Press release
Medical Transcription Services is likely to be valued at US$ 95.0 Billion by 2033
Medical Transcription
The increasing awareness of medical documentation and its adoption by healthcare professionals, hospitals, clinics, and healthcare institutes is a primary driver for the growth of the medical transcription services market.
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The proliferation of medical transcription services is expected to further fuel market growth during the forecast period. There is a heightened demand for these services due to the increasing need for effective solutions across various healthcare centers. Technological advancements such as voice recognition, artificial intelligence, and machine learning, widely integrated into healthcare technologies for improved treatment outcomes and clinical documentation, are major factors driving the growth of the medical transcription services market.
The North American region dominates the global medical transcription services market, holding a market share of 39% and registering a value of US$ 19.1 Billion. The region's leading position is attributed to the increasing demand for medical transcription services and the presence of key market players, supported by technological innovations.
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Key Takeaways from the Market Study:
The global demand for medical transcription services is expected to surge at a CAGR of 6.2% during the forecast period.
North America continues to lead the global medical transcription services market, holding a market share of 39% and reaching a value of US$ 19.1 Billion.
The consultation report segment, based on service type, is poised to expand the fastest, accounting for a market share of 34%.
The Outsource segment, in terms of the mode of procurement, remains the most prominent, accounting for a market share of 47%.
Market Segmentations:
Service Type:
Consultation Report
History, and Physical Report
Operative Note or Report
Discharge Summary
Others
Mode of Procurement:
Outsource
Offsource
Both
Region:
North America
Latin America
Europe
East Asia
South Asia and Oceania
Middle East & Africa
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Competitive Landscape:
Here are some examples of companies operating in the global medical transcription services market, identified across the value chain: Acusis, Amberscript, Aquity Solutions, Caption First, Daily Transcription, Ditto Scribe, Eccellente Services Pvt. Ltd., EHR Transcriptions, GoTranscript, InSync Healthcare Solutions, Med-Scribe, MTBC, SmartMD, Voxtab, World Wide Dictation, and others.
Key market players are strategically investing in technological innovation and research and development (R&D) initiatives to enhance service quality. To capture a significant market share in the global medical transcription services market and solidify their positions, service providers are adopting expansion strategies such as ongoing developments, mergers and acquisitions, collaborations, partnerships, and joint ventures.
Recent News:
March 2022 saw Aquity Solutions, a prominent provider of virtual solutions for real-time clinical documentation, medical coding, and mid-revenue cycle offerings, announce the acquisition of Acusis, based in Pittsburgh, PA. This acquisition broadens AQuity's array of solutions to now encompass Practice Management, Tumor Registry, Medical Billing, and Collection services.
In February 2023, CareCloud, Inc. unveiled the integration of Medicomp System's Quippe Clinical Data Engine into its electronic health record (EHR) platforms. This integration ensures that physicians from various specialties have access to patient- and problem-specific clinical data at the time of patient treatment.
More Valuable Insights Available:
In its latest offering, Fact.MR presents an unbiased analysis of the medical transcription services market, providing historical demand data (2018-2022) and forecasts from 2023 to 2033. The study provides essential insights on the medical transcription market based on service type and mode of procurement across five major regions.
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