Medical Transcription Market (2020) Growth at 5% CAGR Projection Through 2027 | Key Players: Mmodal, Nuance Communications, Transcend Services, Acusis, iMedX Information Services, MTBC

This report studies the Medical Transcription Services market status and outlook of Global and major regions, from angles of players, countries, product types and end industries; this report analyzes the top players in global market, and splits the Medical Transcription Services market by product type and applications/end industries.

The global Medical Transcription Services market is valued at 5000 million USD in 2018 and is expected to reach 6900 million USD by the end of 2027, growing at a CAGR of 5.5% between 2019 and 2027.

The major players in the Medical Transcription Market are Mmodal, Nuance Communications, Transcend Services, Acusis, iMedX Information Services, MTBC, nThrive, Medi-Script Plus, Outsource2india, TransPerfect, VIVA Transcription, Medscribe, Pacific Solutions among others.

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Medical transcription, also known as MT, is an allied health profession dealing 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. These are dictated over the phone or uploaded digitally via the Internet or through smart phone apps.

Medical transcription (MT) is an allied health profession, which deals in the process of transcription, or converting voice-recorded reports as dictated by physicians or other healthcare professionals, into text format. Medical transcription services provide the groundwork for the adoption of electronic medical records (EMR) system. Medical transcription services allow hospitals and providers to outsource a critical business process, reduce costs, and improve the quality of medical documentation, without additional capital investment.

The global medical transcription services market is primarily driven by adoption of medical documentation and recording systems, government's initiatives in health information infrastructure, implementation of EHRs, technological innovations through the use of electronic technology to reduce turnaround time, increasing focus on lowering costs and increasing productivity and improving the quality of patient care while ensuring patient's safety.

North America is the largest consumption place, with a consumption market share nearly 78.3% in 2017. 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 Asia-Pacific will occupy for more market share in following years, especially in China, also fast growing India and Southeast Asia regions. Europe also play important roles in global market, with market size of xx million USD in 2019 and will be xx million USD in 2027, with a CAGR of xx%.

Market Segment by Type, covers
Outsourcing
Offshoring

Market Segment by Applications, can be divided into
Hospitals
Clinical Laboratories
Academic Medical Centers
Other

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