Medical transcription (MT) service providers offer history and physical reports (H&P), discharge summary (DS), operative notes (OP), consultation reports (CONSULT) and others (pathology reports (PATH) & radiology reports (X-rays or radiographs)).
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: Drivers
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.
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: Restraints
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.
|Base Year:||2019||Market Size in 2019:||US$ 60.6 Bn|
|Historical Data for:||2016 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||6.1%||2027 Value Projection:||US$ 96.9 Bn|
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.
|Restraints & Challenges:||
Global Medical Transcription Services Market: Opportunities
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.
The 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 Institute’s 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 Developments
Major 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.
Medical Transcription Services are used performing surgical procedures. These equipment comprise of electrosurgical devices, hand instruments, and surgical sutures. Electrosurgical devices are used for performing electrosurgical procedures such as tissue ablation. Increasing prevalence of chronic disorders is expected to propel growth of the global Medical Transcription Services market over the forecast period. Furthermore, increasing cases of accidents, increasing number of surgical procedures, and increasing product launches during the forecast period are also expected to drive the growth of the market during the forecast period.
Key features of the study: