LONDON--(BUSINESS WIRE)--Technavio has been monitoring the medical transcription market and it is poised to grow by USD 16.64 billion during 2020-2024, progressing at a CAGR of over 5% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts
Frequently Asked Questions-
- Based on segmentation by end-user, which is the leading segment in the market?
- The hospitals are expected to be the leading segment based on end-user in the global market during the forecast period.
- What are the major trends in the market?
- Emergence of voice recognition technologies is one of the major trends in the market.
- At what rate is the market projected to grow?
- Growing at a CAGR of over 5%, the incremental growth of the market is anticipated to be USD 16.64 billion.
- Who are the top players in the market?
- Acusis LLC, Excel Transcriptions Inc., Global Medical Transcription LLC, iMedX Inc., Lingual Consultancy Services Pvt. Ltd., MModal IP LLC, MTBC Inc., nThrive Inc., Nuance Communications Inc., and World Wide Dictation Service of New York Inc. are some of the major market participants.
- What are the key market drivers and challenges?
- Increase in need for automated transcripts is one of the major factors driving the market. However, the increase in concerns for medical data privacy restraints the market growth.
- How big is the North America market?
- The North America region will contribute 41% of market growth.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Acusis LLC, Excel Transcriptions Inc., Global Medical Transcription LLC, iMedX Inc., Lingual Consultancy Services Pvt. Ltd., MModal IP LLC, MTBC Inc., nThrive Inc., Nuance Communications Inc., and World Wide Dictation Service of New York Inc. are some of the major market participants. The increase in need for automated transcripts will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
View market snapshot before purchasing
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Medical Transcription Market 2020-2024: Segmentation
Medical Transcription Market is segmented as below:
-
End-user
- Hospitals
- Physician Groups and Clinics
-
Geography
- North America
- Europe
- APAC
- South America
- MEA
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR40634
Medical Transcription Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The medical transcription market report covers the following areas:
- Medical Transcription Market Size
- Medical Transcription Market Trends
- Medical Transcription Market Analysis
This study identifies the emergence of voice recognition technologies as one of the prime reasons driving the medical transcription market growth during the next few years.
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.
Register for a free trial today and gain instant access to 17,000+ market research reports. Technavio's SUBSCRIPTION platform
Medical Transcription Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist medical transcription market growth during the next five years
- Estimation of the medical transcription market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the medical transcription market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of medical transcription market vendors
Table of Contents:
Executive Summary
- Market Overview
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five Forces Summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by End-user
- Market segments
- Comparison by End-user placement
- Hospitals - Market size and forecast 2019-2024
- Physician groups and clinics - Market size and forecast 2019-2024
- Market opportunity by End user
Customer landscape
- Overview
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver - Demand led growth
- Volume driver - Supply led growth
- Volume driver - External factors
- Volume driver - Demand shift in adjacent markets
- Price driver - Inflation
- Price driver - Shift from lower to higher-priced units
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Acusis LLC
- Excel Transcriptions, Inc.
- Global Medical Transcription LLC
- iMedX Inc.
- Lingual Consultancy Services Pvt. Ltd.
- MModal IP LLC
- MTBC Inc.
- nThrive Inc.
- Nuance Communications Inc.
- World Wide Dictation Service of New York Inc.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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.
