Global Medical Transcription Services Market to Reach $117.2 Billion by 2030
The global market for Medical Transcription Services estimated at US$67.4 Billion in the year 2022, is projected to reach a revised size of US$117.2 Billion by 2030, growing at a CAGR of 7.2% over the analysis period 2022-2030. Consultation Reports, one of the segments analyzed in the report, is projected to record 6.2% CAGR and reach US$41.5 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the History & Physical Reports segment is readjusted to a revised 8.4% CAGR for the next 8-year period.The U.S. Market is Estimated at $19.7 Billion, While China is Forecast to Grow at 6.9% CAGR
The Medical Transcription Services market in the U.S. is estimated at US$19.7 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$20.7 Billion by the year 2030 trailing a CAGR of 6.9% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.5% and 6.2% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 6.8% CAGR.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.
What's New?
- Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to digital archives and Research Platform
- Complimentary updates for one year
Table of Contents
I. METHODOLOGYII. EXECUTIVE SUMMARYIII. MARKET ANALYSISIV. COMPETITION
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Impact of Covid-19 and a Looming Global Recession
- 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 2022 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (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 2022 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 2021 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, 2023 & 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 2022 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 2021 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, 2023 & 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 2022 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 2021 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, 2023 & 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 2022 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 2021 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, 2023 & 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 2022 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 2021 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, 2023 & 2030
- Table 16: World Medical Transcription Services Market Analysis of Annual Sales in US$ Million for Years 2014 through 2030
UNITED STATES
- Medical Transcription Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2023 (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 2022 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 2021 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, 2023 & 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 2022 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 2021 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, 2023 & 2030
JAPAN
- Medical Transcription Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2023 (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 2022 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 2021 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, 2023 & 2030
CHINA
- Medical Transcription Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2023 (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 2022 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 2021 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, 2023 & 2030
EUROPE
- Medical Transcription Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2023 (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 2022 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 2021 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, 2023 & 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 2022 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 2021 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, 2023 & 2030
FRANCE
- Medical Transcription Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2023 (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 2022 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 2021 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, 2023 & 2030
GERMANY
- Medical Transcription Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2023 (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 2022 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 2021 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, 2023 & 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 2022 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 2021 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, 2023 & 2030
UNITED KINGDOM
- Medical Transcription Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2023 (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 2022 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 2021 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, 2023 & 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 2022 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 2021 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, 2023 & 2030
ASIA-PACIFIC
- Medical Transcription Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2023 (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 2022 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 2021 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, 2023 & 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 2022 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 2021 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, 2023 & 2030
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
Report Attribute | Details |
---|---|
No. of Pages | 278 |
Published | March 2024 |
Forecast Period | 2020 - 2027 |
Estimated Market Value ( USD | $ 62.4 Billion |
Forecasted Market Value ( USD | $ 95.6 Billion |
Compound Annual Growth Rate | 6.3% |
Regions Covered | Global |