Medical transcription (MT) services deal 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.
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
Assurance of patient record portability is expected to propel growth of the global medical transcription services market over the forecast period. One of the important considerations of medical transcription is the assurance that the transcribed patient and related healthcare records can be easily retrieved from the repository. Another major preference of healthcare facilities and other eligible professionals towards opting for outsourcing medical transcription is the current ability of easy switching of vendors, should the customer wish to switch vendors in case of price discrepancy or should the vendor fail in the market.
Global Medical Transcription Services Market: Opportunities
Adoption of Artificial Intelligence (AI) and Cloud technology in medical transcription is expected to offer lucrative growth opportunities for players in the global medical transcription services market. Natural language processing, a kind of AI, can help doctors and healthcare providers transcribe a doctor’s speech into an EHR using natural language processing.
Global Medical Transcription Services Market: Restraints
Poor dictation is expected to hinder growth of the market. Various phenomena together or individually cause poor dictation. Tendency to multi-task such as eating, typing or driving while dictating record or with having others in the room may cause distortion in the quality of the record and further challenge the transcriptionist to distinguish the speaker’s voice among others. Poor dictation is always not attributed to background noise, speech pattern or accent of the speaker. Communication of correct and complete data effectively directly affects the timelines and quality of the final report.
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. Increasing adoption of adoption of Artificial Intelligence (AI) and Cloud technology is expected to drive the market growth of the market.
Consultation Report (CONSULTS) segment held dominant position in the global medical transcription services market in 2019, accounting for 34.7% share in terms of value. Increasing incidence and prevalence of chronic diseases is developed and developing economies is expected to drive the market.
Major players in the market are focused on launching secure messaging. For instance, in 2019, SMARTMD Corporation introduced SMARTMD messaging with trackable tasks and reminders.
The market is witnessing M&A activities. For instance, in February 2020, 3M acquired MModal’s technology business for a total enterprise value of US$ 1 billion.
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
March 2020: Nuance Communications, Inc. collaborated with American Medical Association (AMA) to pilot test the combination of each organization’s respective technologies in an effort to reduce documentation burden that distracts from patient care and demoralizes highly-trained physicians
November 2018: MModal launched MModal Fluency for Imaging, a cloud-based version of its radiology reporting solution, which helps radiologists capture the complete diagnostic interpretation with real-time clinical intelligence delivered within the reporting workflow, at RSNA 2018
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