Medical Transcription Market Analysis, Top Companies, New Technology, Demand and Opportunity

Posted November 20, 2019 by imarcgroup1

The global medical transcription market is expected to grow at a CAGR of around 5% during 2019-2024.

According to the latest report by IMARC Group titled, “Medical Transcription Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market is expected to grow at a CAGR of around 5% during 2019-2024.

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Medical transcription (MT), also called healthcare documentation, refers to the process of converting digital voice recordings of medical professionals into a textual format. It helps in maintaining high quality and accurate medical records along with improving the accuracy and efficiency of medical histories, patient discharge summaries, operative reports, medical research interviews, and biomedical science drafts. In recent years, various technological innovations, such as the introduction of electronic health records (EHR), have increased the utilization of medical transcription in hospitals, surgery centers, trauma centers, clinics, and other healthcare facilities.

The well-developed medical sector in regions like North America and Europe, coupled with the increasing adoption of healthcare IT solutions by medical institutions, have increased the popularity of medical transcription services. Apart from this, various government initiatives in developing countries are aimed at improving healthcare information infrastructure, which is consequently encouraging the usage of medical transcription. Moreover, the emergence of electronic medical record (EMR) systems, along with the growing awareness about the benefits of medical transcription, including lowering costs, increasing productivity, improving the quality of patient care, and ensuring patient safety, is also fueling the market growth. Additionally, the rising prevalence of chronic diseases such as diabetes, cancer, and other cardiovascular disorders is resulting in frequent health check-ups and regular hospital visits. This, in turn, is increasing the number of medical records, thereby stimulating the need for medical transcription to manage data mishandling.

Explore full report with table of contents:

Key Market Segmentation:

Breakup by Service Type:

• History and Physical Report
• Discharge Summary
• Operative Note or Report
• Consultation Report
• Others (Pathology Report, Radiology Report, etc.)

Breakup by Technology:

• Others

Market Breakup by Mode of Procurement:

• Outsourcing
• Offshoring
• Both

Breakup by End User:

• Hospitals
• Clinics
• Clinical Laboratories
• Academic Medical Centers
• Others

Breakup by Region:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

Competitive Landscape

The report has also examined the competitive landscape of global medical transcription market. Some of the major players in the market are Acusis, Transcend Services, Naunce Communications, MModal, iMedX Information Services, Global Medical Transcription, nThrive, MTBC, Medi-Script Plus, Transtech Medical Solutions, etc.

Key highlights of the report:

• Market Performance
• Market Outlook
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Competitive Structure
• Profiles of Key Players

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Issued By Kanika Sharma
Phone 6317911145
Business Address 309 2nd St, Brooklyn, NY 11215, USA
Country United States
Categories Medical
Tags medical transcription market analysis , medical transcription market size
Last Updated November 20, 2019