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Global Medical Transcription Services Market (2022-2027) by Type, Service Type, Technology, End-User, and Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis

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    Report

  • 175 Pages
  • September 2022
  • Region: Global
  • Infogence Global Research
  • ID: 5684400

Outsourcing Medical Transcription Services Allow Health Practitioners to Focus on the Patient's Needs More Rather Than Handling Organizational Chaos

The Global Medical Transcription Services Market is estimated to be USD 66.12 Bn in 2022 and is expected to reach USD 83.87 Bn by 2027, growing at a CAGR of 4.87%.

Market Dynamics

Market dynamics are forces that impact the prices and behaviors of the Global Medical Transcription Services Market stakeholders. These forces create pricing signals which result from the changes in the supply and demand curves for a given product or service. Forces of Market Dynamics may be related to macro-economic and micro-economic factors. There are dynamic market forces other than price, demand, and supply. Human emotions can also drive decisions, influence the market, and create price signals.

As the market dynamics impact the supply and demand curves, decision-makers aim to determine the best way to use various financial tools to stem various strategies for speeding the growth and reducing the risks.

Market Segmentations

The Global Medical Transcription Services Market is segmented based on Type, Service Type, Technology, End-User, and Geography.
  • By Type, the market is classified into Outsourcing and Offshoring.
  • By Service Type, the market is classified into History & Physical Report, Discharge Summary, Operative Note or Report, and Consultation Report.
  • By Technology, the market is classified into Electronic Medical Records/Electronic Health Record (EMR/EHR), Picture Archiving & Communication System (PACS), Radiology Information System (RIS), and Speech Recognition Technology (SRT).
  • By End-User, the market is classified into Hospitals, Clinics, Clinical Laboratories, and Academic Medical Centers.
  • By Geography, the market is classified into Americas, Europe, Middle-East & Africa, and Asia-Pacific.

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are 3M Company, CareCloud, Inc., Mediscript, etc.

Countries Studied

  • America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
  • Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
  • Middle-East and Africa (Egypt, Israel, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
  • Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

The report presents a detailed Ansoff matrix analysis for the Global Medical Transcription Services Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.

The analyst analyses the Global Medical Transcription Services Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.

Based on the SWOT analysis conducted on the industry and industry players, the analyst has devised suitable strategies for market growth.

Why buy this report?

  • The report offers a comprehensive evaluation of the Global Medical Transcription Services Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
  • The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
  • The report includes an in-depth market analysis using Porter's 5 forces model and the Ansoff Matrix. In addition, the impact of Covid-19 on the market is also featured in the report.
  • The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
  • The report also contains the competitive analysis using Positioning Quadrants, the analyst's competitive positioning tool.

Report Highlights:

  • A complete analysis of the market, including parent industry
  • Important market dynamics and trends
  • Market segmentation
  • Historical, current, and projected size of the market based on value and volume
  • Market shares and strategies of key players
  • Recommendations to companies for strengthening their foothold in the market
Frequently Asked Questions about the Global Medical Transcription Services Market

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

The Global Medical Transcription Services Market was estimated to be valued at $66.12 Billion in 2022.

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

The growth rate of the Global Medical Transcription Services Market is 4.8%, with an estimated value of $83.87 Billion by 2027.

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

The Global Medical Transcription Services Market is estimated to be worth $83.87 Billion by 2027.

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

Key companies in the Global Medical Transcription Services Market include Acusis, LLC, Nuance Communications, Inc., 3M Company, iMedX Information Services Pvt. Ltd., Global Medical Transcription, LLC, CareCloud, Inc., Mediscript, Medisigns Transtech Pvt. Ltd., GoTranscript Ltd. and Lingual Consultancy Services.

Table of Contents

1 Report Description
1.1 Study Objectives
1.2 Market Definition
1.3 Currency
1.4 Years Considered
1.5 Language
1.6 Key Stakeholders
2 Research Methodology
2.1 Research Process
2.2 Data Collection and Validation
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Models
2.3 Market Size Estimation
2.3.1 Bottom-Up Approach
2.3.2 Top-Down Approach
2.4 Assumptions of the Study
2.5 Limitations of the Study
3 Executive Summary
3.1 Introduction
3.2 Market Size, Segmentations and Outlook
4 Market Dynamics
4.1 Drivers
4.1.1 Rise in chronic diseases
4.1.2 Increasing demand for medical records
4.2 Restraints
4.2.1 Stringent Regulatory Scenario
4.3 Opportunities
4.3.1 Introduction of the Latest Technologies, such as ADT Normalization, Instantaneous Document Formatting, and Voice Recognition
4.4 Challenges
4.4.1 Data Security
5 Market Analysis
5.1 Regulatory Scenario
5.2 Porter's Five Forces Analysis
5.3 Impact of COVID-19
5.4 Ansoff Matrix Analysis
6 Global Medical Transcription Services Market, By Type
6.1 Introduction
6.2 Outsourcing
6.3 Offshoring
7 Global Medical Transcription Services Market, By Service Type
7.1 Introduction
7.2 History and Physical Report
7.3 Discharge Summary
7.4 Operative Note or Report
7.5 Consultation Report
8 Global Medical Transcription Services Market, By Technology
8.1 Introduction
8.2 Electronic Medical Records/Electronic Health Record (EMR/EHR)
8.3 Picture Archiving & Communication System (PACS)
8.4 Radiology Information System (RIS)
8.5 Speech Recognition Technology (SRT)
9 Global Medical Transcription Services Market, By End-User
9.1 Introduction
9.2 Hospitals
9.3 Clinics
9.4 Clinical Laboratories
9.5 Academic Medical Centers
10 Americas’ Medical Transcription Services Market
10.1 Introduction
10.2 Argentina
10.3 Brazil
10.4 Canada
10.5 Chile
10.6 Colombia
10.7 Mexico
10.8 Peru
10.9 United States
10.10 Rest of Americas
11 Europe’sMedical Transcription Services Market
11.1 Introduction
11.2 Austria
11.3 Belgium
11.4 Denmark
11.5 Finland
11.6 France
11.7 Germany
11.8 Italy
11.9 Netherlands
11.10 Norway
11.11 Poland
11.12 Russia
11.13 Spain
11.14 Sweden
11.15 Switzerland
11.16 United Kingdom
11.17 Rest of Europe
12 Middle East and Africa’s Medical Transcription Services Market
12.1 Introduction
12.2 Egypt
12.3 Israel
12.4 Qatar
12.5 Saudi Arabia
12.6 South Africa
12.7 United Arab Emirates
12.8 Rest of MEA
13 APAC's Global Medical Transcription Services Market
13.1 Introduction
13.2 Australia
13.3 Bangladesh
13.4 China
13.5 India
13.6 Indonesia
13.7 Japan
13.8 Malaysia
13.9 Philippines
13.10 Singapore
13.11 South Korea
13.12 Sri Lanka
13.13 Thailand
13.14 Taiwan
13.15 Rest of Asia-Pacific
14 Competitive Landscape
14.1 Competitive Quadrant
14.2 Market Share Analysis
14.3 Strategic Initiatives
14.3.1 M&A and Investments
14.3.2 Partnerships and Collaborations
14.3.3 Product Developments and Improvements
15 Company Profiles
15.1 Acusis, LLC
15.2 Nuance Communications, Inc.
15.3 3M Company
15.4 iMedX Information Services Pvt. Ltd.
15.5 Global Medical Transcription, LLC
15.6 CareCloud, Inc.
15.7 Mediscript
15.8 Medisigns Transtech Pvt. Ltd.
15.9 GoTranscript Ltd.
15.10 Lingual Consultancy Services
15.11 Augnito India Pvt. Ltd.
15.12 Scribetech Ltd.
15.13 Med-Scribe Inc.
15.14 TransPerfect Global, Inc.
15.15 DoctorDocs
15.16 Precyse Solutions, LLC
15.17 Superior Global Solutions, Inc.
16 Appendix
16.1 Questionnaire

Companies Mentioned

  • Acusis, LLC
  • Nuance Communications, Inc.
  • 3M Company
  • iMedX Information Services Pvt. Ltd.
  • Global Medical Transcription, LLC
  • CareCloud, Inc.
  • Mediscript
  • Medisigns Transtech Pvt. Ltd.
  • GoTranscript Ltd.
  • Lingual Consultancy Services
  • Augnito India Pvt. Ltd.
  • Scribetech Ltd.
  • Med-Scribe Inc.
  • TransPerfect Global, Inc.
  • DoctorDocs
  • Precyse Solutions, LLC
  • Superior Global Solutions, Inc.