The global medical transcription services market was valued at US$ 49.0 Billion in 2022 and is expected to be valued at US$ 52.0 Billion in 2023. During the 2023–2033 period of assessment, demand is expected to rise at a 6.2% value CAGR, likely to surpass a valuation of US$ 95.0 Billion by the end of the said forecast period.
Increasing awareness of medical documentation and its implementation by many healthcare professionals, hospitals, clinics, and healthcare institutes is driving the growth of the medical transcriptional services market.
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The growing launch of medical transcriptional services is expected to propel the growth of the medical transcriptional services market over the forecast period. Medical transcription services are high in demand owing to the increasing demand for effective solutions from various healthcare centers.
Technological advancements such as voice recognition, artificial intelligence, and machine learning which are being widely used in healthcare technologies for the improvement of treatment outcomes and clinical documentation are the main factor driving the growth of the medical transcription services market.
The medical transcription services market in North America accounted for the largest share globally and is likely to retain its dominance during the forecast period. The increasing demand for medical transcription services increased and the presence of leading market players in the region and technological innovations helping region’s growth.
Key Takeaways from Market Study
The global medical transcription service demand is likely to surge at a 6.2% CAGR during the forecast period.
North America dominates the global medical transcription services market, with a market share of 39% and registering a value of US$ 19.1 Billion
Based on service type, the consultation report segment will expand the fastest, accounting for a market share of 34%
By mode of procurement, the Outsource segment will remain most prominent, accounting market share of 47%
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Competitive Landscape
Examples of some of the market participants in the global medical transcription services market identified across the value chain include Acusis, Amberscript, Aquity Solutions, Caption First, Daily Transcription, Ditto Scribe, Eccellente Services Pvt. Ltd., EHR Transcriptions, GoTranscript, InSync Healthcare Solutions, Med-Scribe, MTBC, SmartMD, Voxtab, World Wide Dictation among others.
Leading market players are making strategic investments in technological innovation and R&D initiatives to increase service quality. To achieve a substantial market share in the worldwide medical transcriptional services market and strengthen their position, service providers are pursuing expansion methods such as current developments, mergers and acquisitions, collaborations, and partnerships, joint ventures. Some of the development is as follows-
In March 2022 — Aquity Solutions, a leading provider of virtual solutions for real-time clinical documentation, medical coding, and mid-revenue cycle offerings today announced the acquisition of Pittsburgh, PA-based Acusis. The purchase expands Aquity’s scope of solutions to now include Practice Management, Tumor Registry, Medical Billing, and Collection services.
In February 2023 — CareCloud, Inc. announced the integration of Medicomp Systems’ Quippe Clinical Data Engine into its electronic health record (EHR) platforms, ensuring that patient- and problem-specific clinical data is available to physicians of various specialties at the time of patient treatment.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the medical transcription services market, presenting historical demand data (2018–2022) and from 2023 to 2033.
The study divulges essential insights on the medical transcription market on the basis of service type (consultation report, history, and physical report, operative note or report, discharge summary and others), and mode of procurement (outsource, offsource and both) across five major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).