Transparency Market Research, a global market intelligence firm, recently announced the publication of a new research report. The research report, titled “Medical Transcription Services Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019”, is available for sale on the company website.According to the study, in 2012, the global medical transcription services market was worth US$41.4 bn and is estimated to reach US$60.6 bn by the end of 2019. The market is expected to exhibit a healthy 5.60% CAGR between 2013 and 2019.
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The medical transcription services market has witnessed significant growth in recent years and is expecting an upward trajectory owing to the rising healthcare automation and rising focus on using standard reporting styles. In addition, the guarantee of patient record portability and growing healthcare IT initiatives in developing regions are some of the factors propelling the global medical transcription services market. Nevertheless, dictation challenges and concerns associated with full-fledged or partial medical transcription are some of the factors that are expected to curb the growth of the market in the next few years.
By service type, the global market for medical transcription services is divided into consultation report, operative note or report, discharge summary, history and physical report, and others such as pathology report and radiology report (X-rays or radiographs). Among all the types, the consultation report segment dominates the overall medical transcription services market and is expected to remain in the top position in the coming years. The segment is anticipated to reach US$21.1 bn by the end of 2019, exhibiting a 3.30% CAGR between 2013 and 2019.
By mode of procurement, the global market for medical transcription services has been divided into offshoring, outsourcing, and both. In 2012, the outsourcing segment held a massive share of 62.2% in the global medical transcription services market. The outsourcing segment has gained traction in recent years and is expected to remain popular in the next few years.
By geography, the global market for medical transcription services has been segmented into Asia Pacific, North America, Europe, and Rest of the World. Among these regions, North America dominated the overall medical transcription services market owing to the enhanced medical services documentation in the U.S. The North America medical transcription services market is expected to reach US$18 bn till 2019 and register a healthy 5% CAGR through the forecast period. The rapid growth of this regional market can be attributed to the implementation of the Patient Protection Act and the Affordable Care Act. On the other hand, the Asia Pacific medical transcription services market is projected to grow at a fast pace owing to the major involvement in this market from the Philippines and India.
Furthermore, the research report covers the competitive landscape of the global market for medical transcription services, including company overview, financial overview, business strategies, SWOT analysis, and recent developments. Some of the prominent players mentioned in the report are Precyse Solutions LLC., Nuance Communications Inc., Acusis LLC, MModal Inc., Trans Tech Medical Solutions, Superior Global Solutions Inc., Scribe Healthcare Technologies Inc., and iMedX Information Services Pvt. Ltd.