Medical Transcription Market to grow by USD 16.64 Bn in 2020, Acusis LLC and Excel Transcriptions Inc. emerge as Key Contributors to growth| Technavio

NEW YORK, Aug. 12, 2021 /PRNewswire/ — Technavio forecasts the medical transcription market to grow by USD 16.64 billion at…

NEW YORK, Aug. 12, 2021 /PRNewswire/ — Technavio forecasts the medical transcription market to grow by USD 16.64 billion at over 5% during 2020-2024. Acusis LLC (US), Excel Transcriptions Inc. (US), Global Medical Transcription LLC (US), iMedX Inc. (US), Lingual Consultancy Services Pvt. Ltd. (India), MModal IP LLC (US), MTBC Inc. (US), nThrive Inc. (US), Nuance Communications Inc. (US), and World Wide Dictation Service of New York Inc. (US) are some of the dominant medical transcription market players.

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The report identifies an increase in the need for automated transcripts, rising chronic diseases, aging population, and the growing adoption of data analytics in the healthcare sector as some of the major factors driving the growth of the market. In addition, the adoption of cloud-based systems, the emergence of voice recognition technologies, and the growth of medical transcription outsourcing services are some of the prominent market trends anticipated to boost the market growth positively during the forecast period.

The medical transcription market covers the following areas:

Medical Transcription Market Sizing

Medical Transcription Market Forecast

Medical Transcription Market Analysis

The medical transcription market report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters. The report is segmented by End-user (Hospitals and Physician groups and clinics) and Geography (North America, Europe, APAC, South America, and MEA). The hospital segment led the market during the forecast period due to the increasing adoption of cloud-based systems for MT and automated speech recognition software. In terms of geography, almost 41% of the market’s growth will be originating from North America owing to increased investments in advanced IT infrastructure and innovation.

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Key Topics Covered:

1. Executive Summary

2. Market Landscape

2.1 Market ecosystem

Exhibit 01:  Parent market

2.2 Impact of COVID-19 on Information Technology

2.2.1 Short-term impact

2.2.2 Long-term impact

2.2.3 Recovery phase

2.3 Market characteristics

Exhibit 02:  Market characteristics

2.4 Value Chain Analysis

Exhibit 03:  Value chain analysis: Data processing and outsourced services

2.4.1 Inputs

2.4.2 Marketing and sales

2.4.3 Support activities

2.4.4 Innovations

3. Market Sizing

3.1 Market definition

Exhibit 04: Offerings of vendors included in the market definition

3.2 Market segment analysis

Exhibit 05:  Market segments

3.3 Market size 2019

3.4 Market outlook: Forecast for 2019 – 2024

Exhibit 06:  Global – Market size and forecast 2019 – 2024 ($ billion)

4. Five Forces Analysis

4.1 Five Forces Summary

Exhibit 07:  Five forces analysis 2019 & 2024

4.2 Bargaining power of buyers

4.3 Bargaining power of suppliers

4.4 Threat of new entrants

4.5 Threat of substitutes

4.6 Threat of rivalry

4.7 Market condition

Market condition – Five forces 2020

5. Market Segmentation by End-user

Throughout the forecast period, the hospital segment will be the leading segment of the market. The high inclination of patients toward hospitals is due to the scale at which they operate, the rules and regulations followed, and the importance given to maintain health records.

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5.1 Market segments

Exhibit 16:  End-user – Market share 2019-2024 (%)

5.2 Comparison by Product

Exhibit 17:  Comparison by End-user

5.3 Hospitals – Market size and forecast 2019-2024 

Exhibit 18:  Hospitals – Market size and forecast 2019-2024 ($ billion)

Exhibit 19:  Hospitals – Market size and forecast 2019-2024 ($ million) exclusive of Covid-19 Impact  

Exhibit 20:  Hospitals – Year-over-year growth 2019-2024 (%)

5.4 Physician groups and clinics – Market size and forecast 2019-2024

Exhibit 21:  Physician groups and clinics – Market size and forecast 2019-2024 ($ billion)

Exhibit 22:  Physician groups and clinics – Market size and forecast 2019-2024 ($ million) exclusive of Covid-19 Impact

Exhibit 23:  Physician groups and clinics – Year-over-year growth 2019-2024 (%)

5.5 Market opportunity by End-user

Exhibit 24:   Market opportunity by End-user

6. Customer landscape

Technavio’s customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria

Exhibit 27: Customer landscape

Customer landscape analysis

7. Geographic Landscape                                                    

The North America segment has advanced technology, and the countries in this region strongly rely on automation. Hence, this segment is saturated. The Europe segment is expected to have a slower growth rate due to Brexit and other economic restructuring factors in the EU. The APAC segment is growing rapidly due to the increase in the adoption of technology and the rise in outsourcing of MT to countries in the region.

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7.1 Geographic segmentation

Exhibit 26:  Market share by geography 2019-2024 (%)

7.2 Geographic comparison

Exhibit 27:  Geographic comparison

7.3 North America – Market size and forecast 2019-2024

Exhibit 28:  North America – Market size and forecast 2019-2024 ($ billion)

Exhibit 29:  North America – Market size and forecast 2019-2024 ($ billion) exclusive of Covid-19 Impact

Exhibit 30:  North America – Year-over-year growth 2019-2024 (%)

7.4 Europe – Market size and forecast 2019-2024

Exhibit 31:  Europe – Market size and forecast 2019-2024 ($ billion)

Exhibit 32:  Europe – Market size and forecast 2019-2024 ($ billion) exclusive of Covid-19 Impact

Exhibit 33:  Europe – Year-over-year growth 2019-2024 (%)

7.5 APAC – Market size and forecast 2019-2024

Exhibit 34:  APAC – Market size and forecast 2019-2024 ($ billion)

Exhibit 35:  APAC – Market size and forecast 2019-2024 ($ million) exclusive of Covid-19 Impact

Exhibit 36:  APAC – Year-over-year growth 2019-2024 (%)

7.6 South America – Market size and forecast 2019-2024

Exhibit 37:  South America – Market size and forecast 2019-2024 ($ billion)

Exhibit 38:  South America – Market size and forecast 2019-2024 ($ million) exclusive of Covid-19 Impact

Exhibit 39:  South America – Year-over-year growth 2019-2024 (%)

7.7 MEA – Market size and forecast 2019-2024

Exhibit 40:  MEA – Market size and forecast 2019-2024 ($ billion)

Exhibit 41:  MEA – Market size and forecast 2019-2024 ($ million) exclusive of Covid-19 Impact

Exhibit 42:  MEA – Year-over-year growth 2019-2024 (%)

7.8 Key leading countries

Exhibit 43:  Key leading countries

7.9 Market opportunity by geography

Exhibit 44:  Market opportunity by geography ($ billion)

8. Drivers, Challenges, and Trends

8.1 Volume drivers – Demand led growth

8.1.1 Growth in healthcare IT spending

8.1.2 Rising chronic diseases and aging population

8.1.3 Increase in need for automated transcripts

8.1.4 Growing adoption of data analytics in the healthcare sector

8.2 Market challenges

8.2.1 Vulnerability of EMR toward cyber-crime

8.2.2 Requirement of intense training

8.2.3 Increase in concerns for medical data privacy

8.3 Market challenges

8.3.1    Emergence of voice recognition technologies

8.3.2    Growth of MT outsourcing market

8.3.3    Adoption to cloud-based systems

8.3.4    Rising applications of BI in the healthcare industry

9. Vendor Landscape

9.1 Overview

9.2 Vendor landscape

9.3 Landscape disruption

Analysis of Criticality of inputs and Factors of differentiation

Competitive scenario

9.4     Landscape disruption

Technavio’s Analysis on the impact of Disruption Threats by comparing Disruptive sources and Factors driving disruption

Industry risks

10.  Vendor Analysis

10.1  Vendors covered

10.2  Market positioning of vendors

10.3  Acusis LLC

Overview

Business Segments

Key Offering

Segment Focus

10.4  Excel Transcriptions Inc.

Overview

Business Segments

Key Offering

Segment Focus

10.5  Global Medical Transcription LLC

Overview

Business Segments

Key Offering

Segment Focus

10.6  iMedX Inc.

Overview

Business Segments

Key Offering

Segment Focus

10.7  Lingual Consultancy Services Pvt. Ltd.

Overview

Business Segments

Key Offering

Segment Focus

10.8  MModal IP LLC

Overview

Business Segments

Key Offering

Segment Focus

10.9  MTBC Inc.

Overview

Business Segments

Key Offering

Segment Focus

10.10  nThrive Inc.

Overview

Business Segments

Key Offering

Segment Focus

10.11 Nuance Communications Inc.

Overview

Business Segments

Key Offering

Segment Focus

10.12  World Wide Dictation Service of New York Inc.

Overview

Business Segments

Key Offering

Segment Focus

11. Appendix

11.1 Scope of the report

11.1.1 Market definition

11.1.2 Objectives

11.1.3 Notes and Caveats

11.2  Currency conversion rates for US$

11.3  Research methodology

11.4  List of abbreviations  

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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