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How big is the global transcription industry?
Hello and thanks for asking for the size of the global transcription industry broken down by vertical.
The most insightful sources that I was able to find are the size of the global medical transcription market, the number of medical transcriptionists in the US and the number of court reporters in the US.
METHODOLOGY
During the course of the research, I found that there is no estimate of the overall global transcription industry, only that of the medical transcription industry. In order to translate that to the size of the overall transcription industry, I had to make some assumptions with estimations and triangulate an estimate for the overall transcription market size based on available information.
This was done by comparing people employed as transcribers in the US in the different verticals and using the ratio of people employed per vertical as an indication of relative market size.
SUMMARY
The global transcription industry is estimated to be worth $77.7 million and growing at a CAGR of about 6%
The industry can divided into the following verticals with an approximate market size:
Medical Transcriptions: $55 million
Legal Transcription: $14.5 million
Business Support Services: $7.7 million
Audio and Video Transcription: $0.5 million
THE TRANSCRIPTION INDUSTRY
2. Non-medical Transcription: This includes legal transcription, audio visual transcription, interview transcription and other.
MEDICAL TRANSCRIPTION MARKET SIZE
In 2013, Transparency Market Research estimated the global medical transcription services market to be valued at $41.4 million in 2012 and is expected it to grow at a CAGR of 5.6% from 2013 to 2019, to reach an estimated value of $60.6 million in 2019.
This was the latest report publicly available, but in 2015, Technavio published a report that supported this growth estimate, forecasting that the global medical transcription industry will grow at 6% from 2015 - 2019.
Based on the 2012 market size of $41.4 million and CAGR of between 5.6% and 6%, I have estimated the 2017 global medical transcription industry to be worth about $55 million.
CALCULATING THE NON-MEDICAL TRANSCRIPTION MARKET SIZE
In order to compare the medical and non-medical transcription verticals, the first port of call was the US Bureau of Labour Statistics, who define everyone that are employed in transcription as either medical transcriptionists or court reporters.
At the same time there were 17 700 court reporters at an average salary of $56 940. These are employed by the US Government (64%), Business Support Services (34%) and the Motion picture and video industry (2%).
The ratio of overall salaries paid to medical transcriptionists to court reporters in the US is:
(70 000 x $34 890) : (17 700 x $56 940)
= 2.42:1
(As the assumption may exist that there is an unnaturally high number of court reporters in the US due to the high number of lawyers in the US, a comparison of number of lawyers and number of lawsuits per capita in the US compared to the rest of the world was added - this comparison shows that the US does not have an unnaturally high number of lawyers or lawsuits.)
NON-MEDICAL TRANSCRIPTION MARKET SIZE
If one then applies the ratio determined above to the global medical transcription market size, the global non-medical transcription market size is estimated at:
$55 million x (1/2.42) = $22.7 million
Based on the industries in which the US court reporters are employed, a rough assumption can be made of how this is broken down per vertical:
Legal Transcription: 64% x $22.7 million = $14.5 million
Business Support Services: 34% x $22.7 million = $7.7 million
Audio and Video Transcription: 2% x $22.7 million = $0.5 million
OVERALL GLOBAL TRANSCRIPTION MARKET SIZE
Based on the assumptions and estimations made above the global transcription industry is estimated to be worth $55 million + $22.7 million = $77.7 million and growing at a CAGR of about 6%
The industry can divided into the following verticals with an approximate market size:
Medical Transcriptions: $55 million
Legal Transcription: $14.5 million
Business Support Services: $7.7 million
Audio and Video Transcription: $0.5 million
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