The global medical transcription services market was worth US$41.4 bn in 2012 and by 2019, the market will be worth US$60.6 bn. The global medical transcription services market will grow by billions in the coming few years, as medical transcription services have become an integral part of many medical institutions and are increasingly being adopted by many hospitals and clinics. As medical transcription (MT) services convert dictation of a healthcare professional into electronic text, these services have made data more accessible and retrievable.
In addition to this, the volume and quality of healthcare documentation around the world have significantly improved due to the usage of medical transcription. Medical transcription services are thus helping improve healthcare output and patient care in developed and emerging economies.
In addition to this, the volume and quality of healthcare documentation around the world have significantly improved due to the usage of medical transcription. Medical transcription services are thus helping improve healthcare output and patient care in developed and emerging economies.
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3 Key Drivers of Global MT Services Market: Automation, Standards, and Portability
The global medical transcription services market will expand at a 5.60% CAGR during the forecast period from 2013 to 2019. The global medical transcription services market will benefit from the growth in healthcare automation. Healthcare automation is also driving speech technology. Although this technology has yet to find its niche in the global healthcare market, it has helped automate processes and save substantial costs.
Besides automation, the global medical transcription services market is driven by the rising emphasis on using standard reporting styles. Increasing assurance of patient record portability will also fuel the global medical transcription services market.
On the other hand, the global medical transcription services market is suppressed by poor dictation practices. For example, often, dictation is performed with others in the room, making it difficult for medical transcription devices to decipher one voice from others in the background.
The global medical transcription services market will expand at a 5.60% CAGR during the forecast period from 2013 to 2019. The global medical transcription services market will benefit from the growth in healthcare automation. Healthcare automation is also driving speech technology. Although this technology has yet to find its niche in the global healthcare market, it has helped automate processes and save substantial costs.
Besides automation, the global medical transcription services market is driven by the rising emphasis on using standard reporting styles. Increasing assurance of patient record portability will also fuel the global medical transcription services market.
On the other hand, the global medical transcription services market is suppressed by poor dictation practices. For example, often, dictation is performed with others in the room, making it difficult for medical transcription devices to decipher one voice from others in the background.
2 Key Segments of Global MT Services Market: Asia Pacific and North America
Broadly, the global medical transcription services market is segmented on the basis of service type, mode of procurement, and region.
By service type, the global medical transcription services market is divided into consultation reports (CONSULTS), operative note or report (OP), discharge summary (DS), history and physical report (H&P), and others (pathology report and radiology report). The CONSULT segment is leading the global medical transcription services market and is projected to expand at a 3.30% CAGR during the forecasting horizon.
By procurement, the global medical transcription services market is classified into offshoring, outsourcing, and both. In 2012, the outsourcing segment led the market and held a share of 62.2% in the global medical transcription services market.
By region, the global medical transcription services market is segmented into Asia Pacific, Europe, North America, and Rest of the World (RoW). North America dominates the global medical transcription services market due to the improved medical services documentation in the U.S. This regional market will expand at a CAGR of 5.0% during the forecast period.
Even though North America is the leading regional market in the global medical transcription services market, Asia Pacific is attracting attention from several companies. Many companies are eyeing the opportunity presented by emerging economies in Asia Pacific due to the increase in healthcare IT initiatives in these countries. Some of the key players operating in the global medical transcription services market are Transcend Services, Superior Global Solutions, Nuance Communications, Acusis, and MModal.
Browse Full Global Medical Transcription Services Market Report With Complete TOC @ http://www.transparencymarketresearch.com/medical-transcription-services.html
Broadly, the global medical transcription services market is segmented on the basis of service type, mode of procurement, and region.
By service type, the global medical transcription services market is divided into consultation reports (CONSULTS), operative note or report (OP), discharge summary (DS), history and physical report (H&P), and others (pathology report and radiology report). The CONSULT segment is leading the global medical transcription services market and is projected to expand at a 3.30% CAGR during the forecasting horizon.
By procurement, the global medical transcription services market is classified into offshoring, outsourcing, and both. In 2012, the outsourcing segment led the market and held a share of 62.2% in the global medical transcription services market.
By region, the global medical transcription services market is segmented into Asia Pacific, Europe, North America, and Rest of the World (RoW). North America dominates the global medical transcription services market due to the improved medical services documentation in the U.S. This regional market will expand at a CAGR of 5.0% during the forecast period.
Even though North America is the leading regional market in the global medical transcription services market, Asia Pacific is attracting attention from several companies. Many companies are eyeing the opportunity presented by emerging economies in Asia Pacific due to the increase in healthcare IT initiatives in these countries. Some of the key players operating in the global medical transcription services market are Transcend Services, Superior Global Solutions, Nuance Communications, Acusis, and MModal.
Browse Full Global Medical Transcription Services Market Report With Complete TOC @ http://www.transparencymarketresearch.com/medical-transcription-services.html
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Mr. Nachiket
Transparency Market Research
90 State Street,
Suite 700,
Albany
NY - 12207
United States
Tel: +1-518-618-1030
USA - Canada Toll Free 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com/
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