Medical Transcription Market by End-user and Geography - Forecast and Analysis 2021-2025

  • Published: Oct 2021
  • Pages: 120
  • SKU: IRTNTR40634
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The medical transcription market has the potential to grow by USD 23.03 billion during 2021-2025, and the market’s growth momentum will decelerate at a CAGR of 6.40%.

This medical transcription market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by end-user (hospitals and physician groups and clinics) and geography (North America, APAC, Europe, South America, and MEA). The medical transcription market report also offers information on several market vendors, including 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. among others.

What will the Medical Transcription Market Size be in 2021?

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Medical Transcription Market: Key Drivers and Trends

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The increase in the need for automated transcripts is notably driving the medical transcription market growth, although factors such as increase in concerns for medical data privacy may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the medical transcription industry. The holistic analysis of the drivers will help in predicting end goals and refining marketing strategies to gain a competitive edge.

This medical transcription market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Medical Transcription Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

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

 

The vendor landscape of the medical transcription market entails successful business strategies deployed by the vendors. The medical transcription market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the medical transcription market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Medical Transcription Market?

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35% of the market’s growth will originate from APAC during the forecast period. Japan is the key market for medical transcription in APAC. 

The report offers an up-to-date analysis of the geographical composition of the market. APAC has been recording a significant growth rate and is expected to offer several growth opportunities to market vendors during the forecast period. Rising chronic diseases and aging population will facilitate the medical transcription market growth in APAC over the forecast period. The report offers an up-to-date analysis of the geographical composition of the market, competitive intelligence, and regional opportunities in store for vendors.

What are the Revenue-generating End-user Segments in the Medical Transcription Market?

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The medical transcription market share growth by the hospitals segment has been significant. This report provides insights on the impact of the unprecedented outbreak of COVID-19 on market segments. Through these insights, you can safely deduce transformation patterns in consumer behavior, which is crucial to gauge segment-wise revenue growth during 2021-2025 and embrace technologies to improve business efficiency.

This report provides an accurate prediction of the contribution of all the segments to the growth of the medical transcription market size. Furthermore, our analysts have indicated actionable market insights on post COVID-19 impact on each segment, which is crucial to predict change in consumer demand.

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 6.40%

Market growth 2021-2025

$ 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.

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What are the Key Factors Covered in this Medical Transcription Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive medical transcription market growth during the next five years
  • Precise estimation of the medical transcription market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the medical transcription market across North America, APAC, Europe, South America, and MEA 
  • A thorough 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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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The medical transcription market growth will increase by $16.64 billion during 2019-2024.
The medical transcription market is expected to grow at a CAGR of 5.10% during 2019-2024.
Technavio has segmented the medical transcription market by end user (Hospitals and Physician groups and clinics) and geographic (North America, Europe, APAC, South America, and MEA).
Acusis LLC, Excel Transcriptions Inc., Global Medical Transcription LLC, iMedX Inc., Lingual Consultancy Services Pvt. Ltd., MModal IP LLC, MTBC Inc., nThrive Inc., Nuance Communications Inc., World Wide Dictation Service of New York Inc. are a few of the key vendors in the medical transcription market.
North America will register the highest growth rate of 40.71% among the other regions. Therefore, the medical transcription market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the medical transcription market growth are:
  • Increase in need for automated transcripts HH
  • Emergence of voice recognition technologies
The medical transcription market vendors should focus on grabbing business opportunities from the segment as it accounted for the largest market share in the base year.
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