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Global Medical Transcription Market to Grow at 5% During 2019-2024, Spurred by Increasing Adoption of Healthcare IT Solutions

According to the latest report by IMARC Group, titled “Medical Transcription Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global medical transcription market witnessed stable growth during 2011-2018. Medical transcription (MT) refers to the processing of transcribing verbal dictations of medical reports for the records of healthcare professionals, insurance claims, and patient’s medical charts. The process starts with the healthcare professional recording vital information related to the patient into a digital recording device, such as a hand-held digital recorder or personal computer (PC). The superior quality of the audio recording is preferred as the quality directly affects the accuracy of the transcribed files. Once transcribed, the data is then checked thoroughly to eliminate minor errors and ensure accuracy. The files are further forwarded to the professional for a final review, following which the patient and hospital receive the reviewed transcribed documents. This process aids in improving patient care quality, augmenting operational efficiency and preparing an ideal treatment plan for the patients.

Global Medical Transcription Market Trends:

The global market is primarily driven by the increasing need for digital documentation of medical data. This, along with a rise in the adoption of healthcare IT solutions, such as electronic health records (EHRs), is providing a thrust to the growth of the market. Apart from this, the introduction of voice recognition software is also expected to facilitate the market growth in the upcoming years. This software can be utilized to automate the process of MT without the need for human intervention. For instance, MModal LLC, a Tennessee-based healthcare software solution provider, launched Fluency Direct, which is a cloud-based software that works with over 200 EHRs for faster and higher quality documentation at lower costs. Furthermore, governments of numerous countries are taking initiatives to regulate the healthcare information infrastructure, which is expected to create a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of around 5% during 2019-2024.

Market Summary:

  • On the basis of the service type, the market has been divided into history and physical report, discharge summary, operative note or report, consultation report and others (pathology report, radiology report, etc.).
  • Based on the technology, the market has been categorized 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.
  • On the basis of the mode of procurement, the market has been segregated into outsourcing, offshoring and both.
  • Based on the end user, the market has been classified into hospitals, clinics, clinical laboratories, academic medical centers and others.
  • On the geographical front, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has also been studied in the report, with the detailed profiles of the key players operating in the market. Some of these include Acusis LLC, Transcend Services, Nuance Communications, Inc., MModal LLC, iMedX, Inc., Global Medical Transcription LLC, nThrive, Inc., MTBC, Inc., Medi-Script Plus, and TransTech Medical Solutions LLC.

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