Global Medical Transcription Market, By Services Type (History and Physical Report, Discharge Summary, Operative Note or Report, Consultation Report, Pathology Report, Radiology Report, and Others), Technology (Electronic Medical Records/Electronic Health Record (EMR/EHR), Picture Archiving and Communication System (PACS), Radiology Information System (RIS), Speech Recognition Technology (SRT), and Others), Mode of Procurement (Outsourcing, Offshoring, Both), End User (Hospitals, Clinics, Clinical Laboratories, Academic Medical Centers, and Others) – Industry Trends and Forecast to 2029.
Medical Transcription Market Analysis and Size
The process of transferring verbal dictations of clinical data into pre-defined text or digital format is known as medical transcription (MT), also known as healthcare documentation. Hospitals, healthcare facilities, clinics, and physicians are choosing MT as a result of technological advancements in order to maximise operational effectiveness, enhance patient care quality, and reduce capital investment. Maintaining records of patient care and treatment that include medical examination results, treatment plans, and pertinent data is also helpful to healthcare professionals.
Data Bridge Market Research analyses that the medical transcription market which was USD 1.50 billion in 2021, would rocket up to USD 3.79 billion by 2029, and is expected to undergo a CAGR of 12.30% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Medical Transcription Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Services Type (History and Physical Report, Discharge Summary, Operative Note or Report, Consultation Report, Pathology Report, Radiology Report, and Others), Technology (Electronic Medical Records/Electronic Health Record (EMR/EHR), Picture Archiving and Communication System (PACS), Radiology Information System (RIS), Speech Recognition Technology (SRT), and Others), Mode of Procurement (Outsourcing, Offshoring, Both), End User (Hospitals, Clinics, Clinical Laboratories, Academic Medical Centers, and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Acusis LLC (U.S.), Transcend Services (Taiwan), Nuance Communications Inc. (U.S.), MModal LLC (U.S.), iMedX Inc. (U.S.), Global Medical Transcription LLC (U.S.), nThrive Inc. (U.S.), MTBC Inc. (U.S.), Medi-Script (U.S.), TransTech Medical Solutions LLC (U.S.), Mmodal (Canada), Outsource2 (India), TransPerfect (U.S.), VIVA Transcription Corp. (U.S.), Medscribe Inc. (U.S.), Pacific Solutions (U.S.), Same Day transcriptions Inc. (U.S.), DoctorDocs (U.S.), World Wide Dictation (U.S.), Athreon (U.S.)
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Market Opportunities
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Market Definition
Medical transcription is the process of converting voice-recorded medical reports into written text format. It produces an organised and pertinent patient history that enables doctors to assess the patient's current physical status and plan the best course of treatment.
Medical Transcription Market Dynamics
Drivers
- Rise in chronic diseases
The increase in the prevalence of several chronic illnesses, including melanoma, cardiovascular, and diabetes problems, has consistently contributed to an rise in the number of medical records created in clinics. The increasing knowledge among businesses about the benefits of preserving data in electronic health records is significantly impacting the industry around the world. ADT normalisation, audio identification, and other cutting-edge technologies that enable the conversion of voice-based documents into text-based automated data are also now being accepted by businesses.
- Increasing demand of medical records
The frequency of several chronic conditions, including cancer, diabetes, and heart disease, has also increased, which has caused a rise in the quantity of medical records created in hospitals. Accordingly, increasing business awareness of the advantages of electronic health records (EHR) favors the global medical transcription market.
Opportunities
Furthermore, rapid urbanization, numerous benefits offered by electronic health records (EHR) and the introduction of high-end encryption technologies are facilitating the market growth.
Restraints/Challenges
On the other hand, the market for medical transcription is experiencing significant problems from the rise of over-the-counter drugs, the launch of new goods, hospital administrators' hesitation, fraud, and the unauthorised selling of patient data. Leading firms have incorporated cutting-edge encryption technology, data security measures, and secure end-to-end information exchange processes despite the heightened risk of fraud or theft of medical data or information.
This medical transcription market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the medical transcription market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Medical Transcription Market
The COVID-19 pandemic had an impact in a number of areas, including health. However, it is anticipated that this epidemic would have a significant positive impact on the medical transcription market. A great demand for digital literature has been generated by the rise in coronavirus cases, which will also help the market for medical transcription around the world to reflect more accurately. During the coronavirus emergency, the launch of new products by industry participants will aid market expansion.
Recent Development
- In March 2020 , ZyDoc announced the beginning of its free COVID-19 EHR services to all hospitals and healthcare organisations impacted by COVID-19.
Global Medical Transcription Market Scope
The medical transcription market is segmented on the basis of services type, technology, mode of procurement and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Service Type
- History and Physical Report
- Discharge Summary
- Operative Note or Report
- Consultation Report
- Others
- Pathology Report
- Radiology Report
Technology
- Electronic Medical Records/Electronic Health Record (EMR/EHR)
- Picture Archiving and Communication System (PACS)
- Radiology Information System (RIS)
- Speech Recognition Technology (SRT)
- Others
Mode of Procurement
- Outsourcing
- Offshoring
- Both
End User
- Hospitals
- Clinics
- Clinical Laboratories
- Academic Medical Centers
- Others
Medical Transcription Market Regional Analysis/Insights
The medical transcription market is analysed and market size insights and trends are provided by country, services type, technology, mode of procurement and end user as referenced above.
The countries covered in the medical transcription market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the medical transcription market due to the strong healthcare IT infrastructure and market players penetration in the anticipated period of 2022 to 2029.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to the rising health awareness among the people and growing demand of advanced medical technology.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Medical Transcription Market Share Analysis
The medical transcription market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to medical transcription market.
Some of the major players operating in the medical transcription market are:
- Acusis LLC (U.S.)
- Transcend Services (Taiwan)
- Nuance Communications Inc. (U.S.)
- MModal LLC (U.S.)
- iMedX Inc. (U.S.)
- Global Medical Transcription LLC (U.S.)
- nThrive Inc. (U.S.)
- MTBC Inc. (U.S.)
- Medi-Script (U.S.)
- TransTech Medical Solutions LLC (U.S.)
- Mmodal (Canada)
- Outsource2 (India)
- TransPerfect (U.S.)
- VIVA Transcription Corp. (U.S.)
- Medscribe Inc. (U.S.)
- Pacific Solutions (U.S.)
- Same Day transcriptions Inc. (U.S.)
- DoctorDocs (U.S.)
- World Wide Dictation (U.S.)
- Athreon (U.S.)
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