Medical Transcription Market Region Wise Analysis of Top Players and Changing Growth Factor in Industry, Forecast by 2021-2027: Mmodal, Nuance Communications, Transcend Services, Acusis, iMedX Information Services, MTBC

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 smartphone apps.

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 (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) systems. 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 the 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 the 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 of 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 the rise in the aging population and the passing of the Patient Protection and Affordable Healthcare Act, 2013.

The Asia-Pacific will occupy more market share in the following years, especially in China, also fast growing India and Southeast Asia regions. Europe also plays important role in the global market, with market size of xx million USD in 2019 and will be xx million USD in 2027, with a CAGR of xx%.

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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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Some of the main issues are listed below:

• What are the growth momentum and potential growth rate during the forecast period?
• What are the main factors driving the Medical Transcription market?
• What is the size of the global Medical Transcription market in 2021?
• Which topological region/country may have the largest industry share in the Medical Transcription market?
• What risk factors, trends, and challenges will affect the development strategy and scale of the global Medical Transcription market?

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