USD 23.03 Bn growth in Medical Transcription Market | Increase in Need for Automated Transcripts to Boost Growth | Technavio

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Nov 09, 2021, 20:30 ET

NEW YORK, Nov. 9, 2021 /PRNewswire/ -- The global medical transcription market size is expected to increase by USD 23.03 billion between 2020 and 2025. However, the growth momentum is expected to decelerate at a CAGR of over 6% during the forecast period, according to Technavio.

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The market is fragmented, and the degree of fragmentation will decelerate during the forecast period. 3M Co., Acusis LLC, CareCloud Inc., Excel Transcriptions Inc., Global Medical Transcription LLC, iMedX Inc., Lingual Consultancy Services Pvt. Ltd., Nuance Communications Inc., and World Wide Dictation Service of New York Inc. are some of the major market participants. Although the increase in the need for automated transcripts and rising chronic diseases and aging population will offer immense growth opportunities, increase in concerns for medical data privacy will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Our medical transcription market report covers the following areas:

Medical Transcription Market 2021-2025: Segmentation

Medical Transcription Market is segmented as below:

  • End-user
    • Hospitals
    • Physician Groups And Clinics
  • Geography
    • North America
    • APAC
    • Europe
    • South America
    • MEA

By end-user, the market observed maximum demand for medical transcription from the hospitals segment in 2020. The growth of the segment can be attributed to the increasing investment in healthcare across the world. In terms of geography, APAC is expected to offer significant growth opportunities for market players over the forecast period. The region currently occupies 35% of the global market share and is expected to continue its dominance through the forecast period.

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Medical Transcription Market 2021-2025: Scope
Technavio presents a detailed picture of the medical transcription market by the way of study, synthesis, and summation of data from multiple sources.

This study identifies growth in healthcare IT spending as one of the prime reasons driving the medical transcription market growth during the next few years.

Medical Transcription Market 2021-2025: Vendor Analysis
We provide a detailed analysis of around 25 vendors operating in the Medical Transcription Market. Backed with competitive intelligence and benchmarking, our research report on the Medical Transcription Market is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.

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Medical Transcription Market 2021-2025: Key Highlights

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will assist medical transcription market growth during the next five years
  • Estimation of the medical transcription market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the medical transcription market
  • Analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of medical transcription market vendors

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Medical Transcription Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Decelerate at a CAGR of over 6%

Market growth 2021-2025

USD 23.03 billion

Market structure

Fragmented

YoY growth (%)

8.97

Regional analysis

North America, APAC, Europe, South America, and MEA

Performing market contribution

APAC at 35%

Key consumer countries

US, Canada, Japan, UK, and Germany

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

3M Co., Acusis LLC, CareCloud Inc., Excel Transcriptions Inc., Global Medical Transcription LLC, iMedX Inc., Lingual Consultancy Services Pvt. Ltd., Nuance Communications Inc., and World Wide Dictation Service of New York Inc.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio