Market Overview:
The global medical transcription service provider services market is expected to grow at a CAGR of 7.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for medical transcription services from individual, enterprise, and other applications. Additionally, the growing adoption of cloud-based medical transcription services is also contributing to the growth of this market. However, lack of awareness about medical transcription services among end users is restraining the growth of this market. On the basis of type, the global medical transcription service provider services market can be segmented into online service and offline service. The online service segment is expected to grow at a higher CAGR than that of offline service during the forecast period from 2018 to 2030 owing to its advantages such as easy accessibility and low cost as compared with offline service.
Product Definition:
Medical transcription service providers are companies that offer transcription services to the medical community. They provide a variety of services, including audio transcription, document management, and consulting. Medical transcription service providers are important because they help to ensure that medical records are accurate and up-to-date. They also provide a valuable resource for the medical community by making information accessible in a variety of formats.
Online Service:
Online service is a set of tools and processes for providing medical transcription services. It helps in converting voice to written format via computer. The online service saves time and provides flexibility to the medical transcriptionist, as he/she does not have to go through the tedious process of finding an available stenographer or spend time looking for tapes & transcripts.
Offline Service:
Offline service is also known as the bound book or dead tree service. It's a traditional method of delivering electronic documents and files to customers. In this process, the document or file is printed on paper and then filed in a binder along with other pages. The pages are organized by categories such as sections, articles, etc., which makes it easier for readers to find what they need quickly.
Application Insights:
The individual application segment held the largest share of over 70.0% in 2017. The growth can be attributed to the rising preference for online medical transcription services among individuals, as it offers ease and convenience while working on personal computers or laptops at home or work places. Online medical transcriptions services are also preferred by healthcare professionals for their patients, as they offer real-time text translation and proofreading features that help improve accuracy and legibility of transcripts/ translations.
Medical transcription service providers have also introduced mobile applications that allow customers to transcribe audio/video recordings with ease from a smartphone or tablet device.
Regional Analysis:
North America dominated the global market in 2017. This can be attributed to factors such as increasing healthcare spending, rising prevalence of chronic diseases, and high demand for medical information. Moreover, growing adoption of cloud-based technologies is expected to drive the regional market further.
Asia Pacific is anticipated to witness lucrative growth over the forecast period owing to factors such as improving healthcare infrastructure and rising awareness about available services among patients and physicians. In addition, a large population base with high unmet medical needs will support regional growth during the forecast period.
The key players operating in this industry are GlobalMed Medical LLC; MD Alshaq; Mediaco Ltd.; Transcriptic Ltd.; ZEISS Healthcare Germany GmbH & Co.
Growth Factors:
- Increasing demand for medical transcription services from hospitals, clinics and other healthcare organizations
- Growing popularity of electronic health records (EHR) and other healthcare information systems
- Rising number of patients with chronic diseases and complex medical conditions
- Proliferation of telemedicine and mHealth services
- Expansion of the global aging population
Scope Of The Report
Report Attributes
Report Details
Report Title
Medical Transcription Service Provider Services Market Research Report
By Type
Online Service, Offline Service
By Application
Individual, Enterprise, Others
By Companies
Cybernation Infotech, VChart, TransDyne, Altos, Athreon, CBAY Transcription, Clinicspectrum, Eyered Transcription Sevices, DataMatrix Technologies, Day Translations, Doctordocs, DrCatalyst, Enright Sten-Tel Transcription Services, EWord Solutions, Office Business Systems
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
149
Number of Tables & Figures
105
Customization Available
Yes, the report can be customized as per your need.
Global Medical Transcription Service Provider Services Market Report Segments:
The global Medical Transcription Service Provider Services market is segmented on the basis of:
Types
Online Service, Offline Service
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
Individual, Enterprise, 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:
- Cybernation Infotech
- VChart
- TransDyne
- Altos
- Athreon
- CBAY Transcription
- Clinicspectrum
- Eyered Transcription Sevices
- DataMatrix Technologies
- Day Translations
- Doctordocs
- DrCatalyst
- Enright Sten-Tel Transcription Services
- EWord Solutions
- Office Business Systems
Highlights of The Medical Transcription Service Provider Services 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:
- Online Service
- Offline Service
- By Application:
- Individual
- Enterprise
- 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 Service Provider Services 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
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- Product & Brand 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 service provider services are a type of transcription service that provide professional transcribers to create accurate, error-free transcripts of medical audio or video recordings. This can be helpful for patients who need access to their medical records in a timely manner, as well as for healthcare providers who need an accurate record of patient conversations.
Some of the major players in the medical transcription service provider services market are Cybernation Infotech, VChart, TransDyne, Altos, Athreon, CBAY Transcription, Clinicspectrum, Eyered Transcription Sevices, DataMatrix Technologies, Day Translations, Doctordocs, DrCatalyst, Enright Sten-Tel Transcription Services, EWord Solutions, Office Business Systems.
The medical transcription service provider services market is expected to grow at a compound annual growth rate of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Medical Transcription Service Provider Services 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 Service Provider Services Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Medical Transcription Service Provider Services 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 Service Provider Services 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 Service Provider Services Market Size & Forecast, 2018-2028
4.5.1 Medical Transcription Service Provider Services Market Size and Y-o-Y Growth
4.5.2 Medical Transcription Service Provider Services Market Absolute $ Opportunity
Chapter 5 Global Medical Transcription Service Provider Services 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 Service Provider Services Market Size Forecast by Type
5.2.1 Online Service
5.2.2 Offline Service
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Medical Transcription Service Provider Services 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 Service Provider Services Market Size Forecast by Applications
6.2.1 Individual
6.2.2 Enterprise
6.2.3 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Medical Transcription Service Provider Services 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 Service Provider Services 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 Service Provider Services Analysis and Forecast
9.1 Introduction
9.2 North America Medical Transcription Service Provider Services 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 Service Provider Services Market Size Forecast by Type
9.6.1 Online Service
9.6.2 Offline Service
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 Service Provider Services Market Size Forecast by Applications
9.10.1 Individual
9.10.2 Enterprise
9.10.3 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 Service Provider Services Analysis and Forecast
10.1 Introduction
10.2 Europe Medical Transcription Service Provider Services 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 Service Provider Services Market Size Forecast by Type
10.6.1 Online Service
10.6.2 Offline Service
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 Service Provider Services Market Size Forecast by Applications
10.10.1 Individual
10.10.2 Enterprise
10.10.3 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 Service Provider Services Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Medical Transcription Service Provider Services 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 Service Provider Services Market Size Forecast by Type
11.6.1 Online Service
11.6.2 Offline Service
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 Service Provider Services Market Size Forecast by Applications
11.10.1 Individual
11.10.2 Enterprise
11.10.3 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 Service Provider Services Analysis and Forecast
12.1 Introduction
12.2 Latin America Medical Transcription Service Provider Services 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 Service Provider Services Market Size Forecast by Type
12.6.1 Online Service
12.6.2 Offline Service
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 Service Provider Services Market Size Forecast by Applications
12.10.1 Individual
12.10.2 Enterprise
12.10.3 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 Service Provider Services Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Medical Transcription Service Provider Services 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 Service Provider Services Market Size Forecast by Type
13.6.1 Online Service
13.6.2 Offline Service
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 Service Provider Services Market Size Forecast by Applications
13.10.1 Individual
13.10.2 Enterprise
13.10.3 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 Service Provider Services Market: Competitive Dashboard
14.2 Global Medical Transcription Service Provider Services Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Cybernation Infotech
14.3.2 VChart
14.3.3 TransDyne
14.3.4 Altos
14.3.5 Athreon
14.3.6 CBAY Transcription
14.3.7 Clinicspectrum
14.3.8 Eyered Transcription Sevices
14.3.9 DataMatrix Technologies
14.3.10 Day Translations
14.3.11 Doctordocs
14.3.12 DrCatalyst
14.3.13 Enright Sten-Tel Transcription Services
14.3.14 EWord Solutions
14.3.15 Office Business Systems
