MEDICAL TRANSCRIPTION SERVICES MARKET ANALYSIS

The global medical transcription services market is estimated to be valued at US$ 75.6 Billion in 2023 and is expected to exhibit a CAGR of 6.4% during the forecast period (2023-2030).

Analysts’ Views on Global Medical Transcription Services Market:

Increasing awareness of the advantages of medical transcription services such as recordkeeping of the patients’ information, consultation report, etc. is expected to drive the global medical transcription services market. Moreover, increasing product launch by key market players is also expected to drive the growth of the global medical transcription services market over the forecast period. For instance, in October 2020, ETranscription, a transcription service company, launched a new website and platform, to expand its transcription services. A new website and platform assist companies in streamlining its operations. Updates provide secure, accurate, and affordable services that allow a seamless online transcription process.

Figure 1. Global Medical Transcription Services Market Share (%), by Service Type, 2023

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Global Medical Transcription Services Market– Driver

Increasing inorganic strategies such as acquisition by key market players

Increasing inorganic strategies such as acquisition by key market players is expected to drive the global medical transcription services market over the forecast period. For instance, in March 2020, Acusis, LLC., a medical transcription service company, acquired Woodham & Associates, a medical coding and auditing solutions and services company that offers hospital inpatient & outpatient coding, coding audits & education, Clinical Documentation Improvement review services, and coding management. Acusis, LLC and Woodham & Associates coming together is a strategic alignment for delivering all of its consolidated services on-demand that guarantees verified revenue increases to large hospitals and health systems.

Figure 2. Global Medical Transcription Services Market Value (US$ Billion), by Region, 2023

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Global Medical Transcription Services Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global medical transcription services market over the forecast period. North America holds 45.1% of the market share as market players operating in the region are focusing on inorganic growth strategies such as acquisition. For instance, on October 2022, nimble solutions (National Medical Billing Services), a U.S.-based healthcare revenue cycle management company, acquired MedTek, LLC., a provider of healthcare revenue cycle services nationwide. Through this relationship, National Medical Billing Services will be better able to serve ambulatory surgery centers, surgical practices, and anesthesia groups as a complete end-to-end provider of outsourced revenue cycle solutions.

Global Medical Transcription Services Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a negative impact on the global medical transcription services market. For instance, according to an information published by ZyDoc., a transcription service provider, due of the COVID-19 epidemic, several hospitals are having difficulties getting its transcribing job completed in nations like India because the nation was in complete population lockdown during COVID-19 pandemic. Several of the transcribing companies have centers in India may have to close its offices due to this lockdown.

Global Medical Transcription Services Market Segmentation:

The global medical transcription services market report is segmented into service type, mode of procurement, and region

Based on Service Type, the market is segmented into History and Physical Report (H&P), Discharge Summary (DS), Operative Note or Report (OP), Consultation Report (CONSULTS), and Others (Pathology Report (PATH), Radiology Report (x rays or radiographs)). Out of which, the History and Physical Report segment is expected to hold a dominant position in the medical transcription services market during the forecast period and this is attributed to the increasing history and physical report service provider globally.

Based on mode of procurement, the market is segmented into outsourcing, offshoring, and both. Out of which, the outsourcing segment is expected to hold a dominant position in the medical transcription services market during the forecast period due to increasing medical transcription outsourcing by hospitals.

Based on region, the market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East and Africa. Out of which, the North America is expected to hold a dominant position in the global medical transcription services market during the forecast period as market players operating in the region are focusing on inorganic growth strategies such as acquisition.

Among all segmentation, the service type segment has the highest potential as major market players such as Acusis LLC, SMARTMD Corporation, DataMatrix Technologies, Inc., iMedX Information Services Pvt. Ltd., and others are offering medical transcription services globally.

Global Medical Transcription Services Market Cross Sectional Analysis:

Service Type segment hold a dominant segment in North America region due to the increasing inorganic growth strategies such a partnership by key market players to introduce medical transcription and editing practice tool. For instance, in February 2021, Carrus, an online healthcare training and professional development providers, announced a partnership with 3M, a medical device company, to integrate 3M’s industry-standard transcribing tool with Carrus' medical transcriptionist courses. With the introduction of the 3M tool, Carrus are now able to provide practice that gives students real-world experience in transcription and editing.

Global Medical Transcription Services Market: Key Developments

In May 2020, Nuance Communications, Inc., a software company, announced the launch of its Dragon Medical One cloud-based platform in Denmark, Finland, and Sweden. Dragon Medical One, which is integrated into the electronic health record, enabling doctors to record the patient's whole history at the point of care, minimizing administrative burdens while enhancing care and documentation quality

In October 2021, VIQ Solutions Inc., a software company, launched NetScribe for transcription agencies in the U.K. and Canada, in order to enhance the execution and management of transcription processes for transcription companies

Global Medical Transcription Services Market: Key Trends

Increasing inorganic growth strategies such as acquisition by key market players is expected to drive the medical transcription services market growth over the forecast period.

Key market players are focusing on inorganic growth strategies such as acquisition which is expected to drive the medical transcription services market growth over the forecast period. For instance, in October 2022, Wakefield & Associates, a collections and healthcare revenue cycle solutions company, acquired announced that it had acquired the debt collection business of Choice Recovery, Inc., a collection agency for healthcare. The acquisition of Choice Recovery, Inc. has grown Wakefield's geographical presence in the Great Lakes region.

Global Medical Transcription Services Market: Restraint

Concerns on privacy and security of electronic health records

The major factors that can hamper the growth of the global medical transcription services market over the forecast period include concerns on privacy and security of electronic health records. For instance, according to an article published in July 2021, by Elsevier B.V., a publishing company, regarding the privacy of health information, many surveys have revealed a wide range of worries. Only 39% of respondents, thought that its personal health records were safe and secure, and over two thirds of clients were concerned about privacy. A breach in the security of the patients' data could result in legal issues, which is why doctors are typically highly concerned that an unauthorized person could access the information of patients that is contained in the electronic medical records system and misuse it.

Global Medical Transcription Services Market - Key Players

Major players operating in the global medical transcription services market include Acusis LLC, SMARTMD Corporation, EHR Transcriptions, Inc., VIQ Solutions Inc., MModal, Inc., DataMatrix Technologies, Inc., The Dictation Source, Nuance Communications, Inc., Precyse Coding Solutions, LLC, Scribe Technology Solutions, Transcend Services, and TransTech Medical Solutions.

*Definition: Medical transcription is the manual conversion of voice reports into written format that are dictated by doctors and other healthcare professionals. Usually, healthcare professionals dictate medical records into voice files, which are then given to the hospital's medical transcription staff. After that, the voice files are transformed into text. The electronic health record (EHR) or electronic medical record (EMR) system at the hospital typically receives the digitally prepared and filed transcribed medical reports.