Medical Transcription Market to grow by USD 24,676.02 million from 2022 to 2027|Increase in the need for automated transcripts to boost market growth in information technology industry- Technavio

NEW YORK, July 12, 2023 /PRNewswire/ -- The medical transcription market is estimated to grow at a CAGR of 6.04% between 2022 and 2027. The size of the market is forecast to increase by USD 24,676.02 million according to Technavio. Discover some insights on market size historic period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report -Request a sample report

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Medical transcription market – Vendor Analysis
Vendor Landscape - The medical transcription market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer medical transcription in the market are 3M Co., Aquity LLC, Athreon Corp., CareCloud Inc., Ditto Transcripts, Excel Transcriptions Inc., Flatworld Solutions Pvt. Ltd., Global Medical Transcription LLC, iMedX Inc., Lingual Consultancy Services Pvt. Ltd., Med Scribe Inc., Microsoft Corp., Outsource Accelerator Ventures OPC, Pacific Solutions Pty Ltd., Same Day Transcriptions Inc., Savista LLC, TransPerfect Global Inc., VIVA Transcription Corp., and World Wide Dictation Service of New York Inc. and others.

Vendor Offerings -

• 3M Co - The company offers medical transcription services such as modal fluency, modal fluency mobile, and modal fluency flex. 
• Aquity LLC - The company offers medical transcription services such as KLAS and Black Book leading services. 
• Athreon Corp. - The company offers medical transcription services such as virtual scribes and LifeLine services. 
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Medical Transcription Market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on end-user (hospitals, physician groups, and clinics), and type (services and software)

• The market share growth by the hospitals segment will be significant during the forecast period. Hospitals should improve their current IT systems to manage patients' medical records effectively and securely. By adopting advanced and automated technology, hospitals can offer physicians up-to-date patient medical records, resulting in time savings and improved productivity in treating a larger number of patients daily. Additionally, greater investments in healthcare and IT will drive advancements in cloud-based platforms and automated speech recognition software.

Geography Overview
By geography, the global medical transcription market is segmented into North America, APAC, Europe, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global medical transcription market.

• North America is projected to contribute 38% of growth by 2027. The key factor for the market growth in the region is the increase in healthcare IT initiatives. Furthermore, the healthcare industry in the region is undergoing continuous development, particularly with an increasing emphasis on automating healthcare services and the growing use of advanced reporting methods. Hence, these factors are expected to drive market growth in the region during the forecast period.

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Key Drivers

• The increase in the need for automated transcripts is a key factor driving the market growth.
• This is due to various benefits, such as saving time and increasing the efficiency and effectiveness of the process.
• Manual transcriptions have a higher chance of errors, which can create complications when interpreting test results at a later stage.
• Automating the transcription process through speech recognition systems and including medical data in hospital information systems can reduce these risks.
• The automation of transcription drives the compilation of patient information in a centralized location.
• The demand for automated transcription in medical practices and healthcare facilities is driven by the need for increased accuracy, improved accessibility, time efficiency, and improved patient care.

Major Trends- The emergence of voice recognition technologies is a key trend in the market.

Significant Challenges- The increase in concerns over medical data privacy may restrict the market growth.

Find more insights on trends and challenges in a sample report!

What are the key data covered in this Medical Transcription Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the medical transcription market between 2023 and 2027
• Precise estimation of the size of the medical transcription market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the medical transcription market across North America, APAC, Europe, South America, and the Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of medical transcription market vendors

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Table of Contents

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 Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global medical transcription market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global medical transcription market 2017 - 2021 ($ million)

• 4.2 End-User Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – End-User Segment 2017 - 2021 ($ million)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by End-user

• 6.1 Market segments
• Exhibit 30: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 31: Data Table on End-user - Market share 2022-2027 (%)

• 6.2 Comparison by End-user 
• Exhibit 32: Chart on Comparison by End-user
• Exhibit 33: Data Table on Comparison by End-user

• 6.3 Hospitals - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Hospitals - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Hospitals - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Hospitals - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Hospitals - Year-over-year growth 2022-2027 (%)

• 6.4 Physician groups and clinics - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Physician groups and clinics - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Physician groups and clinics - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Physician groups and clinics - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Physician groups and clinics - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by End-user 
• Exhibit 42: Market opportunity by End-user ($ million)

7 Market Segmentation by Type

• 7.1 Market segments
• Exhibit 43: Chart on Type - Market share 2022-2027 (%)
• Exhibit 44: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type
• Exhibit 45: Chart on Comparison by Type
• Exhibit 46: Data Table on Comparison by Type

• 7.3 Services - Market size and forecast 2022-2027 
• Exhibit 47: Chart on Services - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Data Table on Services - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Chart on Services - Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on Services - Year-over-year growth 2022-2027 (%)

• 7.4 Software - Market size and forecast 2022-2027 
• Exhibit 51: Chart on Software - Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Data Table on Software - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Chart on Software - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Software - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Type 
• Exhibit 55: Market opportunity by Type ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 56: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 57: Chart on Market share by geography 2022-2027 (%)
• Exhibit 58: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 59: Chart on Geographic comparison
• Exhibit 60: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027 
• Exhibit 61: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 62: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 63: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 64: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 APAC - Market size and forecast 2022-2027 
• Exhibit 65: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 66: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 67: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 68: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.5 Europe - Market size and forecast 2022-2027 
• Exhibit 69: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027 
• Exhibit 73: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 77: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027 
• Exhibit 81: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 Canada - Market size and forecast 2022-2027 
• Exhibit 85: Chart on Canada - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on Canada - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on Canada - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on Canada - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027 
• Exhibit 89: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 UK - Market size and forecast 2022-2027 
• Exhibit 93: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.12 Germany - Market size and forecast 2022-2027 
• Exhibit 97: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 101: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 102: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 103: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 104: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 105: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 106: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 107: Matrix on vendor position and classification

• 12.3 3M Co.
• Exhibit 108: 3M Co. - Overview
• Exhibit 109: 3M Co. - Business segments
• Exhibit 110: 3M Co. - Key news
• Exhibit 111: 3M Co. - Key offerings
• Exhibit 112: 3M Co. - Segment focus

• 12.4 Aquity LLC
• Exhibit 113: Aquity LLC - Overview
• Exhibit 114: Aquity LLC - Product / Service
• Exhibit 115: Aquity LLC - Key offerings

• 12.5 Athreon Corp.
• Exhibit 116: Athreon Corp. - Overview
• Exhibit 117: Athreon Corp. - Product / Service
• Exhibit 118: Athreon Corp. - Key offerings

• 12.6 CareCloud Inc.
• Exhibit 119: CareCloud Inc. - Overview
• Exhibit 120: CareCloud Inc. - Business segments
• Exhibit 121: CareCloud Inc. - Key news
• Exhibit 122: CareCloud Inc. - Key offerings
• Exhibit 123: CareCloud Inc. - Segment focus

• 12.7 Excel Transcriptions Inc. 
• Exhibit 124: Excel Transcriptions Inc. - Overview
• Exhibit 125: Excel Transcriptions Inc. - Product / Service
• Exhibit 126: Excel Transcriptions Inc. - Key offerings

• 12.8 Flatworld Solutions Pvt. Ltd. 
• Exhibit 127: Flatworld Solutions Pvt. Ltd. - Overview
• Exhibit 128: Flatworld Solutions Pvt. Ltd. - Product / Service
• Exhibit 129: Flatworld Solutions Pvt. Ltd. - Key offerings

• 12.9 Global Medical Transcription LLC 
• Exhibit 130: Global Medical Transcription LLC - Overview
• Exhibit 131: Global Medical Transcription LLC - Product / Service
• Exhibit 132: Global Medical Transcription LLC - Key offerings

• 12.10 iMedX Inc.
• Exhibit 133: iMedX Inc. - Overview
• Exhibit 134: iMedX Inc. - Product / Service
• Exhibit 135: iMedX Inc. - Key offerings

• 12.11 Lingual Consultancy Services Pvt. Ltd. 
• Exhibit 136: Lingual Consultancy Services Pvt. Ltd. - Overview
• Exhibit 137: Lingual Consultancy Services Pvt. Ltd. - Product / Service
• Exhibit 138: Lingual Consultancy Services Pvt. Ltd. - Key offerings

• 12.12 Med Scribe Inc.
• Exhibit 139: Med Scribe Inc. - Overview
• Exhibit 140: Med Scribe Inc. - Product / Service
• Exhibit 141: Med Scribe Inc. - Key offerings

• 12.13 Microsoft Corp.
• Exhibit 142: Microsoft Corp. - Overview
• Exhibit 143: Microsoft Corp. - Business segments
• Exhibit 144: Microsoft Corp. - Key news
• Exhibit 145: Microsoft Corp. - Key offerings
• Exhibit 146: Microsoft Corp. - Segment focus

• 12.14 Outsource Accelerator Ventures OPC 
• Exhibit 147: Outsource Accelerator Ventures OPC - Overview
• Exhibit 148: Outsource Accelerator Ventures OPC - Product / Service
• Exhibit 149: Outsource Accelerator Ventures OPC - Key offerings

• 12.15 Pacific Solutions Pty Ltd. 
• Exhibit 150: Pacific Solutions Pty Ltd. - Overview
• Exhibit 151: Pacific Solutions Pty Ltd. - Product / Service
• Exhibit 152: Pacific Solutions Pty Ltd. - Key offerings

• 12.16 Same Day Transcriptions Inc. 
• Exhibit 153: Same Day Transcriptions Inc. - Overview
• Exhibit 154: Same Day Transcriptions Inc. - Product / Service
• Exhibit 155: Same Day Transcriptions Inc. - Key offerings

• 12.17 Savista LLC
• Exhibit 156: Savista LLC - Overview
• Exhibit 157: Savista LLC - Product / Service
• Exhibit 158: Savista LLC - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 159: Inclusions checklist
• Exhibit 160: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 161: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 162: Research methodology
• Exhibit 163: Validation techniques employed for market sizing
• Exhibit 164: Information sources

• 13.5 List of abbreviations
• Exhibit 165: List of abbreviations

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