Market Overview:
The global medical transcription market is expected to grow at a CAGR of 7.5% from 2018 to 2030. The growth in the market can be attributed to the increasing demand for medical transcription services from hospitals, clinical laboratories, academic medical centers, and others. Additionally, the growing adoption of cloud-based solutions and increasing use of artificial intelligence (AI) in medical transcription are also contributing to the growth of this market. However, lack of skilled professionals is restraining the growth of this market.
Product Definition:
Medical transcription is the process of transcribing medical records from audio or video recordings into written form. Medical transcriptionists are responsible for ensuring that all patient information is accurately documented in the medical record. The importance of medical transcription cannot be overstated; accurate and complete documentation is essential for providing quality patient care.
Outsourcing:
Outsourcing medical transcription services is a growing trend in the healthcare industry. Medical transcription services are witnessing high demand due to increasing patient pool, rising prevalence of chronic diseases, and rapid growth in the healthcare sector. According to statistics by Medtranscription Services Association (MESA), it was estimated that there will be an addition of 100 million patients by 2020 with various chronic diseases which includes 80 million adults and 20 million children.
Offshoring:
Offshoring is the practice of outsourcing business operations to low-cost countries. Medical transcription services are provided by medical professionals in various fields such as nursing, medicine, and pharmacy. These professionals have a knowledge of English language which makes them eligible for working in the field of offshoring medical transcription services. The main aim of these professionals is to provide accurate transcribed documents with proper punctuation and capitalization while maintaining the standard rules and regulations set by regulatory bodies across different nations.
Application Insights:
Based on application, the global medical transcription market is segmented into hospitals, clinical laboratories, academic medical centers and others. Hospitals held the largest share in 2017 owing to factors such as increasing prevalence of chronic diseases and rising demand for highly skilled healthcare professionals. Furthermore, an increase in hospital construction across the globe is expected to drive this industry over the forecast period.
Clinical laboratories are anticipated to witness lucrative growth over the forecast period due to factors such as an increase in testing volumes and government initiatives encouraging efficiency practices within these facilities. For instance, according to a study published by National Health Statistics (NHS), laboratory tests performed annually per 1 million population: blood tests 23; cholesterol tests 21; diabetes test 13; cancer screening 11; flu shots 9; tuberculosis test 7; drug abuse screening 6.; osteoporosis test 5.; vision & hearing testing 4.; syphilis testing 3.; HIV/AIDS 2%; other lab tests 1%.
Regional Analysis:
North America dominated the global market in 2017. The presence of well-established healthcare facilities, availability of highly skilled transcribers and advanced medical equipment are some factors responsible for its growth. Furthermore, rising demand for quality medical services and high standard of living is expected to drive the regional market over the forecast period.
Asia Pacific is anticipated to witness lucrative growth during the forecast period owing to increasing outsourcing activities by North American countries coupled with a growing number of CROs offering low cost service offerings in this region. Moreover, improving healthcare infrastructure along with an increase in patient pool will boost revenue generation capacity at lower costs thereby boosting overall revenue share over next eight years or so.
Growth Factors:
- Increasing demand for medical transcription services from hospitals, clinics and other healthcare organizations
- Rising number of patients with chronic diseases that require long-term care
- Growing popularity of telemedicine and telehealth services
- Proliferation of health information technology (HIT) in the healthcare sector
- Emergence of new players in the medical transcription market
Scope Of The Report
Report Attributes
Report Details
Report Title
Medical Transcription Market Research Report
By Type
Outsourcing, Offshoring
By Application
Hospitals, Clinical Laboratories, Academic Medical Centers, Others
By Companies
Mmodal, Nuance Communications, Transcend Services, Acusis, iMedX Information Services, MTBC, nThrive, Medi-Script Plus, Outsource2india, TransPerfect, VIVA Transcription, Medscribe, Pacific Solutions, Same Day transcriptions, DoctorDocs, World Wide Dictation, Athreon, BVS Transtech, Excel Transcriptions, GMT, LC Transcription Services
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
145
Number of Tables & Figures
102
Customization Available
Yes, the report can be customized as per your need.
Global Medical Transcription Market Report Segments:
The global Medical Transcription market is segmented on the basis of:
Types
Outsourcing, Offshoring
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Hospitals, Clinical Laboratories, Academic Medical Centers, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Mmodal
- Nuance Communications
- Transcend Services
- Acusis
- iMedX Information Services
- MTBC
- nThrive
- Medi-Script Plus
- Outsource2india
- TransPerfect
- VIVA Transcription
- Medscribe
- Pacific Solutions
- Same Day transcriptions
- DoctorDocs
- World Wide Dictation
- Athreon
- BVS Transtech
- Excel Transcriptions
- GMT
- LC Transcription Services
Highlights of The Medical Transcription Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Outsourcing
- Offshoring
- By Application:
- Hospitals
- Clinical Laboratories
- Academic Medical Centers
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Medical Transcription Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Medical transcription is the process of accurately and legibly recording spoken or written medical information. This can include dictation, transcription, and translation of medical records. Medical transcriptionists may also provide specialized services such as transcribing audio recordings of medical procedures.
Some of the major players in the medical transcription market are Mmodal, Nuance Communications, Transcend Services, Acusis, iMedX Information Services, MTBC, nThrive, Medi-Script Plus, Outsource2india, TransPerfect, VIVA Transcription, Medscribe, Pacific Solutions, Same Day transcriptions, DoctorDocs, World Wide Dictation, Athreon, BVS Transtech, Excel Transcriptions, GMT, LC Transcription Services.
The medical transcription market is expected to register a CAGR of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Medical Transcription Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Medical Transcription Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Medical Transcription Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Medical Transcription Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Medical Transcription Market Size & Forecast, 2018-2028
4.5.1 Medical Transcription Market Size and Y-o-Y Growth
4.5.2 Medical Transcription Market Absolute $ Opportunity
Chapter 5 Global Medical Transcription Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Medical Transcription Market Size Forecast by Type
5.2.1 Outsourcing
5.2.2 Offshoring
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Medical Transcription Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Medical Transcription Market Size Forecast by Applications
6.2.1 Hospitals
6.2.2 Clinical Laboratories
6.2.3 Academic Medical Centers
6.2.4 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Medical Transcription Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Medical Transcription Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Medical Transcription Analysis and Forecast
9.1 Introduction
9.2 North America Medical Transcription Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Medical Transcription Market Size Forecast by Type
9.6.1 Outsourcing
9.6.2 Offshoring
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Medical Transcription Market Size Forecast by Applications
9.10.1 Hospitals
9.10.2 Clinical Laboratories
9.10.3 Academic Medical Centers
9.10.4 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Medical Transcription Analysis and Forecast
10.1 Introduction
10.2 Europe Medical Transcription Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Medical Transcription Market Size Forecast by Type
10.6.1 Outsourcing
10.6.2 Offshoring
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Medical Transcription Market Size Forecast by Applications
10.10.1 Hospitals
10.10.2 Clinical Laboratories
10.10.3 Academic Medical Centers
10.10.4 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Medical Transcription Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Medical Transcription Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Medical Transcription Market Size Forecast by Type
11.6.1 Outsourcing
11.6.2 Offshoring
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Medical Transcription Market Size Forecast by Applications
11.10.1 Hospitals
11.10.2 Clinical Laboratories
11.10.3 Academic Medical Centers
11.10.4 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Medical Transcription Analysis and Forecast
12.1 Introduction
12.2 Latin America Medical Transcription Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Medical Transcription Market Size Forecast by Type
12.6.1 Outsourcing
12.6.2 Offshoring
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Medical Transcription Market Size Forecast by Applications
12.10.1 Hospitals
12.10.2 Clinical Laboratories
12.10.3 Academic Medical Centers
12.10.4 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Medical Transcription Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Medical Transcription Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Medical Transcription Market Size Forecast by Type
13.6.1 Outsourcing
13.6.2 Offshoring
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Medical Transcription Market Size Forecast by Applications
13.10.1 Hospitals
13.10.2 Clinical Laboratories
13.10.3 Academic Medical Centers
13.10.4 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Medical Transcription Market: Competitive Dashboard
14.2 Global Medical Transcription Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Mmodal
14.3.2 Nuance Communications
14.3.3 Transcend Services
14.3.4 Acusis
14.3.5 iMedX Information Services
14.3.6 MTBC
14.3.7 nThrive
14.3.8 Medi-Script Plus
14.3.9 Outsource2india
14.3.10 TransPerfect
14.3.11 VIVA Transcription
14.3.12 Medscribe
14.3.13 Pacific Solutions
14.3.14 Same Day transcriptions
14.3.15 DoctorDocs
14.3.16 World Wide Dictation
14.3.17 Athreon
14.3.18 BVS Transtech
14.3.19 Excel Transcriptions
14.3.20 GMT
14.3.21 LC Transcription Services
