Medical Transcription Services Market, by Service Type, By Mode of Procurement, By Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) -Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030

PUBLISHED: July 28, 2023

PAGES: 150 Pages

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Description

The global medical transcription services market is estimated to be valued at US$ 75.6 Billion in 2023 and is expected to exhibit a CAGR of 6.4% during the forecast period (2023-2030).

Report Coverage		Report Details
Base Year:	2022	Market Size in 2023:	US$ 75.6 Bn
Historical Data for:	2018 to 2021	Forecast Period:	2023 - 2030
Forecast Period 2023 to 2030 CAGR:	6.40%	2030 Value Projection:	US$ 117.1 Bn

Medical Transcription Services Market - IMG1

Medical transcription (MT) is the manual processing of voice reports dictated by physicians and other healthcare professionals into text format. The electronic health record (EHR) or electronic medical record (EMR) system at the hospital typically receives the digitally prepared and filed transcribed medical reports. A person's medical history, symptoms, examination findings, diagnostic test results, treatment plan, and other aspects of their care are all documented in their medical records. They are essential for interprofessional communication and care continuity. Insurance coverage issues or even treatment and care problems may result from flaws in medical records. Legal requirements require carers to keep complete and accurate records on every patient. Medical transcriptionists collaborate with healthcare professionals to ensure that every visit is recorded in order to have a thorough record of the diagnosis, the recommended course of treatment, and any necessary follow-up care.

Duties involved in a medical transcription service

Transcribe the voice recordings of a patient's medical history for a variety of medical specialties including radiology, acute care and oncology
Interpret medical data, classify information from notes, patient records, operation reports, consultations, and discharge summaries
To assure the precision of medical terminology and improve patient care, review and revise the transcription produced by speech recognition software, etc.

Market Dynamics

Increasing adoption of inorganic growth strategies, such as merger among key market players in the market to expand its business, is expected to drive the market growth over the forecast period. For instance, in October 2022, Optum, Inc., a healthcare company, announced that it had completed its merger with Change Healthcare, a provider of revenue and payment cycle management. A more simple, intelligent, and adaptable healthcare system for patients, payers, and providers is a goal shared by the partnered companies. In order for health care providers and payers to provide patients with quality care, the combination will link and streamline the essential clinical, administrative, and payment procedures. The entire health system will benefit from increased efficiency and decreased friction, which will lead to lower costs and a better overall experience for all stakeholders.

Key features of the study:

This report provides in-depth analysis of the global medical transcription services market, and provides market size (US$ Billion) and Compound Annual Growth Rate (CAGR%) for the forecast period (2023-2030), considering 2022 as the base year
It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
It profiles key players in the global medical transcription services market based on the following parameters- company highlights, products portfolio, key highlights, financial performance, and strategies
Key companies covered as a part of this study are Acusis LLC, SMARTMD Corporation, EHR Transcriptions, Inc., VIQ Solutions Inc., MModal, Inc., DataMatrix Technologies, Inc., The Dictation Source, Nuance Communications, Inc., Precyse Coding Solutions, LLC, Scribe Technology Solutions, Transcend Services, and TransTech Medical Solutions.
Insights from this report will allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
The global medical transcription services market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global medical transcription services market

Detailed Segmentation:

Global Medical Transcription Services Market, By Services Type:
- History and Physical Report (H&P)
- Discharge Summary (DS)
- Operative Note or Report (OP)
- Consultation Report (CONSULTS)
- Others (Pathology Report (PATH), Radiology Report (x rays or radiographs))
Global Medical Transcription Services Market, By Mode of Procurement:
- Outsourcing
- Offshoring
- Both
Global Medical Transcription Services Market, By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC
- Israel
- Rest of Middle East
- Africa
- South Africa
- Central Africa
- North Africa
Company Profiles
- Acusis LLC
- SMARTMD Corporation
- EHR Transcriptions, Inc.
- VIQ Solutions Inc.
- MModal, Inc.
- DataMatrix Technologies, Inc.
- The Dictation Source
- Nuance Communications, Inc.
- Precyse Coding Solutions, LLC
- Scribe Technology Solutions
- Transcend Services
- TransTech Medical Solutions

Product Code: CMI3923

1. Research Objectives and Assumptions

Research Objectives
Assumptions
Abbreviations

2. Market Purview

Report Description
- Market Definition and Scope
Executive Summary
- Market Snapshot, By Service Type
- Market Snapshot, By Mode of Procurement
- Market Snapshot, By Region
Coherent Opportunity Map (COM)

3. Market Dynamics, Regulations, and Trends Analysis

Market Dynamics
- Drivers
- Restraints
- Market Opportunities
Impact Analysis
Key Highlights
Product Launch
Technological Advancements
PEST Analysis
Regulatory Scenario
Mergers and Acquisitions

4. Global Medical Transcription Services Market- COVID-19 Impact Analysis

Economic Impact
COVID-19 Epidemiology
Impact on Supply and Demand

5. Global Medical Transcription Services Market, By Service Type, 2018 - 2030, (US$ Billion)

Introduction
- Market Share Analysis, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, 2018 - 2030
- Segment Trends
History and Physical Report (H&P)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030, (US$ Billion)
Discharge Summary (DS)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030, (US$ Billion)
Operative Note or Report (OP)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030, (US$ Billion)
Consultation Report (CONSULTS)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030, (US$ Billion)
Others (Pathology Report (PATH) and Radiology Report (x rays or radiographs))
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030, (US$ Billion)

6. Global Medical Transcription Services Market, By Mode of Procurement, 2018 - 2030, (US$ Billion)

Introduction
- Market Share Analysis, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, 2018 - 2030
- Segment Trends
Outsourcing
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030, (US$ Billion)
Offshoring
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030, (US$ Billion)
Both
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030, (US$ Billion)

7. Global Medical Transcription Services Market, By Region, 2018 - 2030, (US$ Billion)

Introduction
- Market Share Analysis, By Region, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, For Regions, 2018-2030
- Regional Trends
North America
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Service Type, 2018 - 2030, (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Mode of Procurement, 2018 - 2030, (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2018 - 2030, (US$ Billion)
U.S.
Canada
Latin America
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Service Type, 2018 - 2030, (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Mode of Procurement, 2018 - 2030, (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2018 - 2030, (US$ Billion)
Brazil
Mexico
Argentina
Rest of Latin America
Europe
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Service Type, 2018 - 2030, (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Mode of Procurement, 2018 - 2030, (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2018 - 2030, (US$ Billion)
U.K.
Germany
Italy
France
Spain
Russia
Rest of Europe
Asia Pacific
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Service Type, 2018 - 2030, (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Mode of Procurement, 2018 - 2030, (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2018 - 2030, (US$ Billion)
China
India
Japan
ASEAN
Australia
South Korea
Rest of Asia Pacific
Middle East
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Service Type, 2018 - 2030, (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Mode of Procurement, 2018 - 2030, (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2018 - 2030, (US$ Billion)
GCC
Israel
Rest of Middle East
Africa
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Service Type, 2018 - 2030, (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Mode of Procurement, 2018 - 2030, (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Country/Region, 2018 - 2030, (US$ Billion)
North Africa
Central Africa
South Africa

8. Competitive Landscape

Acusis LLC *
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
SMARTMD Corporation
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
EHR Transcriptions, Inc.
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
VIQ Solutions Inc.
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
MModal, Inc.
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
DataMatrix Technologies, Inc.
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
The Dictation Source
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
Nuance Communications, Inc.
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
Precyse Coding Solutions, LLC
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
Scribe Technology Solutions
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
Transcend Services
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
TransTech Medical Solutions
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies