Medical transcription (MT)services deal with the process of transcribing voice-recorded medical reportsthat are dictated by physicians, nurses and other healthcare practitioners.Medical reports can be voice files, notes taken during a lecture, or other spokenmaterial.
Statistics:
The global medicaltranscription services market is estimated to account for US$ 96.9 Bn interms of value by the end of 2027.
Global Medical TranscriptionServices Market: Drivers
Assurance of patient recordportability is expected to propel growth of the global medical transcriptionservices market over the forecast period. One of the important considerationsof medical transcription is the assurance that the transcribed patient andrelated healthcare records can be easily retrieved from the repository. Anothermajor preference of healthcare facilities and other eligible professionalstowards opting for outsourcing medical transcription is the current ability ofeasy switching of vendors, should the customer wish to switch vendors in caseof price discrepancy or should the vendor fail in the market.
Global Medical TranscriptionServices Market: Opportunities
Adoption of ArtificialIntelligence (AI) and Cloud technology in medical transcription is expected tooffer lucrative growth opportunities for players in the global medicaltranscription services market. Natural language processing, a kind of AI, canhelp doctors and healthcare providers transcribe a doctor’s speech into an EHRusing natural language processing.
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Global Medical TranscriptionServices Market: Restraints
Poor dictation is expected tohinder growth of the market. Various phenomena together or individually causepoor dictation. Tendency to multi-task such as eating, typing or driving whiledictating record or with having others in the room may cause distortion in thequality of the record and further challenge the transcriptionist to distinguishthe speaker’s voice among others. Poor dictation is always not attributed tobackground noise, speech pattern or accent of the speaker. Communication ofcorrect and complete data effectively directly affects the timelines andquality of the final report.
Key Takeaways:
The global medical transcriptionservices market was valued at US$ 60.6 Bn in 2019 and is forecast to reach avalue of US$ 96.9 Bn by 2027 at a CAGR of 6.1% between 2020 and 2027.Increasing adoption of adoption of Artificial Intelligence (AI) and Cloudtechnology is expected to drive the market growth of the market.
Consultation Report (CONSULTS)segment held dominant position in the global medical transcription servicesmarket in 2019, accounting for 34.7% share in terms of value. Increasingincidence and prevalence of chronic diseases is developed and developingeconomies is expected to drive the market.
Market Trends
Major players in the market arefocused on launching secure messaging. For instance, in 2019, SMARTMDCorporation introduced SMARTMD messaging with trackable tasks and reminders.
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The market is witnessing M&Aactivities. For instance, in February 2020, 3M acquired MModal’s technologybusiness for a total enterprise value of US$ 1 billion.
Global Medical Transcription ServicesMarket: Competitive Landscape
Major players operating in theglobal medical transcription services market include, Acusis LLC, SMARTMDCorporation, EHR Transcriptions, Inc., DataMatrix Technologies, Inc., TheDictation Source, MModal IP LLC, iMedX Information Services Pvt. Ltd., NuanceCommunications, Inc., Precyse Solutions LLC, Scribe Healthcare Technologies,Inc., Superior Global Solutions, Inc., Transcend Services, Inc., and TransTechMedical Solutions.
Global Medical TranscriptionServices Market: Key Developments
March 2020: NuanceCommunications, Inc. collaborated with American Medical Association (AMA) topilot test the combination of each organization’s respective technologies in aneffort to reduce documentation burden that distracts from patient care anddemoralizes highly-trained physicians
November 2018: MModal launchedMModal Fluency for Imaging, a cloud-based version of its radiology reportingsolution, which helps radiologists capture the complete diagnosticinterpretation with real-time clinical intelligence delivered within thereporting workflow, at RSNA 2018
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