About Medical Transcription Services
Healthcare establishments generate a lot of notes every day, from clinical documentation of patient encounters and patient records to administrative documents. Voice recognition software has become a go-to way for many healthcare providers to dictate their clinical documentation, but it has its boundaries. Accuracy remains spotty, requiring providers or their assistants to spend a great deal of time proofreading work that has already been completed. While speech recognition software is improving all the time with new technological advances, sometimes medical documents require a human touch. For those times, there are medical transcription services, which enable healthcare organizations to outsource their medical transcribing. Medical transcription services often include the act of transcribing medical reports that are dictated by physicians, nurse practitioners, and other healthcare practitioners.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Medical Transcription Services market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Mmodal (Belgium), Nuance Communications (United States), Transcend Services (United States), Acusis LLC (United States), iMedX Information Services (United States), MTBC (United States), nThrive (United States), Medi-Script Plus (United States), Outsource2india (India), TransPerfect (United States), VIVA Transcription (United States), Medscribe (United States) and Pacific Solutions (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Same Day transcriptions (United States), World Wide Dictation (United States), Athreon (United States), BVS Transtech (India), Excel Transcriptions (United States), GMT (United States) and LC Transcription Services (United Kingdom).
Segmentation Overview
AMA Research has segmented the market of Global Medical Transcription Services market by Type (Online Service and Offline Service), Application (Hospitals, Clinics, Ancillary care facilities and Others) and Region.
On the basis of geography, the market of Medical Transcription Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Mode of Procurement, the sub-segment i.e. Outsourcing will boost the Medical Transcription Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Service Type, the sub-segment i.e. History and Physical Report (H&P) will boost the Medical Transcription Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Adoption of Artificial Intelligence (AI) and Cloud technology
Market Growth Drivers:
Rising Demand for Medical Transcription Services Due To Rise in Risk for a Medical Malpractice Lawsuit, Increasing Prevalence of Chronic and Acute Disorders Fueling the Growth of the Market and Various Advantages of Medical Transcription Services Is Also Expected To Aid in Growth of the Market
Restraints:
Stringent Regulatory Scenario Is Expected To Hampers the Growth of the Market and Availability of Voice recognition software
Opportunities:
Expansion and Acquisition Activities Are Expected To Offer Lucrative Growth Opportunities for Players in the Global Medical Transcription Services Market
Market Leaders and their expansionary development strategies
Irish health-tech company T-Pro has acquired Australian medical transcription technology provider SyberScribe to grow its footprint in the Asia-Pacific region. The acquisition will help the Irish company expand its footprint in Australia and New Zealand.
On 3 Dec 2019, Amazon announced that it has launched Transcribe Medical, an extension of its existing transcription service for software developers and designed to meet the needs of health professionals. Its creators say Transcribe Medical converts speech to text “in real time without any human intervention,” and clinicians can use natural speech.
Key Target Audience
Medical Transcription Services Providers, Research & Consulting Firms, Regulatory & Government Bodies, End Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.