Medical Transcription Services Market: Introduction
According to the report, the global medical transcription services market was valued at US$ 64.8 Bn in 2020 and is projected to expand at a CAGR of 5.0% from 2017 to 2028. Medical transcription (MT) is one of the application-based domains of healthcare management and is currently undergoing significant transformation. Factors such as infrastructural initiatives taken up by governments, implementation of electronic health record systems in developed nations, automation of healthcare operations and growing concerns for offering better, safe, and swift healthcare service to the patients will have an impact on the current model of medical transcription industry.
The medical transcription process involves transcribing the patient information dictated by a physician into text format. Physicians record patient information using audio recorders and send such recordings to medical transcriptionist for further process. This process has not only reduced writing work and efforts of physicians across the globe, but has also helped in reducing space required to save such documents. Apart from efficiently recording patient records, medical transcription services are instrumental in reducing the risk of legal disputes and insurance reimbursement issues.
The global medical transcription services market is highly competitive in nature, with a large number of market consolidation activities
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Increase in Healthcare Automation Propels Demand for Medical Transcription Services
Automation of healthcare settings and related peripheral facilities fuels the growth of the overall healthcare products and services market. Automation of speech recognition technology and availability of specialized tools from leading MT technology vendors are major drivers of the medical transcription services market. The penetration of PC-based speech recognition tools is increasing among physicians and hospital record keepers. Tight budget constraints and growing need of ensuring accuracy of patient records have induced healthcare providers to automate their recordkeeping process via solutions such as voice recording and integrated speech recognition solutions.
Processes such as electronic healthcare records (EHRs) are being increasingly adopted by healthcare providers in order to offer prompt healthcare services, ensure reduced error rates in diagnosis, and efficient recordkeeping.
Solutions such as speech recognition enable physicians to directly dictate notes in EHRs and conveniently update at lower error rates. The gradual digitization of patient records and reduction in the number of illegible handwritten patient documents has helped in simplifying healthcare processes and eradication of administrative and operational errors. Considering the usefulness of speech recognition in EHR, this technology is also being increasingly adopted in medical transcription processes.
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Consultation Report Segment to Dominate Market
In terms of service type, the global medical transcription services market has been classified into history & physical report (H&P), discharge summary (DS), operative note or report (OP), consultation report (CONSULTS), and others (pathology report (PATH) & radiology report [X-rays or radiographs]). The consultation report segment accounted for the largest share of the global medical transcription services market in 2020, as these reports are repeatedly produced for single patients undergoing treatment each time the patient visits the specialist.
Earlier, H&P reports were made only for hospitalized patients and patients undergoing treatment which involved several visits to specific clinics or hospitals. However, presently H&P reports are made for both inpatients as well as outpatients to reduce the risk of reimbursement issues. This has increased the share of H&P reports in the overall medical transcription services market.
North America to Dominate Global Market
In terms of region, the global medical transcription services market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global medical transcription services market in 2020. The region’s dominance can be attributed to increase in the geriatric population and passing of Patient Protection and Affordable Healthcare Act, 2013. The medical transcription services market in North America was valued at US$ 32.8 Bn and is expected to expand at a CAGR of 4.6% during the forecast period
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Moreover, countries in Asia such as India and the Philippines are the leading hubs for offshoring of transcription services. Most of the offshored business is captured by these countries and is supported by government incentives and subsidies for setting new business and expansion of existing business units. The United Arab Emirates (UAE) and Latin America are emerging markets followed by Qatar.
The global medical transcription services market is consolidated in terms of number of players. Key players in the global market include Acusis LLC, Nuance Communications, Inc., MModal, Inc., iMedX Information Services Pvt. Ltd., Precyse Solutions LLC, Scribe Healthcare Technologies, Inc., Superior Global Solutions, Inc., Transcend Services, Inc., and TransTech Medical Solutions.
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