The Global Market for MT Services is Projected to Reach US$70 Billion by 2024

Growing Healthcare Sector and Innovations & Technological Advancements Drive Demand for Medical Transcription Services, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Medical Transcription (MT) Services market. The global market for MT Services is projected to reach US$70 billion by 2024, driven by positive outlook of healthcare industry, advantages of medical transcription in preventive healthcare, and adoption of innovations and technological advancements.

Medical transcription (MT), which deals with the process of conversion of recorded voice reports as dictated by healthcare professionals and physicians into text format, is an industry allied to the health profession and is critical to healthcare providers, patients and insurers. MT services provide the basis for adoption of the electronic medical records (EMR) system and allow hospitals and healthcare providers to reduce costs by outsourcing the critical business process of documentation to improve its quality without additional investment. The global MT services market is driven mainly by government initiatives towards health information infrastructure; adoption of recording systems and medical documentation; implementation of EHRs; encouraging technological innovations and adoption of electronic technology in order to reduce turnaround time; and focus on cost reduction along with improvement in productivity and quality of patient care and ensuring patient safety. Advancements in medical dictation will continue to revolutionize the field of medical transcription. The rise in amount of documentation as a result of expanded coding is expected to improve prospects for medical transcription in the coming years.

Technology advancements are changing all aspects of life and all industries including transcription services. Currently, innovations including text-to-speech and speech recognition are attracting attention and expected to change the transcription industry landscape and transcription jobs. Speech recognition is considered to drive transcription in the future as text-to-speech technology is offered with most of the smartphones and personal computing devices. The medical transcription industry is also likely to use cutting-edge communication methodologies to ensure faster transfer of various updates between healthcare professionals and medical transcriptionists, which is expected to reduce turnaround times and accelerate the process. The highly sensitive nature of medical data demands the streamlined and accurate documentation of critical details pertaining to the patient’s medical history, health, allergies, lab tests results, and medications observed during visits to OPD, in emergency situations and during surgery. Despite increasing advancements in speech recognition technology, the ability of the technology to deliver 100% accuracy is debatable, as even the most advanced technologies are prone to errors.

As stated by the new market research report on Medical Transcription Services, the United States represents the largest market worldwide. Growth potential for the U.S. market in the coming years will be influenced by factors such as development of voice recognition software, outsourcing of transcription jobs and EHR as well as latest guidelines. Asia-Pacific represents the fastest growing market with a CAGR of 7.4% over the analysis period. The dramatic increase in popularity of medical transcription outsourcing services to Asian countries resulted in dramatically transforming the market scenario. Emerging technological advancements and devices hold the key to the industry’s future in the region.

Key players in the market include Acusis India, Audio Dicta Transcription Services, Care Technologies India Private Ltd., eTransMed, LLC, iMedX Inc., M*Modal IP LLC, Medical Transcription Services, Nuance Communications, Inc., TopTrans Company, Total Transcription Solutions, Inc., TransDyne, TransTech Medical Solutions, and Vennar Soft Inc., among others.

The research report titled “Medical Transcription Services: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends growth drivers, regulations, issues, challenges, and strategic industry activities of major players worldwide. The report provides market estimates and projections in US$ Million for all major geographic markets including the US, Europe, Asia-Pacific, and Rest of World. The report also analyzes the global market for Medical Transcription by the following service segments - Consultation Reports, History and Physical Report, Operative Report, and Other Reports. The report also analyzes the US market for Medical Transcription Services by Mode - In-House Services and Outsourced Services. In addition, the report analyzes Indian and Philippines Offshore Medical Transcription Services market.

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