Global Medical Transcription Services Market, by Service Type (History and Physical Report (H&P), Discharge Summary (DS), Operative Note or Report (OP), Consultation Report (CONSULTS), and Others (Pathology Report (PATH) and Radiology Report (x rays or radiographs)), By Mode of Procurement (Outsourcing, Offshoring, and Both), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
The key market players are focusing on the adoption of inorganic growth strategies, such as product acquisitions, which is expected to drive the market growth over the forecast period. For instance, in August 2022, Linden LLC., a private equity firm, announced that the complete acquisition of Aspirion, a leader in technology-enabled healthcare revenue cycle management ("RCM"), from Aquiline Capital Partners. Varsity Healthcare Partners (“VHP”), a healthcare services private equity firm with RCM investing experience, joined the ownership group as a minority shareholder.
Global Medical Transcription Services Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a negative impact on the global medical transcription services market as many hospitals were having difficulties getting their transcribing job completed due to complete lockdown during COVID-19 pandemic.
Global Medical Transcription Services Market: Key Developments
Increasing launch of new services by key market players is expected to drive the growth of the global medical transcription services market. For instance, in March 2020, ZyDoc, a transcription services and transcription platform provider, announced its free electronic health record documentation service to all healthcare providers and hospitals affected by the COVID-19 pandemic.
Browse 29 Market Data Tables and 30 Figures spread through 150 Pages and in-depth TOC on “Global Medical Transcription Services Market”- Forecast to 2030, Global Medical Transcription Services Market, by Service Type (History and Physical Report (H&P), Discharge Summary (DS), Operative Note or Report (OP), Consultation Report (CONSULTS), and Others (Pathology Report (PATH) and Radiology Report (x rays or radiographs)), By Mode of Procurement (Outsourcing, Offshoring, and Both), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/medical-transcription-services-market-3923
Key Takeaways of the Global Medical Transcription Services Market:
- The global medical transcription services market is expected to exhibit a CAGR of 6.4% during the forecast period due to the increasing adaptation of inorganic growth strategies such as acquisition by key market players. For instance, in January 2022, R1 RCM, a management services company, announced that it has entered into a definitive agreement to acquire Cloudmed, a leader in Revenue Intelligence solutions for healthcare providers, in an all-stock transaction. The transaction values Cloudmed at approximately $4.1 billion, including $857 million of net debt, based on R1’s closing stock price on January 7, 2022.
- Among service type, the discharge summary (DS) segment is estimated to have lucrative growth in the global medical transcription services market owing to the increasing discharge summary services provided by key market players, over the forecast period. Key market players such as Office Beacon LLC., Flatworld Solutions Pvt. Ltd., SMARTMD Corporation, EHR Transcriptions offers discharge summary service for the hospitals globally.
- Among region, North America is expected to be the dominant region in the global medical transcription services market, owing to expansion of radiology practice by key market players in U.S., over the forecast period. For instance, on April 19, 2023, Radiology Partners, a radiology practice in the U.S., successfully celebrated its 10th anniversary in 2022 with continuing expansion. In 2021, Radiology Partners added 155 additional service locations and celebrated the hiring of 500 new radiologists. With partnerships with 17 of the 20 biggest health systems in the nation, Radiology Partners provides services to clients in all 50 states.
- 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
