Global Medical Transcription Market Size 2020: Growth, Demand and Forecast Research Report to 2025

According to the new research report by IMARC Group. the global medical transcription market reached a value of US$ 59.7 Billion in 2019. Looking forward, IMARC Group expects the market to continue its moderate growth during the next five years.

Medical transcription (MT) refers to the processing of transcribing verbal dictations of medical reports for the records of healthcare professionals, insurance claims, and patient’s medical charts. The process starts with the healthcare professional recording vital information related to the patient into a digital recording device, such as a hand-held digital recorder or personal computer (PC). The superior quality of the audio recording is preferred as the quality directly affects the accuracy of the transcribed files. Once transcribed, the data is then checked thoroughly to eliminate minor errors and ensure accuracy. The files are further forwarded to the professional for a final review, following which the patient and hospital receive the reviewed transcribed documents. This process aids in improving patient care quality, augmenting operational efficiency and preparing an ideal treatment plan for the patients.

Global Medical Transcription Market Trends:

The global market is primarily driven by the increasing need for digital documentation of medical data. This, along with a rise in the adoption of healthcare IT solutions, such as electronic health records (EHRs), is providing a thrust to the growth of the market. Apart from this, the introduction of voice recognition software is also expected to facilitate the market growth in the upcoming years. This software can be utilized to automate the process of MT without the need for human intervention. For instance, MModal LLC, a Tennessee-based healthcare software solution provider, launched Fluency Direct, which is a cloud-based software that works with over 200 EHRs for faster and higher quality documentation at lower costs. Furthermore, governments of numerous countries are taking initiatives to regulate the healthcare information infrastructure, which is expected to create a positive outlook for the market.

Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Global Medical Transcription Market 2020-2025 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of the major players in the market are Acusis, Transcend Services, Naunce Communications, MModal, iMedX Information Services, Global Medical Transcription, nThrive, MTBC, Medi-Script Plus, Transtech Medical Solutions, etc.

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Key Market Segmentation:

Breakup by Service Type:

• History and Physical Report
• Discharge Summary
• Operative Note or Report
• Consultation Report
• Others (Pathology Report, Radiology Report, etc.)

Breakup by Technology:

• Others

Market Breakup by Mode of Procurement:

• Outsourcing
• Offshoring
• Both

Breakup by End User:

• Hospitals
• Clinics
• Clinical Laboratories
• Academic Medical Centers
• Others

Breakup by Region:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

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