Burlingame, Dec. 13, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, the global medical transcription services market size is estimated to grow from US$ 75.6 Billion in 2023 and is forecast to reach a value of US$ 117.1 Billion by 2030 at a CAGR of 6.4% between 2023 and 2030.
Adoption of inorganic growth strategies such as partnership by key market players is expected to drive global medical transcription services market growth over the forecast period. For instance, in July 2020, Allscripts, a software company, and Microsoft, a technology corporation, announced the extension of its long-standing strategic alliance to assist the prolonged development and delivery of cloud-based health IT solutions. As a result of this agreement, Microsoft will be the cloud provider for Allscripts' cloud-based Sunrise electronic health record, creating potential for co-innovation to help revolutionize healthcare with smarter, more scalable technology. Through the agreement, Allscripts will be able to fully utilize the capabilities of Microsoft's platform and tools, including Microsoft Azure, Microsoft Teams, and Power BI, to improve user experience and boost productivity.
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Market Driver
Increasing funding for adoption of medical transcription services
Increasing adoption of electronic health record and mobile apps in the healthcare sector is also expected to aid in growth of the global medical transcription services market. For instance, in April 2020, MedInformatix, a health IT company, launched Wait in Car, a new mobile-friendly application that allows patients to wait in the safety of their automobiles for assigned medical appointments. The app integrates with Radiology Information System platforms and electronic health record to provide the service.
Market Key Developments
In August 2022, Revecore Technologies, a provider of revenue integrity and complex claims solutions for health systems, announced that it has acquired two company Kemberton, a revenue cycle management company and Cura Revenue Cycle Management, LLC, a revenue cycle management company. With these acquisitions, Revecore intends to move forward with its plan to build a top portfolio of technologically advanced solutions that will help health institutions all over the nation achieve better results.
Market Opportunity
Need for increased number of radiologist
Need for increased number of radiologist in world is expected increasing the need for transcription radiology report, which is expected to provide the lucrative opportunities for the growth of global medical transcription services market. For instance, according to the data published by the Radiological Society of North America, on May 2022, the supply and demand balance in the provision of imaging services may be challenged by the substantial rise in Medicare participants. The number of radiology resident jobs should be increased in order to solve the lack of radiologists from the standpoint of training. The Resident Physician Shortage Act of 2021 was sponsored by the U.S. House of Representatives in order to reduce the national physician shortage by increasing the number of Medicare-supported residency positions in all medical specialties. A total of 14,000 employees would be supported under the proposal, with an additional 2,000 posts added annually from 2023 through 2029. The health subcommittee has been given the measure.
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Key Market Takeaways:
The global medical transcription services market is expected to exhibit a CAGR of 6.4% during the forecast period due to the increasing electronic health record service by key market players worldwide. Major market players such as GoTranscript, Acusis, Aquity Solutions, InSync Healthcare Solutions, offers electronic health record service globally.
Among service type, pathology report segment is expected to have lucrative growth in medical transcription services due to increasing number of pathology laboratories in U.S., over the forecast period. For instance, according to an article published by Stevegallik, on February 21, 2023, In the U.S, there are about 4,000 pathology laboratories. These labs are located in hospitals, clinics, and private practices. Pathology is an important subject that helps to understand disease causes.
Market Cross Sectional Analysis:
Among service type, the history and physical report (H&P) segment is dominant during the forecast period in North America region due to the increasing number of admissions of patients in U.S. hospitals and increasing importance of report maintained by doctors in order to provide proper treatment, which is expected to drive segment growth over the forecast period. For instance, according to the data published by the American Hospital Association, in 2023, total patients’ admission in U.S. Hospitals is estimated about 34,011,386 in 2022. Also, both the doctor's and patients' interests are served by a complete medical record. It is very important for the treating doctor to properly document the management of the patient under his care. Record maintenance is the only way for the doctor to prove that the treatment was carried out properly. Medical records are often the only source of the truth.
Market Restraint
Stringent regulatory scenario
Stringent regulatory scenario by regulatory authorities is also expected to limit growth of the global medical transcription services market. Service providers have to deal with various state, federal or other government regulations. For instance, in the U.S. the Health Insurance Portability and Accountability Act (HIPAA) dictates many aspects of medical record handling.
Moreover, One of the basic problems faced healthcare IT outsourcing companies is that they opt for full-fledged medical transcription (MT) business. This often results in backfiring for small MT companies. Requirements of each healthcare IT outsourcing companies may be different. These requirements depend on factors such as available infrastructure, customer preference, availability of manpower, and skills. Thus it is often advisable to such organizations not to opt for full-fledged MT business until the above-mentioned factors are aptly addressed to. As the MT business require large financial investments and time, it is not justifiable for the organizations to enter in this business until these resources are optimally utilized. On the other hand partial medical transcription implies the implementation of MT to perform certain functions exclusively. Though MT is a flexible application, it is often advisable for such organizations to avail services of an MT consultant to decide on the plan of action as to which form of business is to be opted for.
Key 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.
Read complete market research report," Medical Transcription Services Market, by Service Type, By Mode of Procuremen, By Region, and Segment Forecast 2023-2030", Published by Coherent Market Insights.
Detailed Segmentation:
- Global Medical Transcription Services Market, By Services Type:
- History and Physical Report (H&P)
- Discharge Summary (DS)
- Operative Note or Report (OP)
- Consultation Report (CONSULTS)
- Others (Pathology Report (PATH), Radiology Report (x rays or radiographs))
- Global Medical Transcription Services Market, By Mode of Procurement:
- Outsourcing
- Offshoring
- Both
- Global Medical Transcription Services Market, By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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