Medical Transcription Services Market: Current Analysis and Forecast (2022-2030)
Emphasis on Service (History and Physical Report, Discharge Summary, Operative Note Or Report, Consultation Report, and Others); Procurement Mode (Outsourcing, Offshoring, and Both); End-User (Hospitals, Clinics, Academic Medical Centers, and Others); and Region/Country
The Medical Transcription Services market was vakued at USSD 50 Bn and is expected to grow at a strong CAGR of around 5% during the forecast period. The medical transcription services market refers to the industry that provides transcription services for healthcare professionals, converting voice-recorded medical reports and documentation into written formats. Medical transcription plays a vital role in maintaining accurate patient records, facilitating communication between healthcare providers, and ensuring compliance with legal and regulatory requirements. The development of speech recognition technology and natural language processing has improved the efficiency and accuracy of medical transcription services is the important factor driving the growth of the medical transcription services market. For instance, Amazon Web Services announced the availability of Amazon Transcribe Medical, a new speech recognition capability of Amazon Transcribe, designed to convert clinician and patient speech to text.
Some of the major players operating in the market are Lingual Consultancy Services; Acusis LLC; Nuance Communications; Superior Global Solutions; Transcend Services; Scribe Technology; Medscribe; Transperfect; iMedX; and CloudCare Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst service, the history and physical report segment is expected to grow at a higher CAGR during the forecast period.”
Based on service, the market is segmented into history and physical reports, discharge summary, operative note or report, consultation report, and others. As per our analysis, the history and physical report segment is expected to grow at a higher CAGR during the forecast period. History and physical report play an important role in the diagnosis and treatment of disease as history dictates the medical condition of the patient and helps patient in getting the appropriate treatment. Furthermore, the increasing number of lifestyle related disorders due to increased smoking and alcohol consumption are also the important factors responsible for the fast growth of the segment.
“Amongst procurement mode, the offshoring segment held the dominant share in 2021.”
Based on the procurement mode, the market is segmented into outsourcing, offshoring, and both. As per our analysis, the offshoring segment held the dominant share in 2021. Offshoring allows healthcare organizations to reduce operational costs by taking advantage of lower labor costs in offshore destinations. Offshore destinations often have a large pool of trained medical transcriptionists who possess the necessary language proficiency and knowledge of medical terminology. This ensures accurate and efficient transcriptions. Further, healthcare organizations can take advantage of the time difference to maintain round-the-clock transcription services. transcribed documents can be completed overnight and delivered for review the next day. These are the important reasons for the market growth of the segment.
Medical Transcription Services Market Report Coverage
“Amongst end-user, the clinics segment is expected to grow at a higher CAGR during the forecast period.”
Based on the end-user, the market is segmented into hospitals, clinics, academic medical centers, and others. As per our analysis, the clinics segment is expected to grow at a higher CAGR during the forecast period. The clinics are generally easily accessible, along with due to the increasing patient pools in hospitals patients are opting clinics for minor diseases are the major attributing factors for the growth of the segment.
“Asia Pacific is expected to grow with the highest CAGR medical transcription services market during the forecast period.”
Asia Pacific is expected to grow with the highest CAGR medical transcription services market during the forecast period due to due to the high prevalence of rabies in several countries within the region. The adoption of advanced technologies, such as speech recognition software, natural language processing, and cloud-based transcription platforms, has improved the efficiency and accuracy of medical transcription services. These technological advancements have attracted healthcare providers to outsource their transcription needs to specialized service providers.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global medical transcription services market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Medical Transcription Services Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global medical transcription services market were the three major steps undertaken to create and analyze the adoption of medical transcription services in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global medical transcription services market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Medical transcription services market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the medical transcription services market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as service, procurement mode, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Medical Transcription Services market. Further, we conducted factor analysis using dependent and independent variables such as service, procurement mode, and end-user of the medical transcription services market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the medical transcription services market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global medical transcription services market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the medical transcription services market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global medical transcription services market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Medical Transcription Services market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the type, category, and application in the global Medical Transcription Services market.
The main objective of the Global Medical Transcription Services Market Study
The current & future market trends of the global medical transcription services market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the medical transcription services market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of service, procurement mode, and end-user.
- Define and analysis of the regulatory framework for the medical transcription services industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the medical transcription services market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the medical transcription services market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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