By James Martin for WhaTech
This new report elaborates on the global medical transcription services market that was valued at $41.4 million in 2012 and is expected to reach an estimated value of $60.6 million in 2019, growing at a CAGR of 5.6% in the forecast period 2013 – 2019.
Medical transcription (MT) is a significant application based domain in the healthcare management that is currently undergoing intense transformation in the market. Medical transcription services mainly include maintaining thorough medical information in an electronic format which helps reduction in the costs of maintaining the documents and paper work. Various factors such as implementation of electronic health record (EHR) systems in well-developed nations, growing concerns for safe and better healthcare services to the patients, infrastructural initiatives by governments, and automation of healthcare operations will make a significant impact on the present model of the medical transcription services market.
Along with benefitting the developing countries with its various services, the market for medical transcription services has also improved the overall quality of healthcare documentation in terms of retrieval of data and ease of access. The healthcare documentation has greatly increased in volume and quality across the world. Medical transcription services have refined the healthcare services output and patient care facilities in many developed and emerging countries too.
Based on service type, the global market for medical transcription services is categorized into discharge summary (DS), operative records (OP), patient history (H&P), consultation records (CONSULT), and other diagnostic reports (pathology reports (PATH) & radiology reports (X-rays or radiographs). Among all the other reports, the market share of CONSULT reports is the highest in the overall market for medical transcription services. This is because the CONSULT reports for single patients are frequently generated each time the patient undergoes a treatment or visits the specialist for a consultation check-up. The global market for CONSULT reports is growing at a CAGR of 3.3% from 2013 to 2019 and is expected to reach $21.1 million in the estimated period.
On the other hand, Patient History (H&P) reports are now made for both inpatients and outpatients to minimize the risk of reimbursement issues, causing an increase in demand for H&P reports in the overall market for medical transcription services.
This market also categorizes the medical transcription services by the modes of procurement which includes offshoring, outsourcing, and both outsourcing and offshoring at one time. In the medical transcription services industry, outsourcing has remained as the most preferred mode of service procurement consuming a market share of 62.2% in 2012. Typically, healthcare institutes acquire medical transcription services either by the method of offshoring or outsourcing the job to a domestic organization, or opt for both methods. However, multinational healthcare organizations operating internationally prefer both the modes of medical transcription services procurement. This is due to easy allocation of monetary resources, quick turnaround times, and ease of operations which are all based on the nature of reports.
Considering the medical transcription services market based on regional analysis, the North American region demonstrates a value more than $18 million in the forecast period. The medical transcription services segment in this region is expected to grow at a CAGR of over 5% and with this value it will dominate and retain its position in the global market in the near future. Some of the growth drivers in this region include passing of Patient Protection and Affordable Healthcare Act, 2013 and rise in geriatric population.
Other Asian countries including Philippines and India are leading in terms of offshoring of medical transcription services. Latin America and United Arab Emirates (UAE) followed by Qatar are also some of the emerging markets in the Rest of the World (RoW).
The medical transcription services market report includes the market trends and other details of the market dynamics such as the market opportunities, market drivers, and market restraints that influence the nature and future market status of the medical transcription services industry. The report also includes names of some of the top market players operating in the global market for medical transcription services. The key players profiled include MModal, Inc., iMedX Information Services Pvt. Ltd, Transcend Services, Inc., Nuance Communications, Inc., TransTech Medical Solutions, Precyse Solutions LLC, Acusis, LLC, and others.