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Medical Transcription Services Market 2020 Predicted To Reach US$ 96.9 Billion By Industry Size Till 2027 | At A CAGR of 6.1% | By Type, Diagnosis, Drug Treatment and End user

July 2nd, 2020 Coherent Market Insights Releases

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.

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

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.

Note: *The Download PDF brochure only consists of Table of Content, Research Framework, and Research Methodology.

Request PDF Research Report Brochure @ https://www.coherentmarketinsights.com/insight/request-pdf/3923

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.

Browse Press Release: https://www.coherentmarketinsights.com/press-release/medical-transcription-services-market-3192

Key Takeaways:

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.

Market Trends

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.

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We value your investment and offer customization as per your requirements.

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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.

Access research reports that are tailored specifically for you and your organization in order to explore practical growth strategies and recommendations
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Segmentation

Scope of the report

  • 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:
      • By Mode of Procurement
      • By Country
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • By Service Type:
      • By Mode of Procurement
      • By Country
        • U.K.
        • Germany
        • France
        • Spain
        • Italy
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Service Type:
      • By Mode of Procurement
      • By Country
        • China
        • Japan
        • India
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • By Service Type:
      • By Mode of Procurement
      • By Country
        • GCC Countries
        • Israel
        • Rest of Middle East
    • Africa
      • By Service Type:
      • By Mode of Procurement
      • By Country
        • North Africa
        • Central Africa
        • South Africa

About Us:

Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 150 countries worldwide. We pride ourselves in catering to clients across the length and width of the horizon, from Fortune 500 enlisted companies, to not-for-profit organization, and startups looking to establish a foothold in the market. We excel in offering unmatched actionable market intelligence across various industry verticals, including chemicals and materials, healthcare, and food & beverages, consumer goods, packaging, semiconductors, software and services, Telecom, and Automotive. We offer syndicated market intelligence reports, customized research solutions, and consulting services.

To know more about us, please visit our website – www.coherentmarketinsights.com

Contact:

Coherent Market Insights
1001 4th Ave, #3200 Seattle, WA 98154, U.S.
Email: sales@coherentmarketinsights.com
United States of America: +1-206-701-6702
United Kingdom: +44-020-8133-4027
Japan: +050-5539-1737
India: +91-848-285-0837

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