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Medical Transcription Services Market | Coherent Market Insights


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Title: Medical Transcription Services Market | Coherent Market Insights

Coherent Marketing Insights
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  • Medical Transcription Services Market, By Service
    Type (History and Physical Report (HP),
    Discharge Summary (DS), Operative Note or Report
    (OP), Consultation Report (CONSULTS), Others
    (Pathology Report (PATH) Radiology Report (x
    rays or radiographs)), By Mode of Procurement
    (Outsourcing, Offshoring, Both), and By Region
    (North America, Latin America, Europe, Asia
    Pacific, Middle East Africa) - Size, Share,
    Outlook, and Opportunity Analysis, 2020 - 2027

  • Medical transcription (MT) service providers
    offer history and physical reports (HP),
    discharge summary (DS), operative notes (OP),
    consultation reports (CONSULT) and others
    (pathology reports (PATH) radiology reports
    (X-rays or radiographs)).
  • Statistics
  • The global medical transcription services market
    is estimated to account for US 96.9 Bn in terms
    of value by the end of 2027.

  • Global Medical Transcription Services Market
  • Increasing launch of medical transcription
    services is expected to propel growth of the
    global medical transcription services market over
    the forecast period. For instance, in December
    2019, Amazon launched Transcribe Medical, a
    medical transcription service.
  • Moreover, various advantages of medical
    transcription services is also expected to aid in
    growth of the market. Some of the advantages of
    medical transcription services include,
    guaranteed turnaround time (TAT) for and quality
    of the transcribed documents, reduction in
    transcription rates, automated document delivery
    (print and publication friendly documents), round
    the clock technical support and assistance, and
    reduction in cost of administration and HR for
    healthcare facilities and physicians.
  • Statistics North America held dominant position
    in the global medical transcription services
    market in 2019, accounting for 50.8 share in
    terms of value, followed by Europe and Asia
    Pacific, respectively

  • Figure 1 Global Medical Transcription Services
    Market Share () Value, By Region, 2019

Global Medical Transcription Services Market
  • One of the basic problems faced healthcare IT
    outsourcing companies is that they opt for
    full-fledged MT business. This often results in
    backfiring for small MT companies. Requirements
    of each healthcare IT outsourcing companies may
    be different. These requirements depend on
    factors such as available infrastructure,
    customer preference, availability of manpower and
    skills. Thus it is often advisable to such
    organizations not to opt for full-fledged MT
    business until the above-mentioned factors are
    aptly addressed to. As the MT business require
    large financial investments and time, it is not
    justifiable for the organizations to enter in
    this business until these resources are optimally
    utilized. On the other hand partial medical
    transcription implies the implementation of MT to
    perform certain functions exclusively. Though MT
    is a flexible application, it is often advisable
    for such organizations to avail services of an MT
    consultant to decide on the plan of action as to
    which form of business is to be opted for.
  • Moreover, stringent regulatory scenario is also
    expected to limit growth of the market. Service
    providers have to deal with various state,
    federal or other government regulations. For
    instance, in the U.S. the Health Insurance
    Portability and Accountability Act (HIPAA)
    dictates many aspects of medical record handling.

Medical Transcription Services Market Report

Global Medical Transcription Services Market
  • Expansion and acquisition activities are expected
    to offer lucrative growth opportunities for
    players in the global medical transcription
    services market. For instance, in March 2020,
    Acusis LLC acquired Woodham and Associates of
    Florida LLC, a medical coding and auditing
    solutions and services company that offers
    hospital inpatient outpatient coding, coding
    audits education, CDI review services, and
    coding management.
  • Moreover, increasing adoption of EHR and mobile
    apps in the healthcare sector is also expected to
    aid in growth of the market. For instance, in
    April 2020, MedInformatix, a health IT company,
    launched Wait in Car, a new mobile-friendly
    application that allows patients to wait in the
    safety of their automobiles for assigned medical
    appointments. The app integrates with RIS
    platforms and electronic health record (EHR) to
    provide the service.
  • StatisticsThe global Medical Transcription
    Services market was valued at US 60.6 Bn in 2019
    and is forecast to reach a value of US 96.9 Bn
    by 2027 at a CAGR of 6.1 between 2020 and 2027.

Figure 2 Global Medical Transcription Services
Market Value (US Bn), 2016 2027

Market Trends/Key Takeaways
  • Major players in the market are focused on
    adopting AI to enhance customer experience. For
    instance, in 2018, SMARTMD Corporation introduced
    Artificial Intelligence First deep neural network
    to improve autoclassification of documents and
    improve speech-to-text accuracy.
  • Longer waiting time is expected to boost adoption
    of medical transcription services. For instance,
    according to Fraser Institutes Waiting Your
    Turn Wait Times for Health Care in Canada, 2019
    Report, the waiting time in from referral by a
    general practitioner to consultation with a
    specialist segment increased from 8.7 weeks in
    2018 to 10.1 weeks in 2019. This wait time was
    173 longer than in 1993, when it was 3.7 weeks.

Global Medical Transcription Services Market
Competitive Landscape
  • Major players operating in the global medical
    transcription services market include, Acusis
    LLC, SMARTMD Corporation, EHR Transcriptions,
    Inc., DataMatrix Technologies, Inc., The
    Dictation Source, MModal IP 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.
  • Global Medical Transcription Services Market Key
    DevelopmentsMajor players in the market are
    focused on launching new products to expand their
    product portfolio. For instance, in May 2020,
    Nuance Communications, Inc. launched its Dragon
    Medical One cloud-based platform in Denmark,
    Finland, and Sweden.
  • Similarly, in September 2019, 3M Health
    Information Systems launched 3M MModal CDI Engage
    One, a combination of advanced artificial
    intelligence (AI) and natural language
    understanding (NLU) technologies to deliver
    real-time clinical insight to clinicians,
    clinical documentation improvement (CDI)
    specialists and coding teams.

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