Medical Transcription Services Market to Expand at CAGR of 5% during Forecast Period, Observes TMR Study

ALBANY, N.Y., Feb. 16, 2022 /PRNewswire/ -- The global medical transcription services market was worth US$ 64.8 Bn in 2020. The global market is expected to rise at a CAGR of 5% during the forecast period from 2021 to 2028. The market is projected to surpass the mark of US$ 96.7 Bn 2028. Firms in the global medical transcription services market are benefiting from growing demand for these kind of services from various healthcare institutions, resulting in attractive revenue gains. The global market is expanding due to increasing government efforts, awareness about the advantages of electronic patient record keeping, and rise in the geriatric population. Besides, reimbursement processes and availability of various technologies that results in competitive cost reductions are expected to boost sales opportunities in the global market.

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A rapidly growing trend is the employment of innovative recording systems that combine various types of automated audio recorders with speech recognition technologies. Medical transcription is a lucrative as well as rapidly increasing niche in the realm of next-generation patient documentation and healthcare databases, and it is transforming the healthcare industry's perspective and attitude.

This procedure has not only decreased the amount of time and labor necessary by physicians throughout the world to write reports, but it has also lowered the amount of storage space required. Medical transcription services, in addition to effectively documenting patient information, have shown to be beneficial in decreasing the risk of legal challenges and insurance payment concerns. Several medical transcription companies offer both transcription services as well as software. Audio recorders are quickly being supplanted by speech recognition software that converts audio to text automatically.

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Key Findings of Market Report

• Several healthcare practitioners outsource transcribing work in order to save time and money. Healthcare organizations prefer offshore medical transcription services to outsourcing since it is more cost-effective and time saving for both employees and healthcare organizations to obtain transcription services in return for dollars (currency rate benefits).
• Development of the entire healthcare products and services industry is fueled by the automation of healthcare settings and associated peripheral facilities. The existence of sophisticated equipment from leading MT technology providers, as well as the automation of voice recognition technology, are important contributors toward the growth of the market. Hospital record keepers and physicians are increasingly using PC-based voice recognition systems.
• The healthcare business is heavily reliant on insurance, especially in developed countries. Physicians, hospitals, and other medical professionals all need to record cases of their patients properly for insurance purposes. Previously, medical practitioners handled the transcribing for cases of their patients. However, as transcribing techniques became more standardized, documentation requirements became more demanding, putting additional strain on healthcare professionals and hospital management.
• One of the most critical aspects of medical transcription is ensuring that transcribed patient and associated healthcare records can be retrieved quickly from the repositories. Another reason why healthcare institutions and other qualified professionals choose to outsource medical transcribing is the existing ability to switch providers immediately in the event of a pricing differential or a vendor's failure in the market. The standardization of transcribed report formats has proven to be a major advantage, allowing the company to expand.

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Global Medical Transcription Services Market: Growth Drivers

• Due to growing medical documentation in the U.S., North America is predicted to have a leading market proportion of the global medical transcription services market. As a result of the Patient Protection and Affordable Care Act's implementation, contribution of the U.S. to medical transcription services market is likely to grow even more. Moreover, the majority of healthcare professionals that use medical transcription services are based in the U.S., enabling greater in-shore outsourcing opportunities.
• In order to conform to government regulations, insurance providers also require legible and correct patient paperwork. In Europe and North America, medical practice is heavily controlled by government legislation. Malpractice lawsuits are filed against healthcare practitioners who violate such restrictions. As a result, healthcare professionals must closely adhere to the needed documentation requirements.

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Global Medical Transcription Services Market: Key Players

Some of the key market players are

• Transcend Services, Inc.
• iMedX Information Services Pvt. Ltd.
• Nuance Communications, Inc.
• TransTech Medical Solutions LLC
• Precyse Solutions LLC
• MModal, Inc.

Global Medical Transcription Services Market: Segmentation

Service Type

• History & Physical Report [H&P]
• Discharge Summary [DS]
• Operative Note or Report [OP]
• Consultation Report [CONSULTS]
• Others

Mode of Procurement

• Outsourcing
• Offshoring
• Both

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