+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)

Medical Transcription Services: Global Strategic Business Report

  • PDF Icon

    Report

  • 278 Pages
  • March 2024
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 1206718

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 SUMMARY
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
III. MARKET ANALYSIS
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
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