Global Medical Transcription Services Market Growth (Status and Outlook) 2023-2029

Global Medical Transcription Services Market Growth (Status and Outlook) 2023-2029

Product Code:454862

Published Date: Feb 08,2023

Pages: 124

Region: Global

Category: Service & Software

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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.

LPI (LP Information)' newest research report, the “Medical Transcription Services Industry Forecast” looks at past sales and reviews total world Medical Transcription Services sales in 2022, providing a comprehensive analysis by region and market sector of projected Medical Transcription Services sales for 2023 through 2029. With Medical Transcription Services sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Medical Transcription Services industry.

This Insight Report provides a comprehensive analysis of the global Medical Transcription Services landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Medical Transcription Services portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Medical Transcription Services market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Medical Transcription Services and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Medical Transcription Services.

The global Medical Transcription Services market size is projected to grow from US$ 6092.9 million in 2022 to US$ 8385.5 million in 2029; it is expected to grow at a CAGR of 4.7% from 2023 to 2029.

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.

This report presents a comprehensive overview, market shares, and growth opportunities of Medical Transcription Services market by product type, application, key players and key regions and countries.

Market Segmentation:
Segmentation by type
    Outsourcing
    Offshoring

Segmentation by application
    Hospitals
    Clinical Laboratories
    Academic Medical Centers
    Others

This report also splits the market by region:
    Americas
        United States
        Canada
        Mexico
        Brazil
    APAC
        China
        Japan
        Korea
        Southeast Asia
        India
        Australia
    Europe
        Germany
        France
        UK
        Italy
        Russia
    Middle East & Africa
        Egypt
        South Africa
        Israel
        Turkey
        GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
    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