The Medical Transcription Market is esteemed to demonstrate a substantial upswing in CAGR to 5.0% during the forecasted period of 2021 to 2030. The Medical Transcription Market was cherished at USD 64.8 billion in 2020 and is estimated to garner a significant improvement to reach USD 105.55 billion by 2030.
Nurse practitioners, doctors, and surgeons all have extremely essential but also demanding occupations in the healthcare industry. For the benefit of the patients' care, they must remain standing the entire day. The healthcare professionals may become frustrated as a result of this. Additionally, the clinicians' workloads may increase due to the patients' documentation. The greatest options for this are provided by the organisations that provide medical transcribing services.
The process of transferring verbal dictations of clinical data into pre-defined text or digital format is known as medical transcription (MT), also known as healthcare documentation. Hospitals, healthcare facilities, clinics, and physicians are choosing MT as a result of technological advancements in order to maximise operational effectiveness, enhance patient care quality, and reduce capital investment. Maintaining records of patient care and treatment that include medical examination results, treatment plans, and pertinent data is also helpful to healthcare professionals. Additionally, by eliminating the need to file patient papers, discharge summaries, and operation and progress notes, it lessens the workload on the staff. In order for the doctors to assess the patient's present physical condition and establish an ideal treatment plan, MT develops an organised and pertinent patient history.
Medical Transcription Market: Segmentation Analysis
Medical Transcription Market based on Mode of Procurement: Analysis
Based on the mode of procurement segment, the market is divided into Outsourcing and Offshoring. Medical transcription demands high end accuracy and requires skilled manpower. Developing in-house skilled man power talented of transcribing with accuracy gets expensive, hence many health care professionals outsource the transcribing services, to save both time and money. Therefore, the outsourcing segment is gaining high popularity in the market.
Medical Transcription Market based on Service Type: Analysis
· History and Physical Report (H&P),
· Discharge Summary (DS),
· Operative Note or Report (OP),
· Consultation Report (CONSULTS),
Medical Transcription Market by Technology: Analysis
· Electronic Medical Records/Electronic Health Record (EMR/EHR)
· Picture Archiving and Communication System (PACS)
· Radiology Information System (RIS)
· Speech Recognition Technology (SRT)
Among all types, Electronic Medical Records/Electronic Health Record (EMR/HER) is leading the segment during the forecasted period.
Top Key Players:-
· MModal, Inc.
· 3M Co.
· CareCloud Inc.
· Excel Transcriptions Inc.
· nThrive, Inc.
· MTBC, Inc.
· World Wide Dictation Service of New York Inc.
· Lingual Consultancy Services Pvt. Ltd.
· Acusis LLC
· Pacific Solutions
· LC Transcription Services
· BVS Transtech
· Same Day transcriptions
· VIVA Transcription
· Philips Dictation
· Global Medical Transcription LLC,
· iMedX Information Services Pvt. Ltd.
· Precyse Solutions LLC
· iMedX, Inc.
· Medi-Script Plus
· Transcend Services, Inc.,
· TransTech Medical Solutions
· Scribe Healthcare Technologies, Inc.
· Superior Global Solutions, Inc.
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Frequently Asked Questions (FAQ):
1. How has the global medical transcription market performed so far and how will it perform in the coming years?
2. What are the key regional markets in the global medical transcription industry?
3. What has been the impact of COVID-19 on the global medical transcription industry?
4. What is the breakup of the market based on the service type?
5. What is the breakup of the market based on the technology?
6. What is the breakup of the market based on the mode of procurement?
7. What is the breakup of the market based on the end user?
8. What are the various stages in the value chain of the global medical transcription industry?
9. What are the key driving factors and challenges in the global medical transcription industry?
10. What is the structure of the global medical transcription industry and who are the key players?
11. What is the degree of competition in the global medical transcription industry?
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