MEDICAL TRANSCRIPTION SERVICES MARKET ANALYSIS

Medical Transcription Services MarketSize and Trends

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).

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.

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.

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 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.