Transparency Market Research, a global market intelligence firm, recently announced the publication of a new research report. The research report, titled “Medical Transcription Services Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”, is available for sale on the company website.According to the study, in 2012, the global medical transcription services market was worth US$41.4 bn and is estimated to reach US$60.6 bn by the end of 2019. The market is expected to exhibit a healthy 5.60% CAGR between 2013 and 2019.
According to the research report, the global medical transcription services market was valued at US$41.4 bn in 2012 and is expected to reach US$60.6 bn by 2019. Between 2013 and 2019, the global medical transcription services market is expected to surge at a CAGR of 5.6%. Analysts state that the incorporation of automated services in the healthcare sector will drive the global medical transcription services market in the coming years.
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Medical transcription services refer to a simplified method of documenting medical information. It uses the act of transcribing the patient-related information into text that is recorded by the physician. Medical transcriptionists are responsible for documenting important information and creating records for future purposes. The rise of medical transcription services has reduced paper work, cumbersome task of retrieving patient-related records, and saving the space that was otherwise consumed in storing these documents. The establishment of this market has also played a pivotal role in minimizing the risk of legal complications along with supporting insurance reimbursement queries.
The global medical transcription services market has been segmented on the basis of the type of service, mode of procurement, and geography. The types of services available in this market are discharge summary (DS), history and physical report (H&P), consultation report (CONSULTS), operative note and report (OP), others such as pathology report (PATH) and radiology report (X-rays or radiographs). On the basis of mode of procurement, this market is segmented into offshoring, outsourcing, and both. Geographically, this market is segmented into Asia Pacific, Europe, North America, and Rest of the World.
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The report indicates that North America held a leading position in the overall medical transcription services market. This domination was a result of efficient medical documentation services available in the United States. As of 2012, the North America medical transcription services market was valued at US$18 bn and is estimated to expand at a CAGR of 5% in the forecast period. The remarkable progress of the medical transcription services market in the United States will be fuelled by the Affordable Care Act and the Patient Protection Act. Meanwhile, Asia Pacific is also expected to witness a major breakthrough in the overall medical transcription services market as the economies of countries such as Philippines and India flourish.
Some of the top players dictating the competitive landscape of the global medical transcription services market are Precyse Solutions LLC., Acusis LLC, Nuance Communications Inc., MModal Inc., iMedX Information Services Pvt. Ltd., Superior Global Solutions Inc., Scribe Healthcare Technologies Inc., and Trans Tech Medical Solutions. The research report profiles these companies to assess their financial overview, research and development activities, expansion plans, investment outlook, strategic mergers and acquisitions, and business and marketing ideas.