Medical Transcription Services

Global Market Trajectory & Analytics

MCP-1752

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VALIDATIONS

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COMPANIES

52
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DATE

JAN 2022

TABLES

202

PAGES

278

EDITION

16

PRICE

USD 5450

CODE

MCP-1752


COMPETITIVE METRICS

COMPETITORS (ALPHABETICAL)

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%

VALIDATED RESEARCH *

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HIGHLIGHTS & REPORT INDEX

Amid the COVID-19 crisis, the global market for Medical Transcription Services estimated at US$52.2 Billion in the year 2020, is projected to reach a revised size of US$69.8 Billion by 2027, growing at a CAGR of 4.2% over the analysis period 2020-2027. Consultation Reports, one of the segments analyzed in the report, is projected to record a 2.8% CAGR and reach US$23.8 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the History & Physical Reports segment is readjusted to a revised 5.6% CAGR for the next 7-year period.
The Medical Transcription Services market in the U.S. is estimated at US$15.4 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$12.4 Billion by the year 2027 trailing a CAGR of 4% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 3.4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.7% CAGR.
In the global Operative Reports segment, USA, Canada, Japan, China and Europe will drive the 4.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$6.4 Billion in the year 2020 will reach a projected size of US$8.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$8.1 Billion by the year 2027.

SELECT PLAYERS

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.

SEGMENTS

» Service Segment (Consultation Reports, History & Physical Reports, Operative Reports, Other Service Segments)

GEOGRAPHIES

» World » United States » Canada » Japan » China » Europe » France » Germany » Italy » United Kingdom » and Rest of Europe » Asia-Pacific » Rest of World

TABLE OF CONTENTS

1. MARKET OVERVIEW
Influencer Market Insights
World Market Trajectories
Impact of Covid-19 and a Looming Global Recession
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
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
World Current & Future Analysis for Medical Transcription Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
World Historic Review for Medical Transcription Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
World 15-Year Perspective for Medical Transcription Services by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets for Years 2012, 2020 & 2027
World Current & Future Analysis for Consultation Reports by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
World Historic Review for Consultation Reports by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
World 15-Year Perspective for Consultation Reports by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2012, 2020 & 2027
World Current & Future Analysis for History & Physical Reports by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
World Historic Review for History & Physical Reports by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
World 15-Year Perspective for History & Physical Reports by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2012, 2020 & 2027
World Current & Future Analysis for Operative Reports by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
World Historic Review for Operative Reports by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
World 15-Year Perspective for Operative Reports by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2012, 2020 & 2027
World Current & Future Analysis for Other Service Segments by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
World Historic Review for Other Service Segments by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
World 15-Year Perspective for Other Service Segments by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2012, 2020 & 2027
UNITED STATES
USA Current & Future Analysis for Medical Transcription Services by Service Segment - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
USA Historic Review for Medical Transcription Services by Service Segment - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
USA 15-Year Perspective for Medical Transcription Services by Service Segment - Percentage Breakdown of Value Sales for Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments for the Years 2012, 2020 & 2027
CANADA
Canada Current & Future Analysis for Medical Transcription Services by Service Segment - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
Canada Historic Review for Medical Transcription Services by Service Segment - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
Canada 15-Year Perspective for Medical Transcription Services by Service Segment - Percentage Breakdown of Value Sales for Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments for the Years 2012, 2020 & 2027
JAPAN
Japan Current & Future Analysis for Medical Transcription Services by Service Segment - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
Japan Historic Review for Medical Transcription Services by Service Segment - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
Japan 15-Year Perspective for Medical Transcription Services by Service Segment - Percentage Breakdown of Value Sales for Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments for the Years 2012, 2020 & 2027
CHINA
China Current & Future Analysis for Medical Transcription Services by Service Segment - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
China Historic Review for Medical Transcription Services by Service Segment - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
China 15-Year Perspective for Medical Transcription Services by Service Segment - Percentage Breakdown of Value Sales for Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments for the Years 2012, 2020 & 2027
EUROPE
Europe Current & Future Analysis for Medical Transcription Services by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
Europe Historic Review for Medical Transcription Services by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
Europe 15-Year Perspective for Medical Transcription Services by Geographic Region - Percentage Breakdown of Value Sales for France, Germany, Italy, UK and Rest of Europe Markets for Years 2012, 2020 & 2027
Europe Current & Future Analysis for Medical Transcription Services by Service Segment - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
Europe Historic Review for Medical Transcription Services by Service Segment - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
Europe 15-Year Perspective for Medical Transcription Services by Service Segment - Percentage Breakdown of Value Sales for Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments for the Years 2012, 2020 & 2027
FRANCE
France Current & Future Analysis for Medical Transcription Services by Service Segment - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
France Historic Review for Medical Transcription Services by Service Segment - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
France 15-Year Perspective for Medical Transcription Services by Service Segment - Percentage Breakdown of Value Sales for Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments for the Years 2012, 2020 & 2027
GERMANY
Germany Current & Future Analysis for Medical Transcription Services by Service Segment - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
Germany Historic Review for Medical Transcription Services by Service Segment - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
Germany 15-Year Perspective for Medical Transcription Services by Service Segment - Percentage Breakdown of Value Sales for Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments for the Years 2012, 2020 & 2027
ITALY
Italy Current & Future Analysis for Medical Transcription Services by Service Segment - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
Italy Historic Review for Medical Transcription Services by Service Segment - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
Italy 15-Year Perspective for Medical Transcription Services by Service Segment - Percentage Breakdown of Value Sales for Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments for the Years 2012, 2020 & 2027
UNITED KINGDOM
UK Current & Future Analysis for Medical Transcription Services by Service Segment - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
UK Historic Review for Medical Transcription Services by Service Segment - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
UK 15-Year Perspective for Medical Transcription Services by Service Segment - Percentage Breakdown of Value Sales for Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments for the Years 2012, 2020 & 2027
REST OF EUROPE
Rest of Europe Current & Future Analysis for Medical Transcription Services by Service Segment - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
Rest of Europe Historic Review for Medical Transcription Services by Service Segment - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
Rest of Europe 15-Year Perspective for Medical Transcription Services by Service Segment - Percentage Breakdown of Value Sales for Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments for the Years 2012, 2020 & 2027
ASIA-PACIFIC
Asia-Pacific Current & Future Analysis for Medical Transcription Services by Service Segment - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
Asia-Pacific Historic Review for Medical Transcription Services by Service Segment - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
Asia-Pacific 15-Year Perspective for Medical Transcription Services by Service Segment - Percentage Breakdown of Value Sales for Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments for the Years 2012, 2020 & 2027
REST OF WORLD
Rest of World Current & Future Analysis for Medical Transcription Services by Service Segment - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
Rest of World Historic Review for Medical Transcription Services by Service Segment - Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
Rest of World 15-Year Perspective for Medical Transcription Services by Service Segment - Percentage Breakdown of Value Sales for Consultation Reports, History & Physical Reports, Operative Reports and Other Service Segments for the Years 2012, 2020 & 2027
Total Companies Profiled: 52

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