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PUBLISHER: IMARC | PRODUCT CODE: 1423384

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PUBLISHER: IMARC | PRODUCT CODE: 1423384

Medical Transcription Market Report by Service Type, Technology, Mode of Procurement, End User, and Region 2024-2032

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Abstract

The global medical transcription market size reached US$ 75.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 123.6 Billion by 2032, exhibiting a growth rate (CAGR) of 5.5% during 2024-2032.

Medical transcription (MT), also known as healthcare documentation, is the process of converting verbal dictations of clinical data into pre-defined text or digital format. With the advancement in technology, hospitals, healthcare centers, clinics and physicians are opting for MT to optimize operational efficiency, improve quality of patient care and minimize capital expenditure. It also helps the healthcare providers to maintain patient care and treatment records detailing medical examination findings, treatment plans and relevant information. Besides this, it aids in reducing staff burden by eliminating the need to file patient forms, discharge summaries, and operation and progress notes. MT creates an organized and appropriate patient history, which enables the doctors in analyzing the current physical condition and prepare an ideal treatment plan for the patient.

There has been a rise in the prevalence of various chronic diseases, such as cancer, diabetes and cardiovascular diseases, which has consequently led to an increase in the number of medical records generated in hospitals. Along with this, the growing awareness among enterprises about the benefits of electronic health records (EHR) in streamlining information is having a positive impact on the MT market across the globe. Besides this, manufacturers have started leveraging latest technologies, such as ADT normalization, instantaneous document formatting and voice recognition that can automate the conversion of voice-based records into text-based electronic files. These technologies aid in reducing the time required for transcription as well as enhance the overall accuracy. Moreover, with the increasing risk of manipulation or theft of medical data or information, the leading companies have introduced high-end encryption technologies, data security mechanisms, and end-to-end secure processes for the exchange of information.

IMARC Group's latest report provides a deep insight into the global medical transcription market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter's five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the medical transcription market in any manner.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global medical transcription market report, along with forecasts at the global and regional level from 2024-2032. Our report has categorized the market based on service type, technology, mode of procurement and end user.

Breakup by Service Type:

History and Physical Report

Discharge Summary

Operative Note or Report

Consultation Report

Others (Pathology Report, Radiology Report, etc.)

Breakup by Technology:

Electronic Medical Records/Electronic Health Record (EMR/EHR)

Picture Archiving and Communication System (PACS)

Radiology Information System (RIS)

Speech Recognition Technology (SRT)

Others

Breakup by Mode of Procurement:

Outsourcing

Offshoring

Both

Breakup by End User:

Hospitals

Clinics

Clinical Laboratories

Academic Medical Centers

Others

Breakup by Region:

North America

Europe

Asia Pacific

Middle East and Africa

Latin America

Competitive Landscape:

The report has also analyzed the competitive landscape of the market with some of the key players being Acusis LLC, Transcend Services, Nuance Communications, Inc., MModal IP LLC, iMedX Information Services Private Limited, Global Medical Transcription LLC, nThrive Revenue Systems LLC, MTBC, Inc., MediScript Plus LLC, TransTech Medical Solutions LLC, etc.

Key Questions Answered in This Report

  • 1. What was the size of the global medical transcription market in 2023?
  • 2. What is the expected growth rate of the global medical transcription market during 2024-2032?
  • 3. What are the key factors driving the global medical transcription market?
  • 4. What has been the impact of COVID-19 on the global medical transcription market?
  • 5. What is the breakup of the global medical transcription market based on the end user?
  • 6. What are the key regions in the global medical transcription market?
  • 7. Who are the key players/companies in the global medical transcription market?
Product Code: SR112024A1592

Table of Contents

1 Preface

2 Scope and Methodology

  • 2.1 Objectives of the Study
  • 2.2 Stakeholders
  • 2.3 Data Sources
    • 2.3.1 Primary Sources
    • 2.3.2 Secondary Sources
  • 2.4 Market Estimation
    • 2.4.1 Bottom-Up Approach
    • 2.4.2 Top-Down Approach
  • 2.5 Forecasting Methodology

3 Executive Summary

4 Introduction

  • 4.1 Overview
  • 4.2 Key Industry Trends

5 Global Medical Transcription Market

  • 5.1 Market Overview
  • 5.2 Market Performance
  • 5.3 Impact of COVID-19
  • 5.4 Market Breakup by Service Type
  • 5.5 Market Breakup by Technology
  • 5.6 Market Breakup by Mode of Procurement
  • 5.7 Market Breakup by End User
  • 5.8 Market Breakup by Region
  • 5.9 Market Forecast

6 Market Breakup by Service Type

  • 6.1 History and Physical Report
    • 6.1.1 Market Trends
    • 6.1.2 Market Forecast
  • 6.2 Discharge Summary
    • 6.2.1 Market Trends
    • 6.2.2 Market Forecast
  • 6.3 Operative Note or Report
    • 6.3.1 Market Trends
    • 6.3.2 Market Forecast
  • 6.4 Consultation Report
    • 6.4.1 Market Trends
    • 6.4.2 Market Forecast
  • 6.5 Others
    • 6.5.1 Market Trends
    • 6.5.2 Market Forecast

7 Market Breakup by Technology

  • 7.1 Electronic Medical Records/Electronic Health Record (EMR/EHR)
    • 7.1.1 Market Trends
    • 7.1.2 Market Forecast
  • 7.2 Picture Archiving and Communication System (PACS)
    • 7.2.1 Market Trends
    • 7.2.2 Market Forecast
  • 7.3 Radiology Information System (RIS)
    • 7.3.1 Market Trends
    • 7.3.2 Market Forecast
  • 7.4 Speech Recognition Technology (SRT)
    • 7.4.1 Market Trends
    • 7.4.2 Market Forecast
  • 7.5 Others
    • 7.5.1 Market Trends
    • 7.5.2 Market Forecast

8 Market Breakup by Mode of Procurement

  • 8.1 Outsourcing
    • 8.1.1 Market Trends
    • 8.1.2 Market Forecast
  • 8.2 Offshoring
    • 8.2.1 Market Trends
    • 8.2.2 Market Forecast
  • 8.3 Both
    • 8.3.1 Market Trends
    • 8.3.2 Market Forecast

9 Market Breakup by End User

  • 9.1 Hospitals
    • 9.1.1 Market Trends
    • 9.1.2 Market Forecast
  • 9.2 Clinics
    • 9.2.1 Market Trends
    • 9.2.2 Market Forecast
  • 9.3 Clinical Laboratories
    • 9.3.1 Market Trends
    • 9.3.2 Market Forecast
  • 9.4 Academic Medical Centers
    • 9.4.1 Market Trends
    • 9.4.2 Market Forecast
  • 9.5 Others
    • 9.5.1 Market Trends
    • 9.5.2 Market Forecast

10 Market Breakup by Region

  • 10.1 North America
    • 10.1.1 Market Trends
    • 10.1.2 Market Forecast
  • 10.2 Europe
    • 10.2.1 Market Trends
    • 10.2.2 Market Forecast
  • 10.3 Asia Pacific
    • 10.3.1 Market Trends
    • 10.3.2 Market Forecast
  • 10.4 Middle East and Africa
    • 10.4.1 Market Trends
    • 10.4.2 Market Forecast
  • 10.5 Latin America
    • 10.5.1 Market Trends
    • 10.5.2 Market Forecast

11 SWOT Analysis

  • 11.1 Overview
  • 11.2 Strengths
  • 11.3 Weaknesses
  • 11.4 Opportunities
  • 11.5 Threats

12 Value Chain Analysis

13 Porter's Five Forces Analysis

  • 13.1 Overview
  • 13.2 Bargaining Power of Buyers
  • 13.3 Bargaining Power of Suppliers
  • 13.4 Degree of Competition
  • 13.5 Threat of New Entrants
  • 13.6 Threat of Substitutes

14 Price Analysis

15 Competitive Landscape

  • 15.1 Market Structure
  • 15.2 Key Players
  • 15.3 Profiles of Key Players
    • 15.3.1 Acusis LLC
    • 15.3.2 Transcend Services
    • 15.3.3 Nuance Communications, Inc.
    • 15.3.4 MModal IP LLC
    • 15.3.5 iMedX Information Services Private Limited
    • 15.3.6 Global Medical Transcription LLC
    • 15.3.7 nThrive Revenue Systems LLC
    • 15.3.8 MTBC, Inc.
    • 15.3.9 MediScript Plus LLC
    • 15.3.10 TransTech Medical Solutions LLC
Product Code: SR112024A1592

List of Figures

  • Figure 1: Global: Medical Transcription Market: Major Drivers and Challenges
  • Figure 2: Global: Medical Transcription Market: Sales Value (in Billion US$), 2018-2023
  • Figure 3: Global: Medical Transcription Market: Breakup by Service Type (in %), 2023
  • Figure 4: Global: Medical Transcription Market: Breakup by Technology (in %), 2023
  • Figure 5: Global: Medical Transcription Market: Breakup by Mode of Procurement (in %), 2023
  • Figure 6: Global: Medical Transcription Market: Breakup by End User (in %), 2023
  • Figure 7: Global: Medical Transcription Market: Breakup by Region (in %), 2023
  • Figure 8: Global: Medical Transcription Market Forecast: Sales Value (in Billion US$), 2024-2032
  • Figure 9: Global: Medical Transcription Industry: SWOT Analysis
  • Figure 10: Global: Medical Transcription Industry: Value Chain Analysis
  • Figure 11: Global: Medical Transcription Industry: Porter's Five Forces Analysis
  • Figure 12: Global: Medical Transcription (History and Physical Report) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 13: Global: Medical Transcription (History and Physical Report) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 14: Global: Medical Transcription (Discharge Summary) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 15: Global: Medical Transcription (Discharge Summary) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 16: Global: Medical Transcription (Operative Note or Report) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 17: Global: Medical Transcription (Operative Note or Report) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 18: Global: Medical Transcription (Consultation Report) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 19: Global: Medical Transcription (Consultation Report) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 20: Global: Medical Transcription (Other Service Types) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 21: Global: Medical Transcription (Other Service Types) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 22: Global: Medical Transcription (Electronic Medical Records/Electronic Health Record) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 23: Global: Medical Transcription (Electronic Medical Records/Electronic Health Record) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 24: Global: Medical Transcription (Picture Archiving and Communication System) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 25: Global: Medical Transcription (Picture Archiving and Communication System) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 26: Global: Medical Transcription (Radiology Information System) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 27: Global: Medical Transcription (Radiology Information System) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 28: Global: Medical Transcription (Speech Recognition Technology) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 29: Global: Medical Transcription (Speech Recognition Technology) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 30: Global: Medical Transcription (Other Technologies) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 31: Global: Medical Transcription (Other Technologies) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 32: Global: Medical Transcription (Outsourcing) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 33: Global: Medical Transcription (Outsourcing) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 34: Global: Medical Transcription (Offshoring) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 35: Global: Medical Transcription (Offshoring) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 36: Global: Medical Transcription (Both) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 37: Global: Medical Transcription (Both) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 38: Global: Medical Transcription (Hospitals) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 39: Global: Medical Transcription (Hospitals) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 40: Global: Medical Transcription (Clinics) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 41: Global: Medical Transcription (Clinics) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 42: Global: Medical Transcription (Clinical Laboratories) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 43: Global: Medical Transcription (Clinical Laboratories) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 44: Global: Medical Transcription (Academic Medical Centers) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 45: Global: Medical Transcription (Academic Medical Centers) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 46: Global: Medical Transcription (Other End Users) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 47: Global: Medical Transcription (Other End Users) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 48: North America: Medical Transcription Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 49: North America: Medical Transcription Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 50: Europe: Medical Transcription Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 51: Europe: Medical Transcription Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 52: Asia Pacific: Medical Transcription Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 53: Asia Pacific: Medical Transcription Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 54: Middle East and Africa: Medical Transcription Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 55: Middle East and Africa: Medical Transcription Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 56: Latin America: Medical Transcription Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 57: Latin America: Medical Transcription Market Forecast: Sales Value (in Million US$), 2024-2032

List of Tables

  • Table 1: Global: Medical Transcription Market: Key Industry Highlights, 2023 & 2032
  • Table 2: Global: Medical Transcription Market Forecast: Breakup by Service Type (in Million US$), 2024-2032
  • Table 3: Global: Medical Transcription Market Forecast: Breakup by Technology (in Million US$), 2024-2032
  • Table 4: Global: Medical Transcription Market Forecast: Breakup by Mode of Procurement (in Million US$), 2024-2032
  • Table 5: Global: Medical Transcription Market Forecast: Breakup by End User (in Million US$), 2024-2032
  • Table 6: Global: Medical Transcription Market Forecast: Breakup by Region (in Million US$), 2024-2032
  • Table 7: Global: Medical Transcription Market Structure
  • Table 8: Global: Medical Transcription Market: Key Players
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Jeroen Van Heghe

Manager - EMEA

+32-2-535-7543

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Christine Sirois

Manager - Americas

+1-860-674-8796

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