Report overview
Medical transcription, also known as MT, is an allied health profession dealing with the process of transcribing voice-recorded medical reports that are dictated by physicians, nurses and other healthcare practitioners. Medical reports can be voice files, notes taken during a lecture, or other spoken material. These are dictated over the phone or uploaded digitally via the Internet or through smart phone apps.
Medical transcription (MT) is an allied health profession, which deals in the process of transcription, or converting voice-recorded reports as dictated by physicians or other healthcare professionals, into text format. Medical transcription services provide the groundwork for the adoption of electronic medical records (EMR) system. Medical transcription services allow hospitals and providers to outsource a critical business process, reduce costs, and improve the quality of medical documentation, without additional capital investment. The global medical transcription services market is primarily driven by adoption of medical documentation and recording systems, government?s initiatives in health information infrastructure, implementation of EHRs, technological innovations through the use of electronic technology to reduce turnaround time, increasing focus on lowering costs and increasing productivity and improving the quality of patient care while ensuring patient?s safety.
This report aims to provide a comprehensive presentation of the global market for Medical Transcription Services, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Medical Transcription Services. This report contains market size and forecasts of Medical Transcription Services in global, including the following market information:
Global Medical Transcription Services Market Revenue, 2018-2023, 2024-2029, ($ millions)
Global top five companies in 2022 (%)
The global Medical Transcription Services market was valued at US$ 6408.7 million in 2022 and is projected to reach US$ 8609 million by 2029, at a CAGR of 4.3% during the forecast period. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
Any healthcare institute in order to acquire medical transcription service can either outsource the job to a domestic medical transcription service organization, offshore or opt for both methods. Outsourcing is the most preferred mode of service procurement in medical transcription with the market share of 71%.
Medical Transcription Services can be applied in Hospitals, Clinical Laboratories, Academic Medical Centers and Other. The most of Medical Transcription Services is used in Hospital, and the market share of that is about 55%.
North America is the largest consumption place, with a consumption market share nearly 78%.
Mmodal and Nuance Communications are the top 2 players of Medical Transcription Services, with about 16% market shares.
We surveyed the Medical Transcription Services companies, and industry experts on this industry, involving the revenue, demand, product type, recent developments and plans, industry trends, drivers, challenges, obstacles, and potential risks.
Total Market by Segment:
Global Medical Transcription Services Market, by Type, 2018-2023, 2024-2029 ($ millions)
Global Medical Transcription Services Market Segment Percentages, by Type, 2022 (%)
Outsourcing
Offshoring
Global Medical Transcription Services Market, by Application, 2018-2023, 2024-2029 ($ millions)
Global Medical Transcription Services Market Segment Percentages, by Application, 2022 (%)
Hospitals
Clinical Laboratories
Academic Medical Centers
Others
Global Medical Transcription Services Market, By Region and Country, 2018-2023, 2024-2029 ($ Millions)
Global Medical Transcription Services Market Segment Percentages, By Region and Country, 2022 (%)
North America
US
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Nordic Countries
Benelux
Rest of Europe
Asia
China
Japan
South Korea
Southeast Asia
India
Rest of Asia
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Turkey
Israel
Saudi Arabia
UAE
Rest of Middle East & Africa
Competitor Analysis
The report also provides analysis of leading market participants including:
Key companies Medical Transcription Services revenues in global market, 2018-2023 (estimated), ($ millions)
Key companies Medical Transcription Services revenues share in global market, 2022 (%)
Further, the report presents profiles of competitors in the market, key players include:
Mmodal
Nuance Communications
Transcend Services
Acusis
iMedX Information Services
MTBC
nThrive
Medi-Script Plus
Outsource2india
TransPerfect
VIVA Transcription
Medscribe
Pacific Solutions
Same Day transcriptions
DoctorDocs
World Wide Dictation
Athreon
BVS Transtech
Excel Transcriptions
GMT
LC Transcription Services
Outline of Major Chapters:
Chapter 1: Introduces the definition of Medical Transcription Services, market overview.
Chapter 2: Global Medical Transcription Services market size in revenue.
Chapter 3: Detailed analysis of Medical Transcription Services company competitive landscape, revenue and market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides the analysis of various market segments by type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 5: Provides the analysis of various market segments by application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 6: Sales of Medical Transcription Services in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space of each country in the world.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 8: The main points and conclusions of the report.
