Key Drivers of the Medical Transcription Service Market

Key Drivers of the Medical Transcription Service Market

Here we discuss the important factors that drive the medical transcription service market.

Medical transcription services are an asset to the healthcare industry and a number of hospitals and other healthcare providers depend on these services to maintain timely and accurate medical records. Individual physician practices also rely considerably on these services to relieve the stress associated with practicing medicine. Physicians have to spend significant amounts of time to tasks other than patient care to stay compliant with constantly changing government regulations. Healthcare providers have found that using the services of a medical transcription company simplifies the documentation process and also frees up staff to look to other important jobs or needs. The question now is whether in this EHR age, these services would become redundant. The answer is no, going by the surveys and studies ongoing regarding the market for medical transcription.

Medical Transcription Industry Here to Stay The role of medical transcriptionists may change in the future with increasing prevalence of electronic health records, with them working as editors and reviewers and also performing other duties that a machine cannot do.

A global market intelligence firm

called Transparency Market Research published a new research report “Medical Transcription Services Market – Global Industry Analysis, Size, Share, Growth, Trends

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and Forecast, 2013- 2019”. As per this study, in 2012 the global medical transcription service market was worth US $ 41.4 billion and is expected to grow up to US $ 60.6 by the end of 2019 i.e. the market is expected to show a 5.60% CAGR growth between 2013 to 2019. This market has shown a significant growth in the recent years and is expected to grow in the future. This is because of: 

increased demand for automation of health records



rising focus on using standard reporting styles



guarantee of patient record portability



growing healthcare IT initiatives

Market Segments According to service type, the global market for medical transcription services is divided into segments such as: 

Consultation report



Discharge summary



History and physical report



Pathology report



Radiology report

Out of all these types of reports, the consultation report segment dominates the market and is estimated to be at the top in the near future. This segment is expected to reach US $ 21.1 billion by 2019 with a CAGR of 3.30%.

As per mode of procurement, the global market for transcription service in healthcare industry is divided into offshoring, outsourcing and both. Out of the two segments, the outsourcing segment held a massive share of 62.2% in 2012 and this segment is expected to grow in the future too.

Geographically, the global market for transcription service in the healthcare sector is segmented into Asia Pacific, North America, Europe and the rest of the world. Out of these regions, North America dominated the market with enhanced medical services documentation in the US. The North American market for transcription services is estimated to reach US $ 18billion by 2019 with a CAGR of 5%. The drastic growth in this segment is due to the implementation of Patient Protection Act and the Affordable Care Act. The Asia Pacific segment is also estimated to grow at a faster rate in the coming future, especially from Philippines and India. (Another research report launched by

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NOVONOUS has found that the Indian medical transcription industry is expected to grow at a CAGR of 4.16% and reach US$ 1.004 billion by 2020.

The research also covers the competitive landscape of the global market for medical transcription services including the company overview, financial overview, business strategies, SWOT analysis, and recent developments.

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