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Market Research Report

Medical Transcription Services

Published by Global Industry Analysts, Inc. Product code 115476
Published Content info 193 Pages
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Medical Transcription Services
Published: June 1, 2020 Content info: 193 Pages
Description

Amid the COVID-19 crisis and the looming economic recession, the Medical Transcription Services market worldwide will grow by a projected US$17.6 Billion, during the analysis period, driven by a revised compounded annual growth rate (CAGR) of 4.2%. Consultation Reports, one of the segments analyzed and sized in this study, is forecast to grow at over 2.8% and reach a market size of US$23.8 Billion by the end of the analysis period. An unusual period in history, the coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. The Consultation Reports market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Staying on top of trends and accurate analysis is paramount now more than ever to manage uncertainty, change and continuously adapt to new and evolving market conditions.

As part of the new emerging geographic scenario, the United States is forecast to readjust to a 5% CAGR. Within Europe, the region worst hit by the pandemic, Germany will add over US$873.1 Million to the region's size over the next 7 to 8 years. In addition, over US$770.4 Million worth of projected demand in the region will come from Rest of European markets. In Japan, the Consultation Reports segment will reach a market size of US$2.1 Billion by the close of the analysis period. Blamed for the pandemic, significant political and economic challenges confront China. Amid the growing push for decoupling and economic distancing, the changing relationship between China and the rest of the world will influence competition and opportunities in the Medical Transcription Services market. Against this backdrop and the changing geopolitical, business and consumer sentiments, the world's second largest economy will grow at 4.7% over the next couple of years and add approximately US$3.2 Billion in terms of addressable market opportunity. Continuous monitoring for emerging signs of a possible new world order post-COVID-19 crisis is a must for aspiring businesses and their astute leaders seeking to find success in the now changing Medical Transcription Services market landscape. All research viewpoints presented are based on validated engagements from influencers in the market, whose opinions supersede all other research methodologies.

Competitors identified in this market include, among others,

  • Acusis India
  • Audio Dicta Transcription Corporation (ADTC)
  • iMedX Inc.
  • M*Modal IP LLC
  • Medical Transcription Services
  • Nuance Communications, Inc.
  • TopTrans Company
  • Total Transcription Solutions, Inc.
  • TransDyne
  • TransTech Medical Solutions
  • Vennar Soft Inc.
Table of Contents
Product Code: MCP-1752

TABLE OF CONTENTS

I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • At A Glance
  • Recent Market Activity
  • Preface
  • Transcription Services - Critical Component in Government and Industrial Sectors
  • Medical Transcription Services - Benchmark vs. Need
  • MT Services and its Benefits to Healthcare Professionals
  • Medical Transcription - Marching Ahead amid Technologically Advanced and Automated Environment
  • Embracing Innovative and Latest Technologies
  • Current and Future Analysis
  • US - The Largest Market
  • Globalization and Medical Transcription
  • Emergence of New Supply Markets in Eastern Europe and South America
  • MT Industry Remains Unscathed from Economic Recession
  • Hospitals Favor MT Services as Market Conditions Toughen
  • Favorable Economic Trends Positively Influence MT Services Market
  • Global Competitor Market Shares
  • Medical Transcription Services Competitor Market Share Scenario Worldwide (in %): 2020 & 2029
  • Impact of Covid-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS

  • Acusis India (India)
  • Audio Dicta Transcription Services (USA)
  • Care Technologies India Private Ltd. (India)
  • eTransMed, LLC (USA)
  • iMedX Inc. (USA)
  • M*Modal IP LLC (USA)
  • Medical Transcription Services (USA)
  • Nuance Communications, Inc. (USA)
  • TopTrans Company (Philippines)
  • Total Transcription Solutions, Inc. (Philippines)
  • TransDyne (India)
  • TransTech Medical Solutions (USA)
  • Vennar Soft Inc. (USA)

3. MARKET TRENDS & DRIVERS

  • Positive Outlook for the Healthcare Industry - Key Growth Indicator
  • Outsourcing Gathers Steam
  • Sourcing Strategy/Model: Means to Achieve Business Process
  • Sole Sourcing - A Model for Increasing Operational Efficiency
  • Radiology Services Offer Lucrative Outsourcing Prospects
  • In-house Vis-a-Vis Outsourcing
  • Offshoring Gains Traction
  • Off-shoring to Drive Cost-Effectiveness
  • A Brief Sketch of Major Outsourcing Destinations
  • INDIA
    • Philippines
    • Nearshoring Finds Favor among Businesses
    • The Debate on Voice Recognition Technology Continues
    • Speech Recognition Technology - Impact on Medical, Legal and General Transcription
    • Front-End Solution Application Still in Nascent Stage
    • Speech Recognition Editing Services Gain Momentum
    • Advancements Revolutionize MT
    • MT: No Longer the Lone Choice for Creation of Medical Records
    • Is EMR System Really a Threat for MT Services?
    • ICD-11: Boon or Bane?
    • Gradual Shift to "VBC" based Pricing Model
    • Aging Population - A Vital Demography
    • Preventive Healthcare Trend Offers Potential
    • Advantages of Medical Transcription Drives Demand
    • Advanced Technologies to the Rescue
    • Robotic Automation Makes In Roads in BPO Industry
    • Social Networking Trend Transforms Business Strategies
    • Growth of Internet-Centered Technologies
    • Faster Adoption of Cloud-Based Medical Transcription Services
    • BPO Providers Warm up to Green Computing
    • Medical Transcription Outsourcing - A Review
    • Reasons for Outsourcing MT Services
    • Outsourced MT Services
    • Advantages of MT Outsourcing
    • Drawbacks of Outsourcing MT Services
    • Medical Transcription Offshoring
    • Offshoring - A Lucrative Option to Curb Business Expenses
    • Offshoring Barriers
    • Developing Nations - A Haven for MT Outsourcing Services
  • INNOVATIONS AND TECHNOLOGICAL ADVANCEMENTS
    • Digital Technology and Medical Transcription
    • Adoption of New EHR System
    • Speech Recognition Technology for the MT Services Market
    • AI and Voice Transcription

4. GLOBAL MARKET PERSPECTIVE

    • TABLE 1: Medical Transcription Services Global Market Estimates and Forecasts in US$ Million by Region/Country: 2020-2027
    • TABLE 2: Medical Transcription Services Global Retrospective Market Scenario in US$ Million by Region/Country: 2012-2019
    • TABLE 3: Medical Transcription Services Market Share Shift across Key Geographies Worldwide: 2012 VS 2020 VS 2027
    • TABLE 4: Consultation Reports (Service Segment) World Market by Region/Country in US$ Million: 2020 to 2027
    • TABLE 5: Consultation Reports (Service Segment) Historic Market Analysis by Region/Country in US$ Million: 2012 to 2019
    • TABLE 6: Consultation Reports (Service Segment) Market Share Breakdown of Worldwide Sales by Region/Country: 2012 VS 2020 VS 2027
    • TABLE 7: History & Physical Reports (Service Segment) Potential Growth Markets Worldwide in US$ Million: 2020 to 2027
    • TABLE 8: History & Physical Reports (Service Segment) Historic Market Perspective by Region/Country in US$ Million: 2012 to 2019
    • TABLE 9: History & Physical Reports (Service Segment) Market Sales Breakdown by Region/Country in Percentage: 2012 VS 2020 VS 2027
    • TABLE 10: Operative Reports (Service Segment) Geographic Market Spread Worldwide in US$ Million: 2020 to 2027
    • TABLE 11: Operative Reports (Service Segment) Region Wise Breakdown of Global Historic Demand in US$ Million: 2012 to 2019
    • TABLE 12: Operative Reports (Service Segment) Market Share Distribution in Percentage by Region/Country: 2012 VS 2020 VS 2027
    • TABLE 13: Other Service Segments (Service Segment) World Market Estimates and Forecasts by Region/Country in US$ Million: 2020 to 2027
    • TABLE 14: Other Service Segments (Service Segment) Market Historic Review by Region/Country in US$ Million: 2012 to 2019
    • TABLE 15: Other Service Segments (Service Segment) Market Share Breakdown by Region/Country: 2012 VS 2020 VS 2027

III. MARKET ANALYSIS

  • GEOGRAPHIC MARKET ANALYSIS
  • UNITED STATES
    • Market Facts & Figures
    • US Medical Transcription Services Market Share (in %) by Company: 2020 & 2025
    • Market Analytics
    • TABLE 16: United States Medical Transcription Services Market Estimates and Projections in US$ Million by Service Segment: 2020 to 2027
    • TABLE 17: Medical Transcription Services Market in the United States by Service Segment: A Historic Review in US$ Million for 2012-2019
    • TABLE 18: United States Medical Transcription Services Market Share Breakdown by Service Segment: 2012 VS 2020 VS 2027
  • CANADA
    • TABLE 19: Canadian Medical Transcription Services Market Estimates and Forecasts in US$ Million by Service Segment: 2020 to 2027
    • TABLE 20: Canadian Medical Transcription Services Historic Market Review by Service Segment in US$ Million: 2012-2019
    • TABLE 21: Medical Transcription Services Market in Canada: Percentage Share Breakdown of Sales by Service Segment for 2012, 2020, and 2027
  • JAPAN
    • TABLE 22: Japanese Market for Medical Transcription Services: Annual Sales Estimates and Projections in US$ Million by Service Segment for the Period 2020-2027
    • TABLE 23: Medical Transcription Services Market in Japan: Historic Sales Analysis in US$ Million by Service Segment for the Period 2012-2019
    • TABLE 24: Japanese Medical Transcription Services Market Share Analysis by Service Segment: 2012 VS 2020 VS 2027
  • CHINA
    • TABLE 25: Chinese Medical Transcription Services Market Growth Prospects in US$ Million by Service Segment for the Period 2020-2027
    • TABLE 26: Medical Transcription Services Historic Market Analysis in China in US$ Million by Service Segment: 2012-2019
    • TABLE 27: Chinese Medical Transcription Services Market by Service Segment: Percentage Breakdown of Sales for 2012, 2020, and 2027
  • EUROPE
    • Market Facts & Figures
    • European Medical Transcription Services Market: Competitor Market Share Scenario (in %) for 2020 & 2025
    • Market Analytics
    • TABLE 28: European Medical Transcription Services Market Demand Scenario in US$ Million by Region/Country: 2020-2027
    • TABLE 29: Medical Transcription Services Market in Europe: A Historic Market Perspective in US$ Million by Region/Country for the Period 2012-2019
    • TABLE 30: European Medical Transcription Services Market Share Shift by Region/Country: 2012 VS 2020 VS 2027
    • TABLE 31: European Medical Transcription Services Market Estimates and Forecasts in US$ Million by Service Segment: 2020-2027
    • TABLE 32: Medical Transcription Services Market in Europe in US$ Million by Service Segment: A Historic Review for the Period 2012-2019
    • TABLE 33: European Medical Transcription Services Market Share Breakdown by Service Segment: 2012 VS 2020 VS 2027
  • FRANCE
    • TABLE 34: Medical Transcription Services Market in France by Service Segment: Estimates and Projections in US$ Million for the Period 2020-2027
    • TABLE 35: French Medical Transcription Services Historic Market Scenario in US$ Million by Service Segment: 2012-2019
    • TABLE 36: French Medical Transcription Services Market Share Analysis by Service Segment: 2012 VS 2020 VS 2027
  • GERMANY
    • TABLE 37: Medical Transcription Services Market in Germany: Recent Past, Current and Future Analysis in US$ Million by Service Segment for the Period 2020-2027
    • TABLE 38: German Medical Transcription Services Historic Market Analysis in US$ Million by Service Segment: 2012-2019
    • TABLE 39: German Medical Transcription Services Market Share Breakdown by Service Segment: 2012 VS 2020 VS 2027
  • ITALY
    • TABLE 40: Italian Medical Transcription Services Market Growth Prospects in US$ Million by Service Segment for the Period 2020-2027
    • TABLE 41: Medical Transcription Services Historic Market Analysis in Italy in US$ Million by Service Segment: 2012-2019
    • TABLE 42: Italian Medical Transcription Services Market by Service Segment: Percentage Breakdown of Sales for 2012, 2020, and 2027
  • UNITED KINGDOM
    • TABLE 43: United Kingdom Market for Medical Transcription Services: Annual Sales Estimates and Projections in US$ Million by Service Segment for the Period 2020-2027
    • TABLE 44: Medical Transcription Services Market in the United Kingdom: Historic Sales Analysis in US$ Million by Service Segment for the Period 2012-2019
    • TABLE 45: United Kingdom Medical Transcription Services Market Share Analysis by Service Segment: 2012 VS 2020 VS 2027
  • REST OF EUROPE
    • TABLE 46: Rest of Europe Medical Transcription Services Market Estimates and Forecasts in US$ Million by Service Segment: 2020-2027
    • TABLE 47: Medical Transcription Services Market in Rest of Europe in US$ Million by Service Segment: A Historic Review for the Period 2012-2019
    • TABLE 48: Rest of Europe Medical Transcription Services Market Share Breakdown by Service Segment: 2012 VS 2020 VS 2027
  • ASIA-PACIFIC
    • TABLE 49: Medical Transcription Services Market in Asia-Pacific by Service Segment: Estimates and Projections in US$ Million for the Period 2020-2027
    • TABLE 50: Asia-Pacific Medical Transcription Services Historic Market Scenario in US$ Million by Service Segment: 2012-2019
    • TABLE 51: Asia-Pacific Medical Transcription Services Market Share Analysis by Service Segment: 2012 VS 2020 VS 2027
  • REST OF WORLD
    • TABLE 52: Rest of World Medical Transcription Services Market Estimates and Forecasts in US$ Million by Service Segment: 2020 to 2027
    • TABLE 53: Rest of World Medical Transcription Services Historic Market Review by Service Segment in US$ Million: 2012-2019
    • TABLE 54: Medical Transcription Services Market in Rest of World: Percentage Share Breakdown of Sales by Service Segment for 2012, 2020, and 2027

IV. COMPETITION

  • Total Companies Profiled: 103
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