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Global Medical Transcription Services Market $98.6 Billion by 2027

The global market for medical transcription services is estimated to reach $98.6 billion by 2027, expanding at a CAGR of 6.1% over the forecast period, driven by automation in patient record, as well as record keeping and portability solutions.

  • Key trends for medical transcription (MT) services industry include adoption of cloud technology, globalization of workforce, advances in voice recognition software, and security measures.
Global Medical Transcription Services Market

Medical transcription services include transcribing medical reports that are dictated by physicians, nurses and other healthcare practitioners. Many electronic health record (EHR) systems have built-in voice recognition and dictation storage that can be adapted to many models of transcribing, including outsourcing or in-house solutions. 

  • The MT process was developed in order to overcome the disadvantages of paper-based savings, by providing better turnaround time, non-stop services and better quality of output.
    • In an effort to remain competitive in providing medical transcription services, many hospitals have turned to outsourcing as a means of cutting costs.
      • The outsourcing of transcription and other functions relieves hospitals of the administrative and overhead burdens associated with internal production and allows them to focus their attention on improving service and lowering costs. 
        • For example, the cloud-based 3M Fluency Direct seamlessly works with more than 250 EHRs, including all major platforms, to achieve faster EHR adoption, higher quality documentation and lower transcription costs. Advanced voice commands facilitate EHR navigation and single sign-on capabilities further boost physician productivity.
  • Many out-sourced medical transcription companies, located in developing countries including India, Nepal, Thailand and many others, have gained tremendously by providing MT services because they offer a number of favorable conditions.
    • There is a huge demand for medical transcription services due to shortage of qualified workforce and demographic trends suggest that the outlook will continue to be favorable over the forecast period.
Medical Transcription Services Market

The global medical transcription services market report estimates the market size ($million 2017 to 2027), market share analysis, growth trends and forecast (CAGR% 2021 to 2027).

The global market for healthcare transcription services segmented by service type [consultation report (CONSULT), discharge summary (DS), operative note or report (OP), history and physical report (H&P), others (pathology, radiology reports)]; mode of procurement [offshoring, outsourcing, combined services for outsourcing & offshoring], and geography.

  • Consultation reports are also created when a second opinion is sought and includes details of referring (primary) physician and consulting (specialty) physician, reasons for consultation, current patient condition requiring specialty consultation, patient medical history, details of symptoms present, details of physical examination, diagnostic details, consulting physician’s remark followed by treatment recommended.
    • CONSULTS category of MT services are made more frequently for any single treatment as compared to other reports, with normal turn around time about one week.
      • The consultation report services segment accounted for the largest share of total MT services market, while discharge summary segment is forecast to grow at the highest rate during the next few years period.
  • Technological developments in the field of discharge summary recordings such as use of computers and pending test notification software have improved the quality of DS databases; however issues such as cost and end user utilization are needed to be taken into consideration to further improve DS quality.

The global market for healthcare transcription services market research report is divided by geography (regional and country based) into North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Rest of EU), Asia Pacific (Japan, China, India, Rest of APAC), Latin America (Brazil, Mexico, Rest of LA), and Rest of the World.

  • Geographically, the North America region led the global market owing to growing elderly populations and implementation of Patient Protection and Affordable Healthcare Act in 2013.
  • The European market expected to grow moderately over the next five years, as most of the transcription jobs in this region will be outsourced to third party service providers located in other geographies.
    • Most of the offshore businesses are captured by countries in the Asia Pacific region. Specifically, India, Philippines and China are leading the MT services market, owing to support from government incentives and subsidies in setting up new businesses and expansion of existing business units.

The global medical transcription services market report also provides the detailed market landscape, market drivers, restraints, opportunities), market attractiveness analysis and profiles of major competitors in the global market including company overview, financial snapshot, key products, technologies and services offered, and recent developments.

Major competitors operating in the global market for medical transcription services and included in this report are 3M M*Modal (MModal, Inc.), Acusis, LLC, iMedX Information Services Pvt. Ltd., Nuance Communications, Inc., Precyse Solutions LLC, Scribe Healthcare Technologies, Inc., Superior Global Solutions, Inc., Transcend Services, Inc., and TransTech Medical Solutions.

  • Service
    • Consultation Report (CONSULT)
    • Discharge Summary (DS)
    • Operative Note or Report (OP)
    • History and Physical Report (H&P)
    • Others (Pathology, Radiology Reports)
  • Mode of Procurement
    • Offshoring
    • Outsourcing
    • Combined (Outsourcing & Offshoring)
  • Geography
    • North America (U.S., Canada)
    • Europe (U.K., Germany, France, Italy, Spain, Rest of EU)
    • Asia Pacific (Japan, China, India, Rest of APAC)
    • Latin America (Brazil, Mexico, Rest of LA)
    • Rest of the World
  • Company Profiles
    • 3M M*Modal (MModal, Inc.)
    • Acusis LLC
    • iMedX Information Services Pvt. Ltd.
    • Nuance Communications,Inc.
    • Precyse Solutions LLC
    • Scribe Healthcare Technologies, Inc.
    • Superior Global Solutions, Inc.
    • Transcend Services, Inc.
    • TransTech Medical Solutions

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