The latest report by IMARC Group, titled “Medical Transcription Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global medical transcription market reached a value of US$ 66.5 Billion in 2021. Medical transcription refers to the manual processing of voice reporting dictated by physicians and healthcare professionals into text formats. The voice notes and transcripts are converted into files through software incorporated with a data set of clinical phrasing. Medical transcription is used by both doctors and nurses to reduce the time spent documenting medical advice. It also plays an integral role in healthcare facilities as it provides historical records and documents to guide healthcare professionals to provide effective treatment to the patients. It can also be remotely accessed, making it easier for patients to record their problems and send them to the doctor if they are not physically available.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Medical Transcription Market Trends:
The market is primarily driven by the rising awareness regarding the importance of record-keeping of patient information and digital documentation of medical data. The growing cases of chronic diseases, such as cancer, cardiovascular diseases, and diabetes, are also generating a massive number of medical records, propelling the demand for medical transcription. Nowadays, governments across various countries are taking initiatives to improve healthcare infrastructure. As a result, medical transcription services are increasingly employed by medical institutes to outsource the job locally or internationally. They are allocating monetary resources, thereby fueling the market growth. Furthermore, rapid urbanization, numerous benefits offered by electronic health records (EHR) and the introduction of high-end encryption technologies are facilitating the market growth. Looking forward, the market is expected to exhibit a CAGR of 5.9% during 2022-2027.
- Based on the service type, the market has been segmented into history and physical report, discharge summary, operative note or report, consultation report, and others (pathology report, radiology report, etc.)
- On the basis of the technology, the market has been classified into electronic medical records/ electronic health record (EMR/EHR), picture archiving and communication system (PACS), radiology information system (RIS), speech recognition technology (SRT), and others.
- The market has been categorized based on the mode of procurement into outsourcing, offshoring, and both.
- On the basis of the end user, the market has been segregated into hospitals, clinics, clinical laboratories, academic medical centers, and others.
- Region-wise, the market has been divided into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Acusis LLC, Transcend Services, Nuance Communications, Inc., MModal IP LLC, iMedX Information Services Private Limited, Global Medical Transcription LLC, nThrive Revenue Systems LLC, MTBC, Inc., MediScript Plus LLC, and TransTech Medical Solutions LLC.
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