Medical Transcription Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2029

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Medical Transcription Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2029

Status : January, 2021 | Healthcare IT

Report Digest


Global Medical Transcription Services Market: Overview

Medical Transcription comprises software and services in the medical sector. These services comprise a wide range of activities and reports, such as consultation reports, operative notes, discharge summary, and physical and history reports. It also comprises various other reports that can be outsourced or off-shored. These services also expand its scope into the healthcare services, which allows specialty physicians and general physicians to treat patients all over the world. In medical transmission, historical documents of certain special cases are referred to in certain special cases and those documents are used to guide physicians if transfer of patient is needed to be done from one physician to another. Such transfer of patient is done to offer better treatment to the patient. Increased use of these services is likely to trigger growth of the global medical transcription services market over the tenure of analysis, from 2019 to 2029.

The three important parameters considered for segmentation of the global medical transcription services market include service type, mode of procurement, and region. The objective of such segmentation is to offer a clearer, 360-degree view of the market.

Global Medical Transcription Services Market: Notable Developments

The global medical transcription services market has come across some important developments in the recent years. One of such developments pertaining to the market is mentioned below:

  • In December 2019, Amazon.com, Inc introduced Transcribe Medical, which is a medical transcription service, made to render clinical documentation more effective and efficient. Amazon entered into cloud collaboration with American supplier of health information and EHR technologies, Cerner Corporation. The company has signed on as a customer of for this new service by Amazon. Cerner is making use of this new technology to come up with a digital voice that is able to “listen” during a patient visit and is able to transcribe the conversations between the patient and the doctor into text.

Some of the key players in the global medical transcription services market comprise the below-mentioned:

  • Scribe Healthcare Technologies, Inc.
  • Nuance Communications, Inc
  • iMedX Information Services Pvt. Ltd
  • LC Transcription Services
  • MTBC, Inc.
  • The Dictation Source Med Scribe, Inc

Global Medical Transcription Services Market: Key Trends

The global medical transcription services market has come across some important developments in the recent years. One of such developments pertaining to the market is mentioned below:

Demand to Ride on the Back of Several Benefits Offered by these Services

The growth of the global medical transcription services market is estimated to be driven by the increasing launch of various services of medical transcription. A case in point is the above-mentioned launch of Amazon’s launch of medical transcription service, Transcribe Medical in 2019. In addition, advantages of this type of services come with multiple benefits, such as its ability to minimize errors and better the accuracy of medical records. In addition, these services comprise diminished rates of transcription, diminished cost of human resource (HR) and administration for various healthcare facilities and physicians, continuous technical assistance and support, and guaranteed turnaround time for transcribed documents with high quality content. All these benefits are expected to foster development of the global medical transcription services market over the timeframe of analysis, from 2019 to 2029.

Global Medical Transcription Services Market: Geographical Analysis

In the global medical transcription services market, North America is anticipated to remain at the forefront of market growth. High growth of the North America market is ascribed to presence of several market players in the region. In addition, presence of advanced healthcare technologies and its rapid uptake is expected to drive growth of the market in the region.

The global medical transcription services market is segmented as:

Service Type

  • History and Physical Report
  • Discharge Summary
  • Operative Note or Report
  • Consultation Report
  • Pathology Report
  • Radiology Report

Mode of Procurement

  • Outsourcing
  • Offshoring

Region

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Russia
    • Italy
  • Asia Pacific
    • China
    • Japan
    • Korea
    • India
    • Southeast Asia
  • The Middle East
    • Saudi Arabia
    • UAE
    • Egypt
    • Nigeria
    • South Africa
  • Latin America
    • Brazil
    • Argentina
    • Colombia

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?