Medical Transcription Services Market was valued at USD 41.4 million
in 2012 and is expected to grow at a CAGR of 5.6% from 2013 to 2019, to reach
an estimated value of USD 60.6 million in 2019.
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TOC at http://www.transparencymarketresearch.com/medical-transcription-services.html
Medical transcription (MT) is one of
the application based domains of healthcare management and is currently facing
intense transformation. Factors such as infrastructural initiatives taken up by
governments, implementation of electronic health record systems in developed
nations, automation of healthcare operations and growing concerns for offering
better, safe and swift healthcare service to the patients will have an impact
on the current model of medical transcription industry.
The global medical transcription is
segmented on the basis of service types and by the mode of procurement of
transcription services. Based on service type, the medical transcription
services is classified into History and Physical Report (H&P), Discharge
Summary (DS), Operative Note or Report (OP), Consultation Report (CONSULTS),
Others (Pathology Report (PATH) & Radiology Report (x rays or radiographs))
market. The market share of CONSULT reports is largest among all the other
reports in the medical transcription services market as these reports are
repeatedly produced for single patients undergoing treatment each time the
patient visits the specialist. It is expected that the global market fort
CONSULT reports will reach USD 21.1 million with the market growing at a CAGR
of 3.3% from 2013 to 2019. Earlier H&P reports were made only for
hospitalized patients and patients undergoing treatment which involved several
visits to specific clinics or hospitals but currently H&P reports are made
for both inpatients as well as outpatients to reduce the risk of reimbursement
issues. This has increased the share of H&P reports in the overall medical
transcription services market.
Any healthcare institute in order to
acquire medical transcription service can either outsource the job to a domestic
medical transcription service organization, offshore or opt for both methods.
Outsourcing is the most preferred mode of service procurement in medical
transcription with the market share of 62.2% in 2012. In addition, large
internationally operating healthcare organizations prefer to opt for both the
modes of service procurement, due to reasons such as ease of operations, rapid
turnaround times and easy allocation of monetary resources on the basis of
nature of reports.
Asian countries such as India and
Philippines are some of the leading hubs for offshoring of transcription
services. Most of the offshored business is captured by these countries and is
supported by government incentives and subsidies for setting new business and
expansion of existing business units. United Arab Emirates (UAE) and Latin
America are emerging markets in RoW followed by Qatar. North America currently
dominates and is expected to retain its position in the medical transcription
services market in the future. Growth drivers for this market in North America
are factors such as rise in aging population and passing of Patient Protection
and Affordable Healthcare Act, 2013. The North America medical transcription
services market was worth more than USD 18 million and is expected to grow at a
CAGR of over 5% in the forecast period.
Browse Full Report PDF with TOC : Medical Transcription Services Market
Browse Full Report PDF with TOC : Medical Transcription Services Market
The global medical transcription
services market is highly competitive in nature with a large number of market
consolidation activities being conducted in the past ten years. Some of the key
market players operating in this market include Acusis LLC, Nuance
Communications,Inc., MModal, Inc., iMedX Information Services Pvt. Ltd, Precyse
Solutions LLC, Scribe Healthcare Technologies, Inc., Superior Global Solutions,
Inc., Transcend Services, Inc. and TransTech Medical Solutions.
The global medical transcription
services market is segmented as follows:
Medical Transcription Services Market,
by Service Type
- History
and Physical Report (H&P)
- Discharge
Summary (DS)
- Operative
Note or Report (OP)
- Consultation
Report (CONSULTS)
- Others
(Pathology Report (PATH) & Radiology Report (X-rays or radiographs))
Medical Transcription Services Market,
by Mode of Procurement
- Outsourcing
- Offshoring
- Both
Medical Transcription Services Market,
by Geography
- North
America
- Europe
- Asia-Pacific
- Rest
of the World (RoW)
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