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Medical Transcription Market Size & Share to Surpass $5.11 Billion by 2028 | Vantage Market Research

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WASHINGTON, March 08, 2023 (GLOBE NEWSWIRE) — According to a report by Vantage Market Research, the global Medical Transcription Market size was valued at USD 1.50 Billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 17.1% from 2022 to 2028. Factors driving this growth include the increasing adoption of EMRs, the growing geriatric population, and the rising demand for medical transcription services in developing countries.

Medical Transcription Market Overview

The medical transcription market involves the conversion of voice-recorded medical reports into text format. Medical transcriptionists typically transcribe medical dictation by physicians and other healthcare professionals, creating electronic documents that become a part of patients’ medical records.

The medical transcription market has undergone significant changes in recent years due to advancements in technology and changes in healthcare regulations. The shift towards electronic medical records (EMRs) has led to an increased demand for medical transcription services, as healthcare providers seek to digitize their patient records.

The market is dominated by North America, due to the high adoption rate of healthcare IT solutions and a well-established healthcare infrastructure in the region. However, the Asia Pacific region is expected to grow at the highest CAGR over the forecast period, due to the growing demand for healthcare services and the increasing adoption of EMRs in countries such as India and China.

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Scope of the Report:

Report Attributes Details
Market Size in 2021 USD 1.50 Billion
Revenue Forecast by 2028 USD 5.11 Billion
CAGR 17.1% from 2022 to 2028
Base Year 2021
Forecast Year 2022 to 2028
Key Players Acusis LLC, Transcend Services, Nuance Communications Inc., MModal LLC, iMedX Inc., Global Medical Transcription LLC, nThrive Inc., MTBC Inc., Medi-Script Plus, TransTech Medical Solutions LLC
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Key Highlights

  • Growing demand for electronic medical records (EMRs): With the shift towards digitization in healthcare, the demand for medical transcription services has increased significantly, as healthcare providers seek to convert their paper-based records into digital format.
  • Increasing adoption of speech recognition technology: Speech recognition technology is increasingly being used in medical transcription to automate the transcription process, reduce turnaround time, and improve accuracy.
  • Rising demand for outsourced medical transcription services: Many healthcare providers are outsourcing their medical transcription needs to third-party service providers, in order to reduce costs, improve efficiency, and ensure compliance with healthcare regulations.
  • Dominance of North America in the market: North America is currently the largest market for medical transcription services, due to the high adoption rate of healthcare IT solutions and a well-established healthcare infrastructure in the region.
  • Growing demand in emerging markets: The Asia Pacific region is expected to grow at the highest CAGR over the forecast period, due to the growing demand for healthcare services and the increasing adoption of EMRs in countries such as India and China.
  • Key players investing in technology and innovation: Leading companies in the medical transcription market are investing in technology and innovation to improve their transcription services, enhance their offerings, and maintain their market position.

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Regional Overview

  • North America is currently the largest market for medical transcription services, due to the high adoption rate of healthcare IT solutions and a well-established healthcare infrastructure in the region. The United States is the largest market within North America, accounting for a significant share of the regional market. The growth in this region is primarily driven by the increasing demand for EMRs, the rise in healthcare spending, and the growing aging population
  • Europe is another significant market for medical transcription services, with countries such as Germany, France, and the UK being major contributors to the market growth. The market in this region is driven by factors such as the increasing focus on patient care and the adoption of digital healthcare solutions.
  • The Asia Pacific region is expected to grow at the highest CAGR over the forecast period, due to the growing demand for healthcare services and the increasing adoption of EMRs in countries such as India and China. The market in this region is also being driven by the increasing penetration of smartphones and mobile devices, which are enabling patients to access healthcare services remotely.
  • Latin America and the Middle East & Africa are relatively small markets for medical transcription services, but they are expected to witness significant growth over the forecast period. The growth in these regions is being driven by factors such as the increasing demand for healthcare services, the adoption of digital healthcare solutions, and the rising focus on improving healthcare infrastructure.

Top Players in the Medical Transcription Market:

  • Acusis LLC (US)
  • Transcend Services (Taiwan)
  • Nuance Communications Inc. (US)
  • MModal LLC (US)
  • iMedX Inc. (US)
  • Global Medical Transcription LLC (US)
  • nThrive Inc. (US)
  • MTBC Inc. (US)
  • Medi-Script Plus (US)
  • TransTech Medical Solutions LLC (US)

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Market Drivers

Growing demand for electronic medical records (EMRs): The shift towards digitization in healthcare has led to a surge in the adoption of EMRs. This, in turn, has driven the demand for medical transcription services as healthcare providers seek to digitize their paper-based records.

Increasing demand for healthcare services: The global population is growing, aging, and experiencing a rise in chronic diseases, which is driving the demand for healthcare services. This is resulting in an increased need for medical transcription services to support healthcare providers in managing patient records.

Advancements in technology: The emergence of new technologies, such as speech recognition software and natural language processing, is improving the accuracy and efficiency of medical transcription services. This is driving demand for transcription services as healthcare providers seek to leverage these technologies to streamline their operations and improve patient care.

Increasing outsourcing of medical transcription services: Healthcare providers are increasingly outsourcing their medical transcription needs to third-party service providers, which is driving demand for medical transcription services.

Growing focus on healthcare quality and compliance: Healthcare regulations are becoming more stringent, and healthcare providers are under pressure to maintain high levels of quality and compliance. This is driving demand for medical transcription services that can help healthcare providers manage patient records more efficiently and effectively.

Rising awareness of the importance of accurate patient documentation: Accurate patient documentation is essential for effective patient care, clinical decision-making, and reimbursement. As such, healthcare providers are placing greater emphasis on the importance of accurate patient documentation, which is driving demand for medical transcription services.

Market Restraint

High cost of implementation: Implementing medical transcription services can be costly for healthcare providers, particularly for smaller healthcare organizations with limited budgets. This can limit the adoption of these services, particularly in developing countries.

Security and privacy concerns: Medical transcription services involve the handling of sensitive patient information, which can be vulnerable to security breaches and privacy violations. This can discourage healthcare providers from using these services, particularly if they are concerned about data protection and compliance.

Limited availability of trained transcriptionists: Medical transcription requires specialized skills and training, and there is a shortage of trained transcriptionists in some regions. This can limit the availability of medical transcription services, particularly in rural or remote areas.

Adoption of alternative technologies: The emergence of alternative technologies, such as artificial intelligence (AI) and machine learning, may limit the growth of the medical transcription market. These technologies can automate the transcription process and reduce the need for human intervention, which may reduce the demand for traditional medical transcription services.

Lack of standardization: Medical transcription services can vary in quality and accuracy, depending on the service provider and the transcriptionist’s skills. This lack of standardization can limit the adoption of these services, particularly if healthcare providers are concerned about the quality and consistency of the transcription.

Cultural and linguistic barriers: Transcribing medical records in languages other than English can be challenging and may require specialized skills and training. This can limit the availability of medical transcription services in regions with diverse linguistic and cultural backgrounds.

Market Opportunities

Integration with other healthcare IT solutions: Medical transcription services can be integrated with other healthcare IT solutions, such as electronic health records (EHRs), to improve data management and patient care. This presents an opportunity for medical transcription service providers to expand their service offerings and differentiate themselves in a competitive market.

Expansion into emerging markets: Emerging markets, such as India, China, and Brazil, present significant growth opportunities for medical transcription service providers. These markets are experiencing rapid economic growth, an expanding middle class, and a growing demand for healthcare services, which is driving the need for medical transcription services.

Development of new technologies: The development of new technologies, such as natural language processing and speech recognition software, presents an opportunity for medical transcription service providers to improve the efficiency and accuracy of their services. This can help healthcare providers improve patient care and manage their operations more effectively.

Outsourcing of medical transcription services: The outsourcing of medical transcription services by healthcare providers presents an opportunity for service providers to expand their client base and increase their revenue streams. This can be particularly beneficial for small and medium-sized transcription service providers that may lack the resources to compete with larger players.

Increasing focus on patient-centered care: The increasing focus on patient-centered care presents an opportunity for medical transcription service providers to differentiate themselves by offering services that support patient engagement and empowerment. This can include services that provide patients with access to their medical records and enable them to participate in their own care.

Expansion of remote healthcare services: The COVID-19 pandemic has accelerated the adoption of remote healthcare services, such as telemedicine and virtual consultations. This presents an opportunity for medical transcription service providers to offer services that support remote healthcare delivery, such as transcription services that enable healthcare providers to document patient consultations remotely.

Browse Market Data Tables and Figures spread through 157 Pages and in-depth TOC on Medical Transcription Market Forecast Report (2022-2028).

Key Questions Answered in the Report:

  • What is the current size of the medical transcription market and what is the expected growth rate over the next several years?
  • What are the key factors driving the growth of the medical transcription market, and what are the main factors restraining market growth?
  • Which geographic regions are experiencing the most significant growth in the medical transcription market, and which regions are expected to see the highest growth rates in the future?
  • What are the main applications of medical transcription services in the healthcare industry, and which applications are expected to drive the most growth in the future?
  • Who are the leading players in the medical transcription market, and what are their market shares and competitive strategies?
  • What are the key trends and developments in the medical transcription market, and how are they likely to impact the market in the future?
  • What are the major challenges facing the medical transcription market, and how are industry stakeholders addressing these challenges?
  • What are the key opportunities for growth and development in the medical transcription market, and how can industry players capitalize on these opportunities?

Medical Transcription Market Segmentation

By End User

  • Hospitals
  • Clinics
  • Clinical Laboratories
  • Academic Medical Centers
  • Others

By Deployment

  • Cloud/Web Based
  • Installed/On-Premises

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Read Full Report @ https://www.vantagemarketresearch.com/industry-report/medical-transcription-market-1299

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Vantiva Powers New Vodafone Fiber Router and Wi-Fi 6 Mesh Extender to Enhance In-Home Broadband Experience

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CPE leverages Vantiva’s Wi-Fi antenna expertise to connect more than 100 smart devices at ultra-high speeds
PARIS, May 20, 2024 /PRNewswire/ — Vantiva (Euronext Paris: VANTI), a global technology leader enabling Network Service Providers (NSPs) to connect consumers around the world, today announced that it has strengthened its longstanding partnership with Vodafone UK, the largest full fiber provider in the UK, with the introduction of the Wi-Fi 6 enabled Power Hub router and Super Wi-Fi 6 Booster. The customer premises equipment (CPE) leverages Vantiva’s Wi-Fi antenna expertise to offer intelligent Wi-Fi auto-optimization that automatically provides the fastest connectivity across all devices. The router and booster are designed to cost-effectively deliver a superior whole-home Wi-Fi experience to end-users with the ability to seamlessly connect more than 100 smart devices at speeds up to 910 Mbps.

“The introduction of the Power Hub router and Super Wi-Fi 6 Booster are the latest examples Vodafone UK’s continued leadership in bringing advanced connectivity solutions to its customers,” said Mercedes Pastor, Senior Vice-President of the Customer Unit, Eurasia. “This is a step forward in our long-time partnership delivering cutting edge solutions in this market. The outstanding Wi-Fi performance leverages all of Vantiva’s expertise from antenna design to unique testing environments to offer the best in-home wireless experience.”
Vodafone UK’s new Power Hub router is built for fiber-to-the-home network configuration and is easily adaptable for current and future in-home connectivity demands. The Super Wi-Fi 6 Booster works seamlessly with the Power Hub to give reliable coverage throughout the home and is compatible with both existing and previous versions of Vodafone gateways. The extender’s mesh Wi-Fi capability adapts the connectivity to give customers comprehensive Wi-Fi coverage.
As part of Vantiva’s commitment to developing eco-friendly products with low-carbon intensity, the device housing for these products was made from 95% recycled plastic. The packaging was designed using 85% recycled paper, printed with soy ink and uses no plastics.
Vantiva and Vodafone UK have been collaboratively bringing innovative solutions to market in multiple product platforms since 2018 and in fiber since 2022, when the two organizations introduced the first Wi-Fi 6E gateway in the UK, bringing high speed connectivity to homes across the country. 
The Vodafone Power Hub Wi-Fi 6 router and Super Wi-Fi 6 Booster are the latest strategic milestones in Vantiva’s ongoing commitment to providing open and innovative technologies for NSPs and Pay TV operators. Vantiva’s goal is to bring seamless connectivity and premium entertainment experiences to consumers by creating best-in-class CPE and partnering with the most innovative companies in the connected home ecosystem.
Contact: Vantiva Press RelationsThatcher+Co. for [email protected]
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Life Science Equipment Market to be Worth $97.96 Billion by 2031 – Exclusive Report by Meticulous Research®

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REDDING, Calif., May 20, 2024 /PRNewswire/ — According to a new market research report titled, ‘Life Science Equipment Market Size, Share, Forecast, & Trends Analysis By Technology (Spectroscopy, Microscopy, Chromatography (HPLC, GC, TLC), PCR, Immunoassay, Sequencing, Flow Cytometry, Microarray, Centrifuge) End User – Global Forecast to 2031,’ published by Meticulous Research®, the life science equipment market is projected to reach $97.96 billion by 2031, at a CAGR of 6.3% from 2024 to 2031.

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Life sciences encompass a wide range of fields, including biology, biochemistry, genetics, pharmacology, and many more. Laboratory equipment plays a critical role in conducting experiments, collecting data, and analyzing samples to further scientific research and advance our understanding of living organisms and their underlying mechanisms. Equipment is also necessary for quality checks and validation of manufactured drugs and biologics in the life sciences industry. The growth of the life sciences industry is driving the adoption of life sciences and laboratory equipment.
The growth of this market is attributed to several factors, including increasing pharmaceutical and biotech R&D expenditures, government initiatives supporting life sciences R&D, the increasing prevalence of chronic and infectious diseases, and growth in initiatives to control environmental pollution. Additionally, the growth in genomics and proteomics, the increasing awareness and growing adoption of personalized medicines, increasing automation and digitalization in the life sciences industry, and the increasing focus on food safety and quality are expected to provide significant opportunities for players operating in the market.
The report offers a competitive landscape based on an extensive assessment of the leading players’ product portfolios and geographic presence and the key growth strategies adopted by them in the last three to four years. In recent years, the life science equipment market witnessed several product launches, product enhancements, product approvals, partnerships, agreements, & collaborations, acquisitions, and expansions.
The key players operating in the life science equipment market are Agilent Technologies, Inc. (U.S.), Becton, Dickinson, and Company (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), F. Hoffmann LA-Roche AG (Switzerland), PerkinElmer, Inc. (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Waters Corporation (U.S.), Bruker Corporation (U.S.), Shimadzu Corporation (Japan), Siemens Healthineers AG (Germany), Eppendorf SE (Germany), Sartorius AG (Germany), and QIAGEN N.V. (Netherlands).
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Growing Awareness and Adoption of Personalized Medicine to Offer Opportunities for Players Operating in the Life Science Equipment Market
Personalized medicine, also known as precision medicine, is an emerging approach to patient care. Physicians choose a treatment method based on the patient’s genetic makeup (also considering genetic changes resulting from a disease) and lifestyle habits. It is an emerging disease treatment and prevention approach that considers individual variability in genes, environment, and lifestyle.
Precision medicine can remove the need for guesswork, variable diagnostic ability, and treatment strategies based on generalized demographics. Moreover, precision medicine enables a more holistic view of an individual patient. Precision medicine for clinical workflows helps facilitate more predictive and preventive care by bringing targeted therapies. There has been an increase in the adoption of personalized medicine in recent years. For instance, according to the Personalized Medicine Coalition, the share of personalized medicine has increased steadily in the total drugs approved in the U.S. by the FDA, from 28% in 2015 to 35% in 2021. The increasing awareness and adoption of personalized medicine are driving the demand for specialized laboratory equipment and technologies that enable precise and accurate genetic and molecular analysis.
Personalized medicine heavily relies on genetic testing, sequencing, analysis of genetic, genomic, and proteomic information, and biomarker identification and validation. This necessitates the use of advanced laboratory equipment, such as DNA sequencers, gene sequencers, PCR machines, real-time PCR systems, next-generation sequencers, mass spectrometers, immunoassay analyzers, and chromatography systems, to accurately derive the necessary results.
The life science equipment market is segmented by Technology [Spectroscopy, Microscopy, Chromatography, Lab Automation, Immunoassay Analyzers, PCR, Sequencing, Flow Cytometry, Incubators, Microarray, Centrifuges, Electrophoresis, and Other Equipment], End User [Pharmaceutical and Biotechnology Industry, Academic & Research Institutes, Hospitals and Diagnostic Laboratories, Analytical Testing Laboratories, Agriculture and Food Industry, Forensic Laboratories, and Other End Users), and Geography. The study also evaluates industry competitors and analyzes the regional and country-level markets. (Note: Apart from primary segmentation, Spectroscopy, Microscopy, Chromatography, Lab Automation, Immunoassay Analyzer, PCR, Sequencing, Flow Cytometry, Microarray, Centrifuges, and Electrophoresis have further level segmentation).
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Among the technologies included in the report, in 2024, the spectroscopy segment is expected to account for the largest share of 22% of the life science equipment market. The spectroscopy segment is further sub-segmented into molecular spectroscopy, atomic spectroscopy, mass spectrometry, and software. In 2024, the molecular spectroscopy segment is expected to account for the largest share of the spectroscopy market. Molecular spectroscopy is used to determine the composition of a material in an unknown chemical composition. It is used in various applications across food & beverage, environmental screening, pharmaceutical, and biotech industries. Therefore, the wide range of applications of molecular spectroscopy coupled with the growth of the life sciences industry, especially the pharmaceutical and biotech sectors, contribute to the large market share of this segment.
Among the end users included in the report, in 2024, the pharmaceutical and biotechnology industry segment is expected to account for the largest share of 32% of the life science equipment market. The largest share is contributed by several factors, including the increased demand for new drugs and therapies leading to extensive research and development activities, the need for technologically advanced equipment in the pharmaceutical and biotech industries, the rise in funding and investments in the pharmaceutical and biotech industry, and increased healthcare expenditure.
Among the geographies included in the report, in 2024, North America is expected to account for the largest share of 41% of the life science equipment market. North America’s major market share is attributed to the presence of key players, its well-established life science industry, and substantial spending on R&D activities by pharmaceutical and biotech companies. The U.S. is home to global top-ranking pharmaceutical companies. Companies like Johnson & Johnson, Pfizer, AbbVie Inc., Merck, and Bristol Myers Squibb are headquartered in the U.S. These companies have high R&D expenditure at increasing at a high rate each year. For example, Johnson & Johnson spent USD 14.7 billion on research and development in 2021, with a 21% increase over 2020.
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Scope of the Report:
Life Science Equipment Market Assessment—by Technology
SpectroscopyMolecular SpectroscopyUV/Vis SpectroscopyNuclear Magnetic Resonance (NMR)Near-Infrared (NIR) SpectroscopyInfrared (IR) SpectroscopyRaman SpectroscopyPolarimeters and RefractometersFluorescence & Luminescence SpectroscopyOther Molecular Spectroscopy TechnologiesNote: Other molecular spectroscopy technologies segment includes Raman spectroscopy, ellipsometry, and color measurement
Mass SpectrometryQuadrupole LC/MSTime of Flight LC/MS (Q-TOF & LC-TOF)Gas Chromatography-Mass Spectrometry (GC/MS)Fourier Transform Mass Spectrometry (FT/MS)Matrix-Assisted Laser Desorption/Ionization-Time of Flight Mass Spectroscopy (MALDI-TOF MS)Portable and In-Field Mass SpectroscopyTandem Mass Spectroscopy (MS/MS)Ion Trap Mass Spectroscopy (LC/MS)Atomic SpectroscopyAtomic Absorbance Spectroscopy (AAS)X-Ray Fluorescence (XRF) SpectroscopyX-Ray Diffraction (XRD) SpectroscopyOther Atomic Spectroscopy TechnologiesNote: Other atomic spectroscopy technologies segment includes inductively coupled plasma (ICP) spectroscopy, glow discharge spectroscopy, and arc/spark optical emission spectroscopy
Spectroscopy SoftwareMicroscopyElectron MicroscopyOptical MicroscopyScanning Probe MicroscopyOther MicroscopyMicroscopy SoftwareChromatographyHigh-Performance Liquid Chromatography (HPLC)Gas Chromatography (GC)Low Pressure Liquid Chromatography (LPLC)Flash ChromatographyThin Layer Chromatography (TLC)Ion ChromatographySupercritical Fluid Chromatography (SFC)Chromatography SoftwareLab AutomationAutomated WorkstationsRobotic SystemsAutomated Storage and Retrieval Systems (ASRS)Lab Automation SoftwareImmunoassay AnalyzersChemiluminescence ImmunoassayFluorescence ImmunoassayRadioimmunoassay (RIA)Colorimetric ImmunoassayOther Immunoassay AnalyzersImmunoassay SoftwarePCRRT-PCRConventional PCRDigital PCRPCR SoftwareSequencingFlow CytometryCell-Based Flow CytometersBead-Based Flow CytometersFlow Cytometry SoftwareIncubatorsMicroarrayDNA MicroarraysProtein MicroarrayTissue ArrayOther MicroarraysMicroarray SoftwareNote: Other microarrays segment includes glycan microarray, carbohydrate microarray, and chemical compounds microarrays
CentrifugesCentrifuges, by TypeDevicesMultipurpose CentrifugesMicrocentrifugesMini centrifugesUltracentrifugesOther CentrifugesCentrifuge AccessoriesCentrifuges, by ModelBenchtop CentrifugesFloor-standing CentrifugesCentrifuges, by ApplicationResearch ApplicationsGenomicsMicrobiologyCellomics ProteomicsClinical ApplicationsDiagnosticsBlood Processing and ScreeningOther ApplicationsElectrophoresisGel ElectrophoresisCapillary ElectrophoresisGel Documentation Systems and SoftwareOther EquipmentNote: Other equipment segment includes autoclaves, stirrers & shakers, mixers, baths, hot plates, ovens & furnaces, and balances
Life Science Equipment Market Assessment —by End User
Pharmaceutical and Biotechnology IndustryAcademic & Research InstitutesHospitals and Diagnostic LaboratoriesAnalytical Testing LaboratoriesAgriculture and Food IndustryForensic LaboratoriesOther End UsersNote: Other end users include blood banks and industries, such as cosmetics, chemicals, oil & gas, electronics & semiconductors, automotive, aerospace, ceramics, plastics, rubber, and paints & coatings
Life Science Equipment Market Assessment —by Geography
North AmericaU.S.CanadaEuropeGermanyU.K.FranceItalySpainSwitzerlandRest of Europe (RoE)Asia-Pacific (APAC)ChinaJapanIndiaSouth KoreaRest of APAC (RoAPAC)Latin AmericaBrazilMexicoRest of LATAM (RoLATAM)Middle East & AfricaSaudi ArabiaUAERest of Middle East & Africa (RoMEA)Unlock Opportunities: Buy Now- https://www.meticulousresearch.com/Checkout/26911858 
Related Reports:
Genomics Market by Offering (Systems, Consumables, Software, Services), Technology (Sequencing, Microarray, PCR), Application (Diagnostics, Life Science Research), End User (Pharmaceutical Companies, Hospitals, Academic Institutes, CRO) – Global Forecast to 2030
NGS Automation Market by Product (Platform, Consumables), Sequencing Type (Whole Genome, Exome, Targeted), Application (Drug Discovery, Diagnostics), End User (Hospitals, Diagnostic Laboratories, Pharmaceutical, Academic) – Global Forecast to 2029
Liquid Handling Systems Market by Type (Automated, Electronic, Manual), Product (Pipette, Consumables, Burette, Software, Microplate), Application (Drug Discovery, Cancer & Genomics, Clinical), End User (Hospital, Diagnostic Lab) – Global Forecast to 2029
High-Performance Liquid Chromatography (HPLC) Market by Product (Instruments [Systems, Detectors], Consumables [Columns, Tubes], Accessories, Software), Application (Forensics, Diagnostics), End User (Research, Pharmaceuticals) – Global Forecast to 2030
Next Generation Sequencing Market by Type (Consumables, NGS Platform, Software), Sequencing Type (Whole Genome, Targeted), Technology (Sequencing by Synthesis, Sequencing by Ligation), Application (Clinical, Research), End User – Global Forecasts to 2030
Chromatography Reagents Market by Type (GC, LC, TLC), Product (Solvents, Buffers, Reagents), Separation (Adsorption, Partition, Affinity), Application (Pharma, Forensic, Environmental, Cosmeceuticals, Diagnostics, QC), End User – Global Forecast to 2030
Related Blogs:
Top 10 Companies in Life Science Equipment Market
Life Science Equipment: The Role of Various Technologies
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
Contact:Mr. Khushal BombeMeticulous Market Research Inc.1267 Willis St, Ste 200 Redding,California, 96001, U.S.USA: +1-646-781-8004Europe: +44-203-868-8738APAC: +91 744-7780008Email- [email protected] Visit Our Website: https://www.meticulousresearch.com/Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-researchContent Source: https://www.meticulousresearch.com/pressrelease/348/life-science-equipment-market-2031
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Public Safety and Security Market to Reach $ 514.1 Billion by 2031- Exclusive Report by Meticulous Research®

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REDDING, Calif., May 20, 2024 /PRNewswire/ — According to a new market research report titled, ‘Public Safety and Security Market by Offering (Safety Devices, Safety Software, Safety Services), Technology (IoT, AI, Cloud Computing, ML), Application (Data Gathering, Mapping, and 3D Imaging), End Use (Warehouses & Depots, Workplaces, Shopping Malls & Retail Stores) and Geography, the global public safety and security market is expected to reach $514.1 billion by 2031 from an estimated $ 234.2 billion in 2024, at a CAGR of 11.9% during the forecast period (2024–2031).

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The growth of the public safety and security market is driven by the growing utilization of AI, ML, and analytics technologies in public safety and security applications, increasing awareness and initiatives for public safety and security, and government focus on managing the needs of the rising urban population. However, the significant initial investments required to implement public safety and security solutions restrain the growth of this market. The integration of cloud computing and big data analytics in public safety and security solutions and the rising incidence of terrorism and security breaches are expected to generate market growth opportunities. However, the complexities in implementing advanced public safety and security systems and the rising cases of data theft are major challenges for market stakeholders.
The global public safety and security market is segmented by offering, technology, application, end use, and geography. The study also evaluates industry competitors and analyses the country and regional-level markets.
Based on offering, the global public safety and security market is segmented into safety devices, safety software, and safety services. In 2024, the safety services segment is expected to account for the largest share of 50% of the public safety and security market. The large market share of this segment is attributed to the increasing demand for specialized safety services to address specific safety and security challenges. Safety services such as critical infrastructure security, emergency medical, firefighting, and disaster management services are critical in ensuring the safety and well-being of citizens and critical assets.
Based on technology, the global public safety and security market is segmented into the internet of things, artificial intelligence, cloud computing, machine learning, cybersecurity, and other technologies. In 2024, the internet of things segment is expected to account for the largest share of the global public safety and security market. The large share of the segment is attributed to the rising demand for real-time data insights and improved situational awareness.
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Based on application, the global public safety and security market is segmented into data gathering, mapping and 3D imaging, threat detection, security and incident management, monitoring, fire and explosion examination, network security, and other applications. In 2024, the security and incident management segment is expected to account for the largest share of 18.5% of the public safety and security market. The large market share of this segment is attributed to the need to respond effectively to emergencies, the increasing adoption of smart city technologies, and the integration of IoT devices.
Based on end use, the global public safety and security market is segmented into warehouses & depots, workplaces, shopping malls & retail stores, schools & universities, hospitals & healthcare, residential, transportation, and other end uses. In 2024, the transportation segment is expected to account for the largest share of the global public safety and security market. The segment is estimated to contribute a revenue of USD 31.8 billion by 2024 in public safety and security market. The large share of this segment is attributed to the growing concern of terrorist threats and passenger safety. Advances in contactless ticketing and facial recognition for identity verification are driving the adoption of modern transportation security solutions. Furthermore, the implementation of AI-based video analytics for crowd monitoring contributes to the growth of this segment.
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Based on geography, the public safety and security market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of 40% of the public safety and security market. The North America public safety and security market is estimated to be worth USD 95.4 billion in 2024. The large share of this region is attributed to the rising adoption of digital technology and data due to the growing need for improving decision-making, promoting digital inclusivity and equity, creating a collaborative ecosystem, prioritizing citizen safety and health, establishing trust and transparency, and developing resilience and adaptability to manage change effectively.
However, the Europe public safety and security market is slated to register the highest CAGR of the global public safety and security market during the forecast period.
The key players operating in the global public safety and security market are Hexagon AB (Sweden), Fujitsu Ltd. (Japan), Robert Bosch GmbH (Germany), Atos SE (France), Cisco Systems, Inc. (U.S.) Saab AB (Sweden), Airbus SE (Netherlands), Siemens AG (Germany), Intel Corporation (U.S.), Fotokite AG (Switzerland), CityShob (Israel), 3xLOGIC (U.S.), L3Harris Technologies, Inc. (U.S.), OnSolve (U.S.) and Haystax (U.S.).
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Scope of the Report
Public Safety and Security Market, by Offering
Safety ServicesManaged ServicesDisaster Management ServicesCritical Infrastructure Security ServicesEmergency Medical ServicesFirefighting ServicesOther Managed ServicesProfessional ServicesSafety DevicesSurveillance CamerasSensorsRadarLiDARGeodetic SensorsGeotechnical and environmental sensorsOther SensorsBiometric and Authentication DevicesSafety AlarmsIntruder Detection DevicesCritical Communication DevicesOther Safety DevicesSafety SoftwareGeographic Information SystemsAccess Control SoftwareBuilding Management SoftwareVehicle Recognition SoftwareBehavior Analytics softwareOther Safety SoftwarePublic Safety and Security Market, by Technology
Internet of ThingsCybersecurityCloud ComputingMachine LearningArtificial IntelligenceOther TechnologiesPublic Safety and Security Market, by Application
Security and Incident ManagementThreat DetectionFire and Explosion ExaminationNetwork SecurityMonitoringData GatheringMapping and 3D ImagingOther ApplicationsPublic Safety and Security Market, by End Use
TransportationRoadwaysRailwaysAirwaysWaterwaysWorkplacesShopping malls & Retail storesResidentialHospitals & HealthcareWarehouses & DepotsSchools & UniversitiesOther End UsesPublic Safety and Security Market, by Geography       
North AmericaU.S.CanadaAsia-PacificChinaJapanIndiaSouth KoreaTaiwanRest of Asia-PacificEuropeGermanyU.K.FranceItalySpainRest of EuropeLatin AmericaMiddle East & AfricaUnlock Opportunities: Buy Now- https://www.meticulousresearch.com/Checkout/39886758
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