NEW YORK, June 18, 2015 /PRNewswire/ -- This report analyzes the worldwide markets for Medical Transcription Services in US$ Million. The report provides separate comprehensive analytics for the US, Europe, Asia-Pacific, and Rest of World. Annual estimates and forecasts are provided for the period 2013 through 2020. Also, a seven-year historic analysis is provided for these markets. Market data and analytics are derived from primary and secondary research. Company profiles are primarily based on public domain information including company URLs. The report profiles 208 companies including many key and niche players such as -
Acusis India
Audio Dicta Transcription Services
Care Technologies India Private Ltd.
eTransMed, LLC
iMedX Inc.
Read the full report: http://www.reportlinker.com/p0181066-summary/view-report.html
I. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS
Study Reliability and Reporting Limitations I-1
Disclaimers I-2
Data Interpretation & Reporting Level I-2
Quantitative Techniques & Analytics I-3
Product Definitions and Scope of Study I-3
II. EXECUTIVE SUMMARY
1. MEDICAL TRANSCRIPTION INDUSTRY AT A GLANCE II-1
2. INDUSTRY OVERVIEW II-2
Preface II-2
Current and Future Analysis II-2
US - The Largest Market II-2
MT Industry Remains Unscathed from Economic Recession II-3
Hospitals Favor MT Services as Market Conditions Toughen II-3
Recovering Global Economy Signals Prospects II-3
Table 1: Economic Growth (%) Worldwide by Region: 2011-2014E
(includes corresponding Graph/Chart) II-4
Debt Crisis Reinforces Focus on Outsourcing II-4
Competitive Landscape II-6
3. MARKET TRENDS & ISSUES II-7
Positive Outlook for the Healthcare Industry - Key Growth
Indicator II-7
Table 2: Healthcare Spending as a Percentage of GDP in Select
Developed Countries (includes corresponding Graph/Chart) II-8
Outsourcing Gathers Steam II-8
Sourcing Strategy/Model: Means to Achieve Business Process II-8
Sole Sourcing - A Model for Increasing Operational Efficiency II-9
Radiology Services Offer Lucrative Outsourcing Prospects II-9
Expanding Product Portfolio and Services to Support Growth II-9
In-house Vis-a-Vis Outsourcing II-10
Offshoring Gains Traction II-10
Off-shoring to Drive Cost-Effectiveness II-10
A Brief Sketch of Major Outsourcing Destinations II-11
India II-12
Philippines II-12
Nearshoring Finds Favor among Businesses II-12
The Debate on Voice Recognition Technology Continues II-12
Front-End Solution Application Still in Nascent Stage II-13
Speech Recognition Editing Services Gain Momentum II-13
Advancements Revolutionize MT (Medical Transcription) II-13
MT: No Longer the Lone Choice for Creation of Medical Records II-14
Is EMR System Really a Threat for MT Services? II-14
ICD-10: Boon or Bane? II-15
Gradual Shift to "VBC" based Pricing Model II-16
Aging Population - A Vital Demography II-16
Table 3: Global Population Statistics for the 65+ Age Group
(Male & Female) for Major Countries/Regions: 2013E (includes
corresponding Graph/Chart) II-17
Preventive Healthcare Trend Offers Potential II-18
Advantages of Medical Transcription Drives Demand II-18
Advanced Technologies to the Rescue II-18
Robotic Automation Makes In Roads in BPO Industry II-19
Social Networking Trend Transforms Business Strategies II-19
Growing Popularity of Cloud Computing II-19
BPO Providers Warm up to Green Computing II-20
4. MEDICAL TRANSCRIPTION OUTSOURCING - A REVIEW II-21
Reasons for Outsourcing MT Services II-21
Outsourced MT Services II-21
Advantages of MT Outsourcing II-22
Drawbacks of Outsourcing MT Services II-22
5. MEDICAL TRANSCRIPTION OFFSHORING II-23
Offshoring - A Lucrative Option to Curb Business Expenses II-23
Offshoring Barriers II-23
Developing Nations - A Haven for MT Outsourcing Services II-23
6. MEDICAL TRANSCRIPTION - AN OVERVIEW II-24
Types of Transcription II-24
Types of Transcription Services II-24
Medical Transcription - A Core Component for Enduring Healthcare II-24
Medical Documentation - A Critical Task II-25
Medical Transcription Services Come to the Rescue II-25
Medical Transcription Process - At a Glance II-25
A Step-by-Step Approach II-26
A Glimpse of Voice Capturing Equipment/Process II-27
Digital Medical Transcription - A Contemporary Approach II-27
Accuracy - A Critical Factor II-27
What Type of Medical Records are Transcribed? II-28
Medical Transcription Service Specialties II-28
Benefits of Medical Transcription II-28
Disadvantages of Medical Transcription II-28
7. PRODUCT LAUNCHES II-29
Acusis Introduces Medical Coding Services II-29
Acusis Unveils AcuVoice® Dictation Platform II-29
Silent Type Unveils iPadA® Dictation App II-29
8. RECENT INDUSTRY ACTIVITY II-30
M*Modal Emerges from Bankruptcy II-30
John W. Cooke and SpectraMedi Sign Deal for Transcription
Services II-30
SpectraMedi and First Choice Physical Therapy Sign Agreement
for Medical Transcription Services II-30
Divine Mercy Transcription Expands to Australia II-30
ZyDoc and Hippocratic Solutions Sign VAR Deal II-30
SpectraMedi Signs Agreement with Acadiana Maternal-Fetal Medicine II-30
The Dictation Source Enters into Agreement with Two National
Hospital Chains II-30
Memorial Hermann Enters into Strategic Partnership with Acusis II-31
iMedX Takes Over Electronic Medical Transcription Services II-31
Nuance Acquires Transcend II-31
iMedX Takes Over The Inner Office II-31
iMedX Takes Over Greenlight Transcription II-31
9. FOCUS ON SELECT PLAYERS II-32
Acusis India (India) II-32
Audio Dicta Transcription Services (US) II-32
Care Technologies India Private Ltd. (India) II-32
eTransMed, LLC (US) II-33
iMedX Inc. (US) II-33
M*Modal IP LLC (US) II-33
MTS Transcription Services (US) II-34
Nuance Communications, Inc. (US) II-34
Precyse Solutions, LLC (US) II-34
Scribe Healthcare Technologies, Inc. (US) II-34
Superior Global Solutions, Inc. (US) II-35
TopTrans Company (Philippines) II-35
Total Transcription Solutions, Inc. (Philippines) II-35
TransDyne (India) II-35
TransTech Medical Solutions (US) II-36
Vennar Soft Inc. (US) II-36
10. GLOBAL MARKET PERSPECTIVE II-37
Table 4: World Recent Past, Current & Future Analysis for
Medical Transcription Services by Geographic Region - US,
Europe, Asia-Pacific (incl. Japan) and Rest of World Markets
Independently Analyzed with Annual Revenues in US$ Million for
Years 2013 through 2020 (includes corresponding Graph/Chart) II-37
Table 5: World Historic Review for Medical Transcription
Services by Geographic Region - US, Europe, Asia-Pacific
(incl. Japan) and Rest of World Markets Independently Analyzed
with Annual Revenues in US$ Million for Years 2006 through
2012 (includes corresponding Graph/Chart) II-38
Table 6: World 15-Year Perspective for Medical Transcription
Services by Geographic Region - Percentage Share Breakdown of
Revenues for US, Europe, Asia-Pacific (incl. Japan) and Rest
of World Markets for 2006, 2014 & 2020 (includes corresponding
Graph/Chart) II-39
Table 7: World Recent Past, Current & Future Analysis for
Medical Transcription Services by Service Segment -
Consultation Report and Other Reports Markets Independently
Analyzed with Annual Revenues in US$ Million for Years 2013
through 2020 (includes corresponding Graph/Chart) II-40
Table 8: World Historic Review for Medical Transcription
Services by Service Segment - Consultation Report and Other
Reports Markets Independently Analyzed with Annual Revenues in
US$ Million for Years 2006 through 2012 (includes
corresponding Graph/Chart) II-41
Table 9: World 15-Year Perspective for Medical Transcription
Services by Service Segment - Percentage Share Breakdown of
Revenues for Consultation Report and Other Reports Markets for
2006, 2014 & 2020 (includes corresponding Graph/Chart) II-42
III. MARKET
1. THE UNITED STATES III-1
A.Market Analysis III-1
Outlook III-1
Mounting Healthcare Spending Offers Robust Opportunities III-2
Table 10: US Healthcare Spending (2014): Percentage Share
Breakdown of Expenditure by Service/Product Type -
Hospital, Clinical/ Physician Services, Dental Services,
Home Health, Nursing homes, Prescription Drugs, Durable
Medical Equipment, and Others (includes corresponding
Graph/Chart) III-2
HIPAA Directive for Privacy of Critical Patient Data III-3
Medical Transcription Industry Resilient to Economic Recession III-3
Outsourcing Opportunities Promote Medical Transcription III-3
Drivers of Offshoring in a Nutshell III-4
Advantages of Medical Transcription to Keep Market Afloat III-4
Off-shoring Lends to Cost Saving III-4
Health IT System Unfolds New Opportunities for BPOs III-5
Measures to Mitigate Employee Deficit III-5
Nearshore Strategy Gains Strength III-5
Indian Firms Set Up Onshore Service Centers in US III-5
Offshoring Challenges III-6
The Adoption of ICD-10 - Market Implications III-6
EHR - A Threat to Transcription? III-6
Table 11: Medicare EHR Incentive Payment Schedule for
Eligible Professionals III-7
Table 12: Medicaid EHR Incentive Payment Schedule for
Eligible Professionals III-7
Product Launches III-8
Strategic Corporate Developments III-8
Select Players III-10
B.Market Analytics III-13
Table 13: US Recent Past, Current & Future Analysis for
Medical Transcription Services by Mode - In-House Services
and Outsourced Services Markets Independently Analyzed with
Annual Revenues in US$ Million for Years 2013 through 2020
(includes corresponding Graph/Chart) III-13
Table 14: US Historic Review for Medical Transcription
Services by Mode - In House Services, and Outsourced
Services Markets Independently Analyzed with Annual Revenues
in US$ Million for Years 2006 through 2012 (includes
corresponding Graph/Chart) III-14
Table 15: US 15-Year Perspective for Medical Transcription
Services by Mode - Percentage Breakdown of Annual Revenues
for In-house Services and Outsourced Services Markets for
2006, 2014 and 2020 (includes corresponding Graph/Chart) III-15
2. EUROPE III-16
Market Analysis III-16
Table 16: European Recent Past, Current & Future Analysis
for Medical Transcription Services with Annual Revenue
Figures in US$ Million for Years 2013 through 2020 (includes
corresponding Graph/Chart) III-16
Table 17: European Historic Review Medical Transcription
Services with Annual Revenue Figures in US$ Million for
Years 2006 through 2012 (includes corresponding Graph/Chart) III-17
3. ASIA-PACIFIC III-18
A.Market Analysis III-18
Outlook III-18
Asia Pacific Medical Transcription Market III-18
Why India is the Best Offshore Destination for MT Services? III-18
Philippines - "The Second Offshore Destination of Choice" III-19
Overview of Select Regional Markets III-19
India - A Prelude III-19
India - The Global Powerhouse for MT Services III-19
Key Destinations III-20
Growth Proponents III-20
New Lease of Life for MT Industry III-20
A Quick Look at the Industry Structure III-21
MT Industry Immune to Global Economic Melt Down III-21
Home-Based Transcription Sector Gaining Traction III-21
Local Government Drive Market Growth III-21
Frenzied Competition Ahead for India III-22
Depreciating Rupee: Boon or Bane? III-22
The Changing Role of Indian BPOs III-22
Focus Shifts to Smaller Towns and Cities III-23
KPO Industry Gains Efficiency III-23
Emerging Competition Fails to Affect India's Dominance III-23
India Vis-à-vis Other Global Destinations in KPO Market III-23
Major Challenges Confronting India's BPO Industry III-24
Attrition - The Bane of Indian BPO Sector III-24
Rising Salaries Affect India's Edge as a Cost Competitive
Destination III-24
Philippines - A Destination for High-Quality MT Services III-24
High Growth on Cards III-24
Growth Drivers III-25
Growth Restraints III-25
Philippine Government Measures to Brace MT Industry III-25
HIPAA and AAMT Standards - A Key Performance Measure III-26
Nursing Graduates Switch Role III-26
Lack of Aggressive Promotion Perturbs MT Industry III-26
Planned Initiatives for MT Industry Evolution III-26
Malaysia III-27
Strategic Corporate Development III-27
Key Players III-27
B.Market Analytics III-29
Table 18: Asia-Pacific Recent Past, Current & Future
Analysis for Medical Transcription Services with Annual
Revenues in US$ Million for Years 2013 through 2020
(includes corresponding Graph/Chart) III-29
Table 19: Asia-Pacific Historic Review for Medical
Transcription Services with Annual Revenues in US$ Million
for Years 2006 through 2012 (includes corresponding
Graph/Chart) III-30
Table 20: Indian Recent Past, Current & Future Analysis for
Offshore Medical Transcription Services Market with Annual
Revenues in US$ Million for Years 2013 through 2020
(includes corresponding Graph/Chart) III-31
Table 21: Indian Recent Past, Current & Future Analysis for
Offshore Medical Transcription Services Market with Annual
Revenues in US$ Million for Years 2006 through 2012
(includes corresponding Graph/Chart) III-32
Table 22: Philippines Recent Past, Current & Future Analysis
for Offshore Medical Transcription Services Market with
Annual Revenues in US$ Million for Years 2013 through 2020
(includes corresponding Graph/Chart) III-33
Table 23: Philippines Recent Past, Current & Future Analysis
for Offshore Medical Transcription Services Market with
Annual Revenues in US$ Million for Years 2006 through 2012
(includes corresponding Graph/Chart) III-34
4. REST OF WORLD III-35
Market Analysis III-35
Table 24: Rest of World Recent Past, Current & Future
Analysis for Medical Transcription Services - Annual
Revenues in US$ Million for Years 2013 through 2020
(includes corresponding Graph/Chart) III-35
Table 25: Rest of World Historic Review for Medical
Transcription Services - Annual Revenues in US$ Million for
Years 2006 through 2012 (includes corresponding Graph/Chart) III-36
IV. COMPETITIVE LANDSCAPE
Total Companies Profiled: 208 (including Divisions/Subsidiaries - 211)
The United States (169)
Canada (8)
Europe (2)
- The United Kingdom (2)
Asia-Pacific (Excluding Japan) (32)
Read the full report: http://www.reportlinker.com/p0181066-summary/view-report.html
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