NEW YORK, Dec. 1, 2022 /PRNewswire/ -- The global medical transcription market by end-user, type, and geography – forecast and analysis 2023-2027 report has been published by Technavio. Market growth is estimated to accelerate at a CAGR of 6.04% and register an incremental growth of USD 24,676.02 million during the forecast period. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. Download a free PDF sample report.

Regional analysis

Based on region, the global medical transcription market is segmented into North America, Europe, South America, APAC, and the Middle East and Africa. North America is estimated to contribute 38% to the growth of the global market over the forecast period. The adoption of automated cloud-based voice recognition systems for medical transcription and structured medical cloud storage are other factors that will drive regional market growth.

Company profiles

The medical transcription market report includes information on the key products and recent developments of leading vendors, including:

  • 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.
  • CareCloud Inc. – The company offers medical transcription services such as electronic health records and revenue cycle management.
  • Excel Transcriptions Inc.  The company offers medical transcription services such as HIPAA-compliant and EHR transcriptions.

To gain access to more vendor profiles available with Technavio, buy the report!

Market dynamics

The market is driven by factors such as an increase in the need for automated transcripts, the rising chronic diseases, an aging population, and the growth in healthcare IT spending. However, the increase in concerns for medical data privacy is hindering market growth.

Competitive analysis

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others. Request a Sample

Market segmentation

  • Based on end-user, the market is segmented into hospitals, physician groups, and clinics. The hospital segment accounted for the largest share of the market in 2022.
  • Based on geography, the market is segmented into North America, Europe, South America, APAC, and the Middle East and Africa. North America held the largest share of the market in 2022.

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Medical Transcription Market in the US by End-user, Type, and Geography – Forecast and Analysis 2022-2026: The medical transcription market share in the US is expected to increase to USD 2.06 billion from 2021 to 2026. This report extensively covers the medical transcription market in the US segmentation by end-user (hospitals and physician groups and clinics) and type (services and software).

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What are the key data covered in this medical transcription market report?

  • CAGR of the market during the forecast period 2023-2027
  • 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

Medical Transcription Market Scope

Report Coverage

Details

Page number

147

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

CAGR

Accelerate at a CAGR of 6.04%

Market growth 2023-2027

USD 24,676.02 million

Market structure

Fragmented

YoY growth (%)

5.82

Regional analysis

North America, APAC, Europe, South America, and Middle East and Africa

Performing market contribution

North America at 38%

Key countries

US, Canada, Japan, UK, and Germany

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

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.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and 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.

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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