Medical Transcription Services Market Opportunities 2031
Medical transcription includes software and services in the healthcare field. These services include a wide range of reports and activities, such as discharge summary, query reports, operating instructions, and physical and historical reports. These services also extend their coverage to healthcare services, enabling general practitioners and specialists to treat patients around the world. In medical transmission, reference is made to historical records or documents of certain special circumstances, and these documents are used to instruct healthcare professionals if they need to transfer patients from one professional to another.
MARKET SCOPE
The "Global Medical Transcription Services Market Analysis to 2031" is a specialized and in-depth study of the healthcare IT industry with a special focus on the global market trend analysis. The report aims to provide an overview of the medical transcription services market with detailed market segmentation by product, application, and geography. The report provides key statistics on the market status of the leading medical transcription services market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on product, the global medical transcription services market is segmented into outsourcing, and offshoring
- Based on application, the market is bifurcated into hospitals, clinical laboratories, and academic medical centers
MARKET DYNAMICS
Drivers:
- Significant rise in the awareness of the recordkeeping of the patient information
- Rise in the government initiatives in the processes of reimbursemen
Restraints:
- Uncertainty by the hospital management, and the fraud and illegal sales of the patient information
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The medical transcription services market by each region is later sub-segmented by reSPECTive countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the medical transcription services market in these regions.
IMPACT OF COVID-19ON MEDICAL TRANSCRIPTION SERVICES MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The medical transcription services market by each region is later sub-segmented by reSPECTive countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the medical transcription services market in these regions.
IMPACT OF COVID-19ON MEDICAL TRANSCRIPTION SERVICES MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the medical transcription services market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from medical transcription services market are anticipated to lucrative growth opportunities in the future with the rising demand for medical transcription services in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the medical transcription services market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Lingual Consultancy Services
- Acusis, LLC
- Nuance Communications, Inc.
- Superior Global Solutions
- Transcend Services
- Scribe Technology Solutions
- Medscribe
- TRANSPERFECT
- iMedX, Inc.
- DoctorDocs
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Medical Transcription Services Market - By Product
1.3.2 Medical Transcription Services Market - By Application
1.3.3 Medical Transcription Services Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. MEDICAL TRANSCRIPTION SERVICES MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. MEDICAL TRANSCRIPTION SERVICES MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. MEDICAL TRANSCRIPTION SERVICES MARKET - GLOBAL MARKET ANALYSIS
6.1. MEDICAL TRANSCRIPTION SERVICES - GLOBAL MARKET OVERVIEW
6.2. MEDICAL TRANSCRIPTION SERVICES - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. MEDICAL TRANSCRIPTION SERVICES MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. OUTSOURCING
7.3.1. Overview
7.3.2. Outsourcing Market Forecast and Analysis
7.4. OFFSHORING
7.4.1. Overview
7.4.2. Offshoring Market Forecast and Analysis
8. MEDICAL TRANSCRIPTION SERVICES MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. HOSPITALS
8.3.1. Overview
8.3.2. Hospitals Market Forecast and Analysis
8.4. CLINICAL LABORATORIES
8.4.1. Overview
8.4.2. Clinical Laboratories Market Forecast and Analysis
8.5. ACADEMIC MEDICAL CENTERS
8.5.1. Overview
8.5.2. Academic Medical Centers Market Forecast and Analysis
9. MEDICAL TRANSCRIPTION SERVICES MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Medical Transcription Services Market Overview
9.1.2 North America Medical Transcription Services Market Forecasts and Analysis
9.1.3 North America Medical Transcription Services Market Forecasts and Analysis - By Product
9.1.4 North America Medical Transcription Services Market Forecasts and Analysis - By Application
9.1.5 North America Medical Transcription Services Market Forecasts and Analysis - By Countries
9.1.5.1 United States Medical Transcription Services Market
9.1.5.1.1 United States Medical Transcription Services Market by Product
9.1.5.1.2 United States Medical Transcription Services Market by Application
9.1.5.2 Canada Medical Transcription Services Market
9.1.5.2.1 Canada Medical Transcription Services Market by Product
9.1.5.2.2 Canada Medical Transcription Services Market by Application
9.1.5.3 Mexico Medical Transcription Services Market
9.1.5.3.1 Mexico Medical Transcription Services Market by Product
9.1.5.3.2 Mexico Medical Transcription Services Market by Application
9.2. EUROPE
9.2.1 Europe Medical Transcription Services Market Overview
9.2.2 Europe Medical Transcription Services Market Forecasts and Analysis
9.2.3 Europe Medical Transcription Services Market Forecasts and Analysis - By Product
9.2.4 Europe Medical Transcription Services Market Forecasts and Analysis - By Application
9.2.5 Europe Medical Transcription Services Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Medical Transcription Services Market
9.2.5.1.1 Germany Medical Transcription Services Market by Product
9.2.5.1.2 Germany Medical Transcription Services Market by Application
9.2.5.2 France Medical Transcription Services Market
9.2.5.2.1 France Medical Transcription Services Market by Product
9.2.5.2.2 France Medical Transcription Services Market by Application
9.2.5.3 Italy Medical Transcription Services Market
9.2.5.3.1 Italy Medical Transcription Services Market by Product
9.2.5.3.2 Italy Medical Transcription Services Market by Application
9.2.5.4 Spain Medical Transcription Services Market
9.2.5.4.1 Spain Medical Transcription Services Market by Product
9.2.5.4.2 Spain Medical Transcription Services Market by Application
9.2.5.5 United Kingdom Medical Transcription Services Market
9.2.5.5.1 United Kingdom Medical Transcription Services Market by Product
9.2.5.5.2 United Kingdom Medical Transcription Services Market by Application
9.2.5.6 Rest of Europe Medical Transcription Services Market
9.2.5.6.1 Rest of Europe Medical Transcription Services Market by Product
9.2.5.6.2 Rest of Europe Medical Transcription Services Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Medical Transcription Services Market Overview
9.3.2 Asia-Pacific Medical Transcription Services Market Forecasts and Analysis
9.3.3 Asia-Pacific Medical Transcription Services Market Forecasts and Analysis - By Product
9.3.4 Asia-Pacific Medical Transcription Services Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Medical Transcription Services Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Medical Transcription Services Market
9.3.5.1.1 Australia Medical Transcription Services Market by Product
9.3.5.1.2 Australia Medical Transcription Services Market by Application
9.3.5.2 China Medical Transcription Services Market
9.3.5.2.1 China Medical Transcription Services Market by Product
9.3.5.2.2 China Medical Transcription Services Market by Application
9.3.5.3 India Medical Transcription Services Market
9.3.5.3.1 India Medical Transcription Services Market by Product
9.3.5.3.2 India Medical Transcription Services Market by Application
9.3.5.4 Japan Medical Transcription Services Market
9.3.5.4.1 Japan Medical Transcription Services Market by Product
9.3.5.4.2 Japan Medical Transcription Services Market by Application
9.3.5.5 South Korea Medical Transcription Services Market
9.3.5.5.1 South Korea Medical Transcription Services Market by Product
9.3.5.5.2 South Korea Medical Transcription Services Market by Application
9.3.5.6 Rest of Asia-Pacific Medical Transcription Services Market
9.3.5.6.1 Rest of Asia-Pacific Medical Transcription Services Market by Product
9.3.5.6.2 Rest of Asia-Pacific Medical Transcription Services Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Medical Transcription Services Market Overview
9.4.2 Middle East and Africa Medical Transcription Services Market Forecasts and Analysis
9.4.3 Middle East and Africa Medical Transcription Services Market Forecasts and Analysis - By Product
9.4.4 Middle East and Africa Medical Transcription Services Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Medical Transcription Services Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Medical Transcription Services Market
9.4.5.1.1 South Africa Medical Transcription Services Market by Product
9.4.5.1.2 South Africa Medical Transcription Services Market by Application
9.4.5.2 Saudi Arabia Medical Transcription Services Market
9.4.5.2.1 Saudi Arabia Medical Transcription Services Market by Product
9.4.5.2.2 Saudi Arabia Medical Transcription Services Market by Application
9.4.5.3 U.A.E Medical Transcription Services Market
9.4.5.3.1 U.A.E Medical Transcription Services Market by Product
9.4.5.3.2 U.A.E Medical Transcription Services Market by Application
9.4.5.4 Rest of Middle East and Africa Medical Transcription Services Market
9.4.5.4.1 Rest of Middle East and Africa Medical Transcription Services Market by Product
9.4.5.4.2 Rest of Middle East and Africa Medical Transcription Services Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Medical Transcription Services Market Overview
9.5.2 South and Central America Medical Transcription Services Market Forecasts and Analysis
9.5.3 South and Central America Medical Transcription Services Market Forecasts and Analysis - By Product
9.5.4 South and Central America Medical Transcription Services Market Forecasts and Analysis - By Application
9.5.5 South and Central America Medical Transcription Services Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Medical Transcription Services Market
9.5.5.1.1 Brazil Medical Transcription Services Market by Product
9.5.5.1.2 Brazil Medical Transcription Services Market by Application
9.5.5.2 Argentina Medical Transcription Services Market
9.5.5.2.1 Argentina Medical Transcription Services Market by Product
9.5.5.2.2 Argentina Medical Transcription Services Market by Application
9.5.5.3 Rest of South and Central America Medical Transcription Services Market
9.5.5.3.1 Rest of South and Central America Medical Transcription Services Market by Product
9.5.5.3.2 Rest of South and Central America Medical Transcription Services Market by Application
10. IMPACT OF COVID-19 PANDEMIC ON GLOBAL MEDICAL TRANSCRIPTION SERVICES MARKET
10.1 North America
10.2 Europe
10.3 Asia-Pacific
10.4 Middle East and Africa
10.5 South and Central America
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. MEDICAL TRANSCRIPTION SERVICES MARKET, KEY COMPANY PROFILES
12.1. LINGUAL CONSULTANCY SERVICES
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. ACUSIS, LLC
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. NUANCE COMMUNICATIONS, INC
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Products and Services
12.3.4. Financial Overview
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. SUPERIOR GLOBAL SOLUTIONS
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. TRANSCEND SERVICES
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Products and Services
12.5.4. Financial Overview
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. SCRIBE TECHNOLOGY SOLUTIONS
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Products and Services
12.6.4. Financial Overview
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. MEDSCRIBE
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Products and Services
12.7.4. Financial Overview
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. TRANSPERFECT
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. IMEDX, INC
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. DOCTORDOCS
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
1. Lingual Consultancy Services
2. Acusis, LLC
3. Nuance Communications, Inc.
4. Superior Global Solutions
5. Transcend Services
6. Scribe Technology Solutions
7. Medscribe
8. TRANSPERFECT
9. iMedX, Inc.
10. DoctorDocs
11. LC Transcription Services
12. GMT
13. Same Day Transcriptions
14. Medi-Script Plus
15. Outsource2india
16. TransPerfect
17. VIVA Transcription
18. World-Wide Dictation
19. Athreon
20. BVS Transtech
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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