Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: Global: Medical Transcription (Offshoring) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: Global: Medical Transcription (Both) Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: Global: Medical Transcription (Both) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: Global: Medical Transcription (Hospitals) Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: Global: Medical Transcription (Hospitals) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: Global: Medical Transcription (Clinics) Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: Global: Medical Transcription (Clinics) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: Global: Medical Transcription (Clinical Laboratories) Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: Global: Medical Transcription (Clinical Laboratories) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: Global: Medical Transcription (Academic Medical Centers) Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: Global: Medical Transcription (Academic Medical Centers) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: Global: Medical Transcription (Other End Users) Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: Global: Medical Transcription (Other End Users) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: North America: Medical Transcription Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: North America: Medical Transcription Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: Europe: Medical Transcription Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: Europe: Medical Transcription Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: Asia Pacific: Medical Transcription Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: Asia Pacific: Medical Transcription Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: Middle East and Africa: Medical Transcription Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: Middle East and Africa: Medical Transcription Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: Latin America: Medical Transcription Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: Latin America: Medical Transcription Market Forecast: Sales Value (in Million US$), 2022-2027
List of Tables
Table 1: Global: Medical Transcription Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Medical Transcription Market Forecast: Breakup by Service Type (in Million US$), 2022-2027
Table 3: Global: Medical Transcription Market Forecast: Breakup by Technology (in Million US$), 2022-2027
Table 4: Global: Medical Transcription Market Forecast: Breakup by Mode of Procurement (in Million US$), 2022-2027
Table 5: Global: Medical Transcription Market Forecast: Breakup by End User (in Million US$), 2022-2027
Table 6: Global: Medical Transcription Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 7: Global: Medical Transcription Market Structure
Table 8: Global: Medical Transcription Market: Key Players

Companies Mentioned

  • Acusis LLC
  • Transcend Services
  • Nuance Communications Inc.
  • MModal IP LLC
  • iMedX Information Services Private Limited
  • Global Medical Transcription LLC
  • nThrive Revenue Systems LLC
  • MTBC Inc.
  • MediScript Plus LLC
  • TransTech Medical Solutions LLC

Methodology

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