Wilmington, Delaware, United States, Transparency Market Research Inc.: The global medical transcription services market for the historical period 2017–2019 and forecast period 2021–2028, increase in healthcare automation and rise in emphasis on using standard reporting styles are projected to drive the global medical transcription services market during the forecast period.
Wilmington, Delaware, United States, Transparency Market Research Inc.: The global medical transcription services market for the historical period 2017–2019 and forecast period 2021–2028, increase in healthcare automation and rise in emphasis on using standard reporting styles are projected to drive the global medical transcription services market during the forecast period.
Medical Transcription Services Market Outlook 2028
- The global medical transcription services market was valued at US$ 64.8 Bn in 2020
- It is estimated to expand at a CAGR of 5% from 2021 to 2028
- The global medical transcription services market is expected to cross the value of US$ 96.7 Bn by the end of 2028
Growing Emphasis on Using Standard Reporting Styles
The healthcare industry, particularly in the developed countries, is dependent on insurance. Physicians, healthcare facilities, and other medical practitioners are required to document patient cases for insurance purposes. Earlier, the transcription tasks of such cases were performed by medical practitioners themselves. However, with the standardization of transcription procedures, requirement of documentation became more stringent which increased the pressure on medical practitioners and hospital administration.
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For instance, the publication of the Book of Style for Medical Transcription by the American Association of Medical Transcription increased the emphasis on standard documentation and accuracy of MT reports. Stringent regulations for documentation of medical records have assisted in generating demand for professional transcription services. Mandatory adherence to Health Insurance Protection and Accountability Act (HIPAA) has initiated further pressure on healthcare service providers for accurate documentation of healthcare records.
Insurance companies also demand legible and accurate patient documents to comply with government requirements. Medical practice in North America and Europe is strictly regulated with government statutes. Violation of such regulations results in malpractice lawsuits against healthcare providers. Hence, healthcare providers need to strictly adhere to the required standards of documentation.
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Assurance of Patient Record Portability Boosts Market Growth
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 toward 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. Standardization of the format of transcribed reports has turned out to be a major benefit rendering the growth of the medical transcription servicers market.
The ability of avoiding the phenomenon of “vendor lock” and thus the resultant avoidance of risk of ending up in a non-transferrable and proprietary format of transcribed reports is driving the demand for opting for medical transcription services across the world.
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Dictation Challenges with Medical Transcription Services to Hamper Market
For years, physicians used to dictate patient reports while medical transcriptionists used their auditory skills to decipher what they are saying. Technologies such as EHRs and speech recognition have been instrumental in converting such transcription issues into further downstream problems, thereby increasing the focus of the intermediaries on exploring ways to tackle this issue.
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 could cause distortion in the quality of the record and further challenge the transcriptionist to distinguish the speaker’s voice among others. Moreover, increase in the number of physicians in a healthcare system widens the range of poor dictation. Accuracy of such reports is of utmost importance as treatment decisions are based on the information included in these reports.
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Medical Transcription Services Market: Competition Landscape
This report profiles major players in the global medical transcription services market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The medical transcription services market is quite competitive with the top ten players accounting for major share of the market and every company focusing on research & development to produce better pharmaceutical and vaccine products for the existing diseases
Leading players operating in the global medical transcription services market are
- Nuance Communications, Inc.
- MModal, Inc.
- Acusis, LLC
- Transcend Services, Inc.
- TransTech Medical Solutions
- Precyse Solutions LLC
- iMedX Information Services Pvt. Ltd., among others
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