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Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

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)).

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: 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.

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

Medical Transcription Services  | Coherent Market Insights

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.

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Medical Transcription Services Market Report Coverage

Report Coverage Details
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
Geographies covered:
  • North America: U.S., Canada
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Europe: Germany, U.K., France, Spain, Italy, Russia, Rest of Europe
  • Asia Pacific: China, Japan, India, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, Rest of Middle East
  • Africa: North Africa, Central Africa, South Africa
Segments covered:
  • By Service Type: History and Physical Report (H&P), Discharge Summary (DS), Operative Note or Report (OP), Consultation Report (CONSULTS), Others (Pathology Report (PATH) & Radiology Report (x rays or radiographs))
  • Mode of Procurement: Outsourcing, Offshoring, Both
Companies covered:

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.

Growth Drivers:
  • Increasing prevalence of chronic and acute disorders
  • Adoption of Artificial Intelligence (AI) and Cloud technology
Restraints & Challenges:
  • Stringent regulatory scenario

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.

Statistics:

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

Medical Transcription Services  | Coherent Market Insights

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:

  • This report provides in-depth analysis of the Global Medical Transcription Services market  and provides market size (US$ million) and compound annual growth rate (CAGR %) for the forecast period (2020–2027), considering 2019 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategy adopted by key players
  • It profiles key players in the Global Medical Transcription Services market  based on the following parameters – company overview, financial performance, product portfolio, market presence, distribution strategies, key developments, strategies, and future plans
  • Key companies covered as a part of this study 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.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, technology up-gradation, market expansion, and marketing tactics
  • The Global Medical Transcription Services market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the Global Medical Transcription Services market

Detailed Segmentation:

  • Global Medical Transcription Services Market, By Service Type:
    • History and Physical Report (H&P)
    • Discharge Summary (DS)
    • Operative Note or Report (OP)
    • Consultation Report (CONSULTS)
    • Others (Pathology Report (PATH) & Radiology Report (x rays or radiographs)
  • Global Medical Transcription Services Market, By Mode of Procurement:
    • Outsourcing
    • Offshoring
    • Both
  • Global Medical Transcription Services Market, By Region:
    • North America
      • By Service Type:
        • History and Physical Report (H&P)
        • 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
      • By Country
        • U.S.
        • Canada
    • Latin America
      • By Service Type:
        • History and Physical Report (H&P)
        • 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
      • By Country
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • By Service Type:
        • History and Physical Report (H&P)
        • 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
      • By Country
        • U.K.
        • Germany
        • France
        • Spain
        • Italy
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Service Type:
        • History and Physical Report (H&P)
        • 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
      • By Country
        • China
        • Japan
        • India
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • By Service Type:
        • History and Physical Report (H&P)
        • 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
      • By Country
        • GCC Countries
        • Israel
        • Rest of Middle East
    • Africa
      • By Service Type:
        • History and Physical Report (H&P)
        • 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
      • By Country
        • North Africa
        • Central Africa
        • South Africa
  • Company Profiles
    • Acusis LLC *
      • Company Overview
      • Product Portfolio
      • Key Highlights
      • Financial Overview
      • Strategies
    • 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.
    • TransTech Medical Solutions
  •  “*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Service Type
      • Market Snippet, By Mode of Procurement
      • Market Snippet, By Country
      • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Impact Analysis
    • Key Highlights
    • PEST Analysis
    • Technological Advancements
    • Regulatory Scenario
    • Mergers and Acquisitions
  4. Global Medical Transcription Services Market, By Service Type, 2019 – 2027, (US$ Bn)
    • Introduction
      • Market Share Analysis, 2020 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017 – 2027
      • Segment Trends
    • History and Physical Report (H&P)
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • Discharge Summary (DS)
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • Operative Note or Report (OP)
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • Consultation Report (CONSULTS)
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • Others (Pathology Report (PATH) & Radiology Report (x rays or radiographs)
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
  5. Global Medical Transcription Services Market, By Mode of Procurement, 2019 – 2027, (US$ Bn)
    • Introduction
      • Market Share Analysis, 2020 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017 – 2027
      • Segment Trends
    • Outsourcing
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • Offshoring
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • Both
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
  6. Global Medical Transcription Services Market, By Region, 2019 – 2027, (US$ Bn)
    • Introduction
      • Market Share Analysis, By Region, 2020 and 2027 (%)
      • Y-o-Y Growth Analysis, For Regions, 2017–2026
    • North America
      • Market Size and Forecast, By Service Type, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Mode of Procurement, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Bn)
        • U.S.
        • Canada
    • Latin America
      • Market Size and Forecast, By Service Type, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Mode of Procurement, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Bn)
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • Market Size and Forecast, By Service Type, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Mode of Procurement, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Bn)
        • Germany
        • U.K.
        • France
        • Spain
        • Italy
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Market Size and Forecast, By Service Type, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Mode of Procurement, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Bn)
        • China
        • Japan
        • India
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • Market Size and Forecast, By Service Type, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Mode of Procurement, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Bn)
        • GCC Countries
        • Israel
        • Rest of Middle East
    • Africa
      • Market Size and Forecast, By Service Type, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Mode of Procurement, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Bn)
        • North Africa
        • Central Africa
        • South Africa
  7. Competitive Landscape
    • Company Profiles
      • Acusis LLC
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • SMARTMD Corporation
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • EHR Transcriptions, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • DataMatrix Technologies, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • The Dictation Source
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • MModal IP LLC
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • iMedX Information Services Pvt. Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Nuance Communications Inc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Precyse Solutions LLC
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Scribe Healthcare Technologies, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Superior Global Solutions, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Transcend Services, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • TransTech Medical Solutions
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
  8. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse 22 market data tables and 14 figures on “Medical Transcription Services Market - Global forecast to 2027”.

Frequently Asked Questions

The Global Medical Transcription Services market size was valued at US$ 60.6 billion in 2019 and is estimated to exhibit a CAGR of 6.1% between 2020 and 2027.
Consultation Report (CONSULTS) segment held the major market share in 2019 owing to an increasing prevalence of chronic and acute disorders is expected to propel growth of the market.
Major factor driving the growth of Global Medical Transcription Services market during the forecast period increasing prevalence of chronic disorders, patient record portability, and Adoption of Artificial Intelligence (AI) and Cloud technology.
Major factors hampering the growth of the Global Medical Transcription Services market during the forecast period constitutes of stringent regulatory scenario.
North America market is expected to generate the highest revenue during the forecast period.
Some of the key players operating in the market are 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.
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