Medical Transcription Market Size in the US to Grow by USD 2.06 Bn, Growing Need for Automated Medical Transcripts to Boost Market Growth - Technavio

NEW YORK, Nov. 1, 2022 /PRNewswire/ -- The "Medical Transcription Market in the US by End-user, Type, and Geography - Forecast and Analysis 2022-2026" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years.

The potential growth difference for the medical transcription market size in the US between 2021 and 2026 is USD 2.06 billion. To get the exact yearly growth variance and the Y-O-Y growth rate, Request a FREE PDF Sample Report

Key Market Dynamics

• Market Driver: The growing need for automated medical transcripts is driving the market growth. There is a need for automating the transcription process through the integration of medical data by various information systems of hospitals, speech recognition systems, and compiling patient information in a single place. Automated medical transcripts are generated in real-time. ASR systems can identify individual speakers and differentiate between patients and healthcare providers. Such benefits of using ASR will fuel the growth of the medical transcription market in the US during the forecast period.

• Market Challenge: Low accuracy rates of speech recognition software are challenging the market growth. ASR systems are subject to errors and lack of accuracy in clinical documents generated. EHR and other health information technologies also have high chances of error. This, in turn, will impede the medical transcription market growth in the US during the forecast period.

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Vendor Landscape

The medical transcription market in the US is fragmented due to the presence of multiple established vendors. The vendors are deploying growth strategies such as quality, price, and service to compete in the market. They are adopting different marketing strategies to increase their market share. The acquisition of new companies and small-sized vendors will help leading competitors maintain their dominance in the medical transcription market in the US during the forecast period. Major competitors and other prominent vendors are adopting sustainability practices. Competition among key market vendors will lead to the introduction of several innovative and advanced medical transcription technologies, which, in turn, will drive the growth of the market.

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Market Segmentation

The medical transcription market in the US is segmented by end-user into hospitals and physician groups and clinics. By type, the market has been segmented into services and software segments.

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Some Companies Mentioned

• 3M Co.
• Aquity LLC
• Athreon
• CBAY Transcription Inc.
• Crimson Interactive Pvt. Ltd.
• Dolbey
• EHR Transcriptions Inc.
• Global Medical Transcription LLC
• InSync Healthcare Solution
• Managed Outsource Solutions
• NextGen Healthcare Inc.
• Nuance Communications Inc.
• Scribetech UK Ltd.
• SmartMD
• Sunrise Transcriptions Inc.
• TransDyne
• vChart LLC
• World Wide Dictation Service of New York Inc.
• ZyDoc Medical Transcription LLC
• Amazon.com Inc.

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Key Topics Covered

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Country Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 07: Parent market
• Exhibit 08: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 09: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 10: Market segments

• 3.3 Market size 2021

• 3.4 Market outlook: Forecast for 2021-2026 
• Exhibit 11: Chart on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 12: Data Table on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 13: Chart on US: Year-over-year growth 2021-2026 (%)
• Exhibit 14: Data Table on US: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

• 4.1 Five forces summary 
• Exhibit 15: Five forces analysis - Comparison between 2021 and 2026

• 4.2 Bargaining power of buyers 
• Exhibit 16: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

• 4.3 Bargaining power of suppliers 
• Exhibit 17: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

• 4.4 Threat of new entrants 
• Exhibit 18: Threat of new entrants – Impact of key factors in 2021 and 2026

• 4.5 Threat of substitutes 
• Exhibit 19: Threat of substitutes – Impact of key factors in 2021 and 2026

• 4.6 Threat of rivalry 
• Exhibit 20: Threat of rivalry – Impact of key factors in 2021 and 2026

• 4.7 Market condition 
• Exhibit 21: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by End-user

• 5.1 Market segments 
• Exhibit 22: Chart on End-user - Market share 2021-2026 (%)
• Exhibit 23: Data Table on End-user - Market share 2021-2026 (%)

• 5.2 Comparison by End-user 
• Exhibit 24: Chart on Comparison by End-user
• Exhibit 25: Data Table on Comparison by End-user

• 5.3 Hospitals - Market size and forecast 2021-2026
• Exhibit 26: Chart on Hospitals - Market size and forecast 2021-2026 ($ million)
• Exhibit 27: Data Table on Hospitals - Market size and forecast 2021-2026 ($ million)
• Exhibit 28: Chart on Hospitals - Year-over-year growth 2021-2026 (%)
• Exhibit 29: Data Table on Hospitals - Year-over-year growth 2021-2026 (%)

• 5.4 Physician groups and clinics - Market size and forecast 2021-2026 
• Exhibit 30: Chart on Physician groups and clinics - Market size and forecast 2021-2026 ($ million)
• Exhibit 31: Data Table on Physician groups and clinics - Market size and forecast 2021-2026 ($ million)
• Exhibit 32: Chart on Physician groups and clinics - Year-over-year growth 2021-2026 (%)
• Exhibit 33: Data Table on Physician groups and clinics - Year-over-year growth 2021-2026 (%)

• 5.5 Market opportunity by End-user 
• Exhibit 34: Market opportunity by End-user ($ million)

6 Market Segmentation by Type

• 6.1 Market segments 
• Exhibit 35: Chart on Type - Market share 2021-2026 (%)
• Exhibit 36: Data Table on Type - Market share 2021-2026 (%)

• 6.2 Comparison by Type 
• Exhibit 37: Chart on Comparison by Type
• Exhibit 38: Data Table on Comparison by Type

• 6.3 Services - Market size and forecast 2021-2026
• Exhibit 39: Chart on Services - Market size and forecast 2021-2026 ($ million)
• Exhibit 40: Data Table on Services - Market size and forecast 2021-2026 ($ million)
• Exhibit 41: Chart on Services - Year-over-year growth 2021-2026 (%)
• Exhibit 42: Data Table on Services - Year-over-year growth 2021-2026 (%)

• 6.4 Software - Market size and forecast 2021-2026
• Exhibit 43: Chart on Software - Market size and forecast 2021-2026 ($ million)
• Exhibit 44: Data Table on Software - Market size and forecast 2021-2026 ($ million)
• Exhibit 45: Chart on Software - Year-over-year growth 2021-2026 (%)
• Exhibit 46: Data Table on Software - Year-over-year growth 2021-2026 (%)

• 6.5 Market opportunity by Type 
• Exhibit 47: Market opportunity by Type ($ million)

7 Customer Landscape

• 7.1 Customer landscape overview 
• Exhibit 48: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

8 Drivers, Challenges, and Trends

• 8.1 Market drivers

• 8.2 Market challenges

• 8.3 Impact of drivers and challenges 
• Exhibit 49: Impact of drivers and challenges in 2021 and 2026

• 8.4 Market trends

9 Vendor Landscape

• 9.1 Overview

• 9.2 Vendor landscape 
• Exhibit 50: Overview on Criticality of inputs and Factors of differentiation

• 9.3 Landscape disruption 
• Exhibit 51: Overview on factors of disruption

• 9.4 Industry risks 
• Exhibit 52: Impact of key risks on business

10 Vendor Analysis

• 10.1 Vendors covered 
• Exhibit 53: Vendors covered

• 10.2 Market positioning of vendors 
• Exhibit 54: Matrix on vendor position and classification

• 10.3 3M Co. 
• Exhibit 55: 3M Co. - Overview
• Exhibit 56: 3M Co. - Business segments
• Exhibit 57: 3M Co. - Key news
• Exhibit 58: 3M Co. - Key offerings
• Exhibit 59: 3M Co. - Segment focus

• 10.4 Amazon.com Inc. 
• Exhibit 60: Amazon.com Inc. - Overview
• Exhibit 61: Amazon.com Inc. - Business segments
• Exhibit 62: Amazon.com Inc. - Key news
• Exhibit 63: Amazon.com Inc. - Key offerings
• Exhibit 64: Amazon.com Inc. - Segment focus

• 10.5 Aquity LLC 
• Exhibit 65: Aquity LLC - Overview
• Exhibit 66: Aquity LLC - Product / Service
• Exhibit 67: Aquity LLC - Key offerings

• 10.6 Dolbey 
• Exhibit 68: Dolbey - Overview
• Exhibit 69: Dolbey - Product / Service
• Exhibit 70: Dolbey - Key offerings

• 10.7 InSync Healthcare Solution 
• Exhibit 71: InSync Healthcare Solution - Overview
• Exhibit 72: InSync Healthcare Solution - Product / Service
• Exhibit 73: InSync Healthcare Solution - Key offerings

• 10.8 NextGen Healthcare Inc. 
• Exhibit 74: NextGen Healthcare Inc. - Overview
• Exhibit 75: NextGen Healthcare Inc. - Product / Service
• Exhibit 76: NextGen Healthcare Inc. - Key offerings

• 10.9 Nuance Communications Inc. 
• Exhibit 77: Nuance Communications Inc. - Overview
• Exhibit 78: Nuance Communications Inc. - Business segments
• Exhibit 79: Nuance Communications Inc. - Key offerings
• Exhibit 80: Nuance Communications Inc. - Segment focus

• 10.10 SmartMD 
• Exhibit 81: SmartMD - Overview
• Exhibit 82: SmartMD - Product / Service
• Exhibit 83: SmartMD - Key offerings

• 10.11 World Wide Dictation Service of New York Inc.
• Exhibit 84: World Wide Dictation Service of New York Inc. - Overview
• Exhibit 85: World Wide Dictation Service of New York Inc. - Product / Service
• Exhibit 86: World Wide Dictation Service of New York Inc. - Key offerings

• 10.12 ZyDoc Medical Transcription LLC 
• Exhibit 87: ZyDoc Medical Transcription LLC - Overview
• Exhibit 88: ZyDoc Medical Transcription LLC - Product / Service
• Exhibit 89: ZyDoc Medical Transcription LLC - Key offerings

11 Appendix

• 11.1 Scope of the report

• 11.2 Inclusions and exclusions checklist 
• Exhibit 90: Inclusions checklist
• Exhibit 91: Exclusions checklist

• 11.3 Currency conversion rates for US$ 
• Exhibit 92: Currency conversion rates for US$

• 11.4 Research methodology 
• Exhibit 93: Research methodology
• Exhibit 94: Validation techniques employed for market sizing
• Exhibit 95: Information sources

• 11.5 List of abbreviations 
• Exhibit 96: List of abbreviations

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