Demand for Medical Transcription Services Market Value to Reach US$ 96.7 Bn at a CAGR of 5%: 2021 to 2028| TMR Study

The global 𝐦𝐞𝐝𝐢𝐜𝐚𝐥 𝐭𝐫𝐚𝐧𝐬𝐜𝐫𝐢𝐩𝐭𝐢𝐨𝐧 𝐬𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐦𝐚𝐫𝐤𝐞𝐭, valued at US$ 64.8 Bn in 2020, is forecasted to grow at a steady Compound Annual Growth Rate (CAGR) of 5% from 2021 to 2028, crossing the anticipated milestone of US$ 96.7 Bn by 2028.

Analysts observe a robust market scenario, with companies experiencing significant revenue gains driven by rising demand from diverse healthcare facilities. Factors contributing to this growth include heightened awareness about electronic patient record management, governmental support, expanding geriatric population, streamlined reimbursement processes, and the availability of cost-effective software solutions. Notably, the adoption of innovative recording systems integrating automatic audio recorders and speech recognition technology represents a notable trend, promising enhanced efficiency in patient documentation and healthcare databases. The evolving landscape of medical transcription services signifies a pivotal shift in the healthcare industry's approach towards patient care and data management.

𝐆𝐞𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅:
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𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐜𝐚𝐥 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐦𝐞𝐧𝐭𝐬 𝐢𝐧 𝐌𝐞𝐝𝐢𝐜𝐚𝐥 𝐓𝐫𝐚𝐧𝐬𝐜𝐫𝐢𝐩𝐭𝐢𝐨𝐧 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐁𝐨𝐨𝐬𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡

Medical transcription involves transcribing patient information dictated by physicians into text format.

Physicians use audio recorders to record patient information, which is then sent to medical transcriptionists for processing.

This process reduces the writing workload for physicians globally and saves space for storing documents.

Medical transcription services not only efficiently record patient records but also help in reducing the risk of legal disputes and insurance reimbursement issues.
Many service providers offer both transcription services and transcription software.

Speech recognition software is replacing audio recorders, enabling automatic conversion of audio into text.

Medical transcription services can be offshored or outsourced.
Developed countries often offshore medical transcription jobs to companies in developing countries like India, China, and the Philippines.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐨𝐧 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞:

Nuance Communications, Inc.,MModal, Inc.,Acusis, LLC,Transcend Services, Inc.,TransTech Medical Solutions,Precyse Solutions LLC,iMedX Information Services Pvt. Ltd., among others

𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:

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))

𝐌𝐨𝐝𝐞 𝐨𝐟 𝐏𝐫𝐨𝐜𝐮𝐫𝐞𝐦𝐞𝐧𝐭

Outsourcing
Offshoring
Both

𝐊𝐞𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬:

In October 2021, VIQ Solutions, Inc. announced commercial launch of NetScribe for transcription agencies across the U.K. and Canada. VIQ's cloud-based transcription workflow automation solutions, powered by artificial intelligence, enable efficiency and productivity gains globally.

In February 2021, MModal's technology division was acquired by 3M for a total enterprise value of US$ 1 Bn. MModal's technology division offers cloud-based, conversational artificial intelligence (AI)-powered tools that will help 3M's Health Information Systems division extend its capabilities.

In July 2020, Allscripts and Microsoft Corp. announced that their long-standing strategic partnership would be extended to allow the development and delivery of cloud-based health IT solutions. The five-year agreement will support Allscripts' cloud-based Sunrise electronic health record, establishing Microsoft as the solution's cloud provider and allowing for co-innovation to help improve healthcare with smarter, more scalable technology.

𝐆𝐞𝐭 𝐓𝐡𝐢𝐬 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭, 𝐈𝐧𝐬𝐭𝐚𝐧𝐭𝐥𝐲:
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𝐑𝐞𝐠𝐢𝐨𝐧𝐬 𝐂𝐨𝐯𝐞𝐫𝐞𝐝:

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬:

Increasing adoption of speech recognition software for automated transcription.
Integration of artificial intelligence (AI) and natural language processing (NLP) technologies.
Rising demand for mobile-based transcription solutions for remote healthcare settings.
Growing preference for cloud-based transcription platforms for enhanced accessibility and scalability.

𝐅𝐮𝐭𝐮𝐫𝐞 𝐎𝐮𝐭𝐥𝐨𝐨𝐤:

The future of the medical transcription services market looks promising, driven by ongoing technological innovations, increasing healthcare digitization, and the need for streamlined documentation processes. Market players should focus on enhancing service quality, expanding their geographic presence, and investing in R&D to stay competitive.

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐭𝐮𝐝𝐲 𝐏𝐨𝐢𝐧𝐭𝐬:

Market size and growth projections.
Demand drivers and challenges.
Regional dynamics and emerging markets.
Technological trends and innovations.
Regulatory landscape and compliance requirements.
Competitive analysis and market positioning.

𝐁𝐫𝐨𝐰𝐬𝐞 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐓𝐌𝐑:

𝐑𝐞𝐝 𝐁𝐢𝐨𝐭𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 𝐌𝐚𝐫𝐤𝐞𝐭-https://www.globenewswire.com/news-release/2023/05/12/2667797/0/en/CAGR-of-5-6-Red-Biotechnology-Market-Expected-to-Surpass-USD-609-6-Billion-by-2031-Exclusive-Study-by-TMR.html

𝐃𝐞𝐟𝐢𝐛𝐫𝐢𝐥𝐥𝐚𝐭𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭- https://www.globenewswire.com/news-release/2023/05/12/2667633/0/en/Defibrillator-Market-to-Reach-New-Heights-Predicted-to-Surpass-USD-16-3-Bn-by-2031-Due-to-Rising-Incidence-of-Cardiac-Disease-Global-Analysis-by-Transparency-Market-Research.html

𝐀𝐛𝐨𝐮𝐭 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

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