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Medical Transcription Market

Medical Transcription Market

Medical Transcription Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

157

Base Year:

2021

Date

Feb - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1299

Segments Covered
  • By End User Hospitals, Clinics, Clinical Laboratories, Academic Medical Centers, Others
  • By Deployment Cloud/Web Based, Installed/On-Premises
  • By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: USD 1.50 Billion
Revenue 2028Revenue 2028: USD 5.11 Billion
Revenue CAGRRevenue CAGR (2022 - 2028): 17.1%
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Largest Region Largest Region (2021): North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst
Medical Transcription Market Share

Medical Transcription Market: By Type, Application, and Region

Market Synopsis:

Global Medical Transcription market is valued at USD 1.50 Billion in 2021 and is projected to attain a value of USD 5.11 Billion by 2028 at a CAGR of 17.1% during the forecast period, 2022–2028. The process of translating verbal dictations of clinical data into pre-defined text or digital format is known as Medical Transcription (MT). With technological advancements, hospitals, healthcare facilities, clinics, and physicians are turning to MT to increase operational efficiency, improve patient care quality, and reduce capital investment. It also aids healthcare providers in keeping track of patient care and treatment records, which include medical examination findings, treatment plans, and other pertinent information. It also helps to relieve staff workload by removing the need to file patient forms, discharge summaries, and operation and progress notes. MT compiles an orderly and relevant medical history, allowing clinicians to assess the patient's present physical condition and devise an effective treatment strategy.

The market's expansion will be fueled by the world's ageing population. According to the World Health Organization, the global population of people aged 60 and more will increase from 12% in 2015 to roughly 22% in 2050. The Medical Transcription market will continue to grow as more healthcare will be required in the near future.

Medical Transcription Market Size, 2021 To 2028 (USD Billion)

Rise in the Prevalence of Various Chronic Diseases

The frequency of numerous chronic diseases, including as cancer, diabetes, and cardiovascular disease has increased, resulting in a growth in the quantity of medical records generated in hospitals. Additionally, increased organisational knowledge of the benefits of electronic health records (EHR) in simplifying information is having a beneficial impact on the global Medical Transcription industry. ADT normalization, rapid document formatting, and speech recognition are just a few examples of new technologies that can automate the translation of audio-based records into text-based electronic files. These technologies help to reduce transcription time and improve overall accuracy.

Low Software Adoption

One of the most common issues that healthcare IT outsourcing companies confront is their decision to pursue a full-fledged Medical Transcription company. For tiny Medical Transcription businesses, this frequently backfires. Each healthcare IT outsourcing company's requirements may differ. These requirements are determined by factors like as infrastructure, client preferences, and labour and talent availability. As a result, it is often recommended that such firms refrain from pursuing a full-fledged Medical Transcription business until the above-mentioned problems have been adequately handled. Because the Medical Transcription industry necessitates significant financial and time inputs, firms cannot justify entering this business until these resources are fully employed. Partial medical transcription, on the other hand, entails the use of MT solely to execute particular activities.

Market Segmentation:

The Global Medical Transcription market is segmented by End-User into Hospitals, Clinics, Clinical Laboratories, Academic Medical Centers and Others. Based on Deployment into Cloud/Web Based and Installed/On Premises. Based on Region, the Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Below tree is interactive. You can click the nodes to get more information.

North America is Expected to Dominate the Market

North America is expected to hold the highest proportion of the global market in 2020. The flourishing research environment and ample financing programs, such as higher finances for the National Institutes of Health (NIH) and increasing R&D activities by biotechnology and pharmaceutical businesses, are driving market growth in North America.

Key Players:

The key players operating in the Medical Transcription market are: Acusis LLC (US), Transcend Services (Taiwan), Nuance Communications Inc. (US), MModal LLC (US), iMedX Inc. (US), Global Medical Transcription LLC (US), nThrive Inc. (US), MTBC Inc. (US), Medi-Script Plus (US), TransTech Medical Solutions LLC (US), etc.

The Medical Transcription market is segmented as follows:

Parameter Details
Segments Covered
  • End User (Hospitals, Clinics, Clinical Laboratories, Academic Medical Centers, Others)
  • Deployment (Cloud/Web Based, Installed/On-Premises)
  • Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Acusis LLC (US)
  • Transcend Services (Taiwan)
  • Nuance Communications Inc. (US)
  • MModal LLC (US)
  • iMedX Inc. (US)
  • Global Medical Transcription LLC (US)
  • nThrive Inc. (US)
  • MTBC Inc. (US)
  • Medi-Script Plus (US)
  • TransTech Medical Solutions LLC (US)
  • etc.
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

The Medical Transcription market scope can be tabulated as below:

Medical Transcription Market to Reach Valuation of USD 5.11 Billion by 2028 - Increased Need for Digital Documentation & Ease Management in Healthcare Sector is Expected to Boost the Revenue for the Market
In terms of revenue, the Global Medical Transcription Market is expected to reach USD 5.11 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 17.1% from 2022 to 2028. Digitalization is currently taking over the majority of the healthcare sector, this includes, management, patent re...
FAQ
Frequently Asked Question
  • The global Medical Transcription valued at USD 1.50 Billion in 2020 and is expected to reach USD 5.11 Billion in 2028 growing at a CAGR of 17.1%.

  • The prominent players in the market are Acusis LLC (US), Transcend Services (Taiwan), Nuance Communications Inc. (US), MModal LLC (US), iMedX Inc. (US), Global Medical Transcription LLC (US), nThrive Inc. (US), MTBC Inc. (US), Medi-Script Plus (US), TransTech Medical Solutions LLC (US), etc..

  • The market is project to grow at a CAGR of 17.1% between 2021 and 2028.

  • The driving factors of the Medical Transcription include

    • Rise in the Prevalence of Various Chronic Diseases

  • North America was the leading regional segment of the Medical Transcription in 2020.