Global Medical Transcription Services Market Growth (Status and Outlook) 2019-2024
Medical transcription, also known as MT, is an allied health profession dealing with the process of transcribing voice-recorded medical reports that are dictated by physicians, nurses and other healthcare practitioners.
Medical reports can be voice files, notes taken during a lecture, or other spoken material. These are dictated over the phone or uploaded digitally via the Internet or through smart phone apps.
Medical transcription (MT) is an allied health profession, which deals in the process of transcription, or converting voice-recorded reports as dictated by physicians or other healthcare professionals, into text format. Medical transcription services provide the groundwork for the adoption of electronic medical records (EMR) system.
Medical transcription services allow hospitals and providers to outsource a critical business process, reduce costs, and improve the quality of medical documentation, without additional capital investment. The global medical transcription services market is primarily driven by adoption of medical documentation and recording systems, government’s initiatives in health information infrastructure, implementation of EHRs, technological innovations through the use of electronic technology to reduce turnaround time, increasing focus on lowering costs and increasing productivity and improving the quality of patient care while ensuring patient’s safety.
North America is the largest consumption place, with a consumption market share nearly 78.3% in 2017. North America currently dominates and is expected to retain its position in the medical transcription services market in the future. Growth drivers for this market in North America are factors such as rise in aging population and passing of Patient Protection and Affordable Healthcare Act, 2013.
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According to this study, over the next five years the Medical Transcription Services market will register a 5.5% CAGR in terms of revenue, the global market size will reach US$ 6900 million by 2024, from US$ 5000 million in 2019. In particular, this report presents the global revenue market share of key companies in Medical Transcription Services business, shared in Chapter 3.
This report presents a comprehensive overview, market shares and growth opportunities of Medical Transcription Services market by product type, application, key companies and key regions.
This study considers the Medical Transcription Services value generated from the sales of the following segments:
Segmentation by product type: breakdown data from 2014 to 2019 in Section 2.3; and forecast to 2024 in section 10.7.
Outsourcing
Offshoring
Segmentation by application: breakdown data from 2014 to 2019, in Section 2.4; and forecast to 2024 in section 10.8.
Hospitals
Clinical Laboratories
Academic Medical Centers
Other
This report also splits the market by region: Breakdown data in Chapter 4, 5, 6, 7 and 8.
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Spain
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries
The report also presents the market competition landscape and a corresponding detailed analysis of the major vendor/manufacturers in the market. The key manufacturers covered in this report: Breakdown data in in Chapter 3.
Mmodal
Nuance Communications
Transcend Services
Acusis
iMedX Information Services
MTBC
nThrive
Medi-Script Plus
Outsource2india
TransPerfect
VIVA Transcription
Medscribe
Pacific Solutions
Same Day transcriptions
DoctorDocs
World Wide Dictation
Athreon
BVS Transtech
Excel Transcriptions
GMT
LC Transcription Services
In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key players and the market as a whole. It also analyzes key emerging trends and their impact on present and future development.
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Research objectives
To study and analyze the global Medical Transcription Services market size by key regions/countries, product type and application, history data from 2014 to 2018, and forecast to 2024.
To understand the structure of Medical Transcription Services market by identifying its various subsegments.
Focuses on the key global Medical Transcription Services players, to define, describe and analyze the value, market share, market competition landscape, SWOT analysis and development plans in next few years.
To analyze the Medical Transcription Services with respect to individual growth trends, future prospects, and their contribution to the total market.
To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
To project the size of Medical Transcription Services submarkets, with respect to key regions (along with their respective key countries).
To analyze competitive developments such as expansions, agreements, new product launches and acquisitions in the market.
To strategically profile the key players and comprehensively analyze their growth strategies.
Table of content:
1 Scope of the Report
2 Executive Summary
3 Global Medical Transcription Services by Players
4 Medical Transcription Services by Regions
5 Americas
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