As per Coherent Market Insights research, By 2027, Medical Transcription Services Market To Reach US$ 96.9 Bn


Posted July 17, 2020 by adwaitcoherent

Despite of stringent regulatory scenario, Medical Transcription Services Market To escalate from 2020 to 2027 to grow with CAGR of 6.1%

 
Request for Sample PDF Copy: https://www.coherentmarketinsights.com/insight/request-sample/3923
Description:
Global Medical Transcription Services Market: Drivers
Assurance of patient record portability is expected to propel growth of the global medical transcription services market over the forecast period. One of the important considerations of medical transcription is the assurance that the transcribed patient and related healthcare records can be easily retrieved from the repository. Another major preference of healthcare facilities and other eligible professionals towards opting for outsourcing medical transcription is the current ability of easy switching of vendors, should the customer wish to switch vendors in case of price discrepancy or should the vendor fail in the market.
Global Medical Transcription Services Market: Opportunities
Adoption of Artificial Intelligence (AI) and Cloud technology in medical transcription is expected to offer lucrative growth opportunities for players in the global medical transcription services market. Natural language processing, a kind of AI, can help doctors and healthcare providers transcribe a doctor’s speech into an EHR using natural language processing.
Global Medical Transcription Services Market: Restraints
Poor dictation is expected to hinder growth of the market. Various phenomena together or individually cause poor dictation. Tendency to multi-task such as eating, typing or driving while dictating record or with having others in the room may cause distortion in the quality of the record and further challenge the transcriptionist to distinguish the speaker’s voice among others. Poor dictation is always not attributed to background noise, speech pattern or accent of the speaker. Communication of correct and complete data effectively directly affects the timelines and quality of the final report.
Key Takeaways:
The global medical transcription services market was valued at US$ 60.6 Bn in 2019 and is forecast to reach a value 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 Cloud technology is expected to drive the market growth of the market.
Consultation Report (CONSULTS) segment held dominant position in the global medical transcription services market in 2019, accounting for 34.7% share in terms of value. Increasing incidence and prevalence of chronic diseases is developed and developing economies is expected to drive the market.
Market Trends
Major players in the market are focused on launching secure messaging. For instance, in 2019, SMARTMD Corporation introduced SMARTMD messaging with trackable tasks and reminders.
The market is witnessing M&A activities. For instance, in February 2020, 3M acquired MModal’s technology business for a total enterprise value of US$ 1 billion.
Global Medical Transcription Services Market: Competitive Landscape
Major players operating in the global medical transcription services market include, Acusis LLC, SMARTMD Corporation, EHR Transcriptions, Inc., DataMatrix Technologies, Inc., The Dictation Source, MModal IP LLC, iMedX Information Services Pvt. Ltd., Nuance Communications, Inc., Precyse Solutions LLC, Scribe Healthcare Technologies, Inc., Superior Global Solutions, Inc., Transcend Services, Inc., and TransTech Medical Solutions.
Global Medical Transcription Services Market: Key Developments
March 2020: Nuance Communications, Inc. collaborated with American Medical Association (AMA) to pilot test the combination of each organization’s respective technologies in an effort to reduce documentation burden that distracts from patient care and demoralizes highly-trained physicians
November 2018: MModal launched MModal Fluency for Imaging, a cloud-based version of its radiology reporting solution, which helps radiologists capture the complete diagnostic interpretation with real-time clinical intelligence delivered within the reporting workflow, at RSNA 2018
Buy this Research Report: https://www.coherentmarketinsights.com/insight/buy-now/3923
About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having office at global financial capital in the U.S. Our client base includes players from across all business verticals in over 150 countries worldwide. We do offer wide range of services such as Industry analysis, Consulting services, Market Intelligence, Customized research services and much more. We have expertise in many fields such as healthcare, chemicals and materials, Automation, semiconductors, electronics, energy, food and beverage, packaging and many more. Visit our website to know more.
Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave.
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: [email protected]
-- END ---
Share Facebook Twitter
Print Friendly and PDF DisclaimerReport Abuse
Contact Email [email protected]
Issued By https://www.coherentmarketinsights.com/
Business Address Coherent Market Insights 1001 4th Ave,
#3200 Seattle, WA 98154, U.S.
Country United States
Categories Health , Research , Science
Tags discharge summary , history and physical report , medical transcription services market analysis , radiographs
Last Updated July 17, 2020