TMCnet News
Medical Transcription Market to grow by USD 16.64 Bn in 2020, Acusis LLC and Excel Transcriptions Inc. emerge as Key Contributors to growth| TechnavioNEW 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.
View exclusive report on Market scenarios, Estimates, Lockdown Impact, and Customer Behavior. 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 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. Similar Reports: Edge Computing Market by End-user and Geography - Forecast and Analysis 2021-2025 Cloud Migration Services Market by Deployment and Geography - Forecast and Analysis 2021-2025 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 deinition 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. Buy the medical transcription market forecast report for exhaustive analytical data on the segmentations. 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. Buy the report now to obtain meticulously researched actionable insights on the emerging and potential regional markets. 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. About Us Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contact
SOURCE Technavio 
|
View original content to download multimedia: