Medical transcription (MT)
services deal with the process of transcribing voice-recorded medical reports
that are dictated by physicians, nurses and other healthcare practitioners.
Medical reports can be voice files, notes taken during a lecture, or other spoken
material.
Statistics:
The global medical
transcription services market is estimated to account for US$ 96.9 Bn in
terms of value by the end of 2027.
Global Medical Transcription
Services Market: Drivers
Assurance of patient record
portability is expected to propel growth of the global medical transcription
services market over the forecast period. One of the important considerations
of medical transcription is the assurance that the transcribed patient and
related healthcare records can be easily retrieved from the repository. Another
major preference of healthcare facilities and other eligible professionals
towards opting for outsourcing medical transcription is the current ability of
easy switching of vendors, should the customer wish to switch vendors in case
of price discrepancy or should the vendor fail in the market.
Global Medical Transcription
Services Market: Opportunities
Adoption of Artificial
Intelligence (AI) and Cloud technology in medical transcription is expected to
offer lucrative growth opportunities for players in the global medical
transcription services market. Natural language processing, a kind of AI, can
help doctors and healthcare providers transcribe a doctor’s speech into an EHR
using natural language processing.
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Global Medical Transcription
Services Market: Restraints
Poor dictation is expected to
hinder growth of the market. Various phenomena together or individually cause
poor dictation. Tendency to multi-task such as eating, typing or driving while
dictating record or with having others in the room may cause distortion in the
quality of the record and further challenge the transcriptionist to distinguish
the speaker’s voice among others. Poor dictation is always not attributed to
background noise, speech pattern or accent of the speaker. Communication of
correct and complete data effectively directly affects the timelines and
quality of the final report.
Key Takeaways:
The global medical transcription
services market was valued at US$ 60.6 Bn in 2019 and is forecast to reach a
value of US$ 96.9 Bn by 2027 at a CAGR of 6.1% between 2020 and 2027.
Increasing adoption of adoption of Artificial Intelligence (AI) and Cloud
technology is expected to drive the market growth of the market.
Consultation Report (CONSULTS)
segment held dominant position in the global medical transcription services
market in 2019, accounting for 34.7% share in terms of value. Increasing
incidence and prevalence of chronic diseases is developed and developing
economies is expected to drive the market.
Market Trends
Major players in the market are
focused on launching secure messaging. For instance, in 2019, SMARTMD
Corporation introduced SMARTMD messaging with trackable tasks and reminders.
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The market is witnessing M&A
activities. For instance, in February 2020, 3M acquired MModal’s technology
business for a total enterprise value of US$ 1 billion.
Global Medical Transcription Services
Market: Competitive Landscape
Major players operating in the
global medical transcription services market include, Acusis LLC, SMARTMD
Corporation, EHR Transcriptions, Inc., DataMatrix Technologies, Inc., The
Dictation Source, MModal IP LLC, iMedX Information Services Pvt. Ltd., Nuance
Communications, Inc., Precyse Solutions LLC, Scribe Healthcare Technologies,
Inc., Superior Global Solutions, Inc., Transcend Services, Inc., and TransTech
Medical Solutions.
Global Medical Transcription
Services Market: Key Developments
March 2020: Nuance
Communications, Inc. collaborated with American Medical Association (AMA) to
pilot test the combination of each organization’s respective technologies in an
effort to reduce documentation burden that distracts from patient care and
demoralizes highly-trained physicians
November 2018: MModal launched
MModal Fluency for Imaging, a cloud-based version of its radiology reporting
solution, which helps radiologists capture the complete diagnostic
interpretation with real-time clinical intelligence delivered within the
reporting workflow, at RSNA 2018
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