Transparency Market Research
is Published new Market Report “Medical Transcription Services Market
(History and Physical Report, Discharge Summary, Operative Note or Report,
Consultation Report and Others & MT Outsourcing and Offshoring) - Global
Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019",
The global medical transcription services market was valued at USD 41.4
million in 2012 and is expected to grow at a CAGR of 5.6% from 2013 to 2019, to
reach an estimated value of USD 60.6 million in 2019.
Browse
the full report with complete TOC at http://www.transparencymarketresearch.com/medical-transcription-services.html
Medical transcription (MT) is
one of the application based domains of healthcare management and is currently
facing intense transformation. Factors such as infrastructural initiatives
taken up by governments, implementation of electronic health record systems in
developed nations, automation of healthcare operations and growing concerns for
offering better, safe and swift healthcare service to the patients will have an
impact on the current model of medical transcription industry.
The global medical
transcription is segmented on the basis of service types and by the mode of
procurement of transcription services. Based on service type, the medical
transcription services is classified into History and Physical Report
(H&P), Discharge Summary (DS), Operative Note or Report (OP), Consultation
Report (CONSULTS), Others (Pathology Report (PATH) & Radiology Report (x
rays or radiographs)) market. The market share of CONSULT reports is largest
among all the other reports in the medical transcription services market as these
reports are repeatedly produced for single patients undergoing treatment each
time the patient visits the specialist. It is expected that the global market
fort CONSULT reports will reach USD 21.1 million with the market growing at a
CAGR of 3.3% from 2013 to 2019. Earlier H&P reports were made only for
hospitalized patients and patients undergoing treatment which involved several
visits to specific clinics or hospitals but currently H&P reports are made
for both inpatients as well as outpatients to reduce the risk of reimbursement
issues. This has increased the share of H&P reports in the overall medical
transcription services market.
Any healthcare institute in
order to acquire medical transcription service can either outsource the job to
a domestic medical transcription service organization, offshore or opt for both
methods. Outsourcing is the most preferred mode of service procurement in
medical transcription with the market share of 62.2% in 2012. In addition,
large internationally operating healthcare organizations prefer to opt for both
the modes of service procurement, due to reasons such as ease of operations,
rapid turnaround times and easy allocation of monetary resources on the basis
of nature of reports.
Asian countries such as India
and Philippines are some of the leading hubs for offshoring of transcription
services. Most of the offshored business is captured by these countries and is
supported by government incentives and subsidies for setting new business and
expansion of existing business units. United Arab Emirates (UAE) and Latin
America are emerging markets in RoW followed by Qatar. North America currently
dominates and is expected to retain its position in the medical transcription
services market in the future. Growth drivers for this market in North America
are factors such as rise in aging population and passing of Patient Protection
and Affordable Healthcare Act, 2013. The North America medical transcription
services market was worth more than USD 18 million and is expected to grow at a
CAGR of over 5% in the forecast period.
The global medical
transcription services market is highly competitive in nature with a large
number of market consolidation activities being conducted in the past ten
years. Some of the key market players operating in this market include Acusis
LLC, Nuance Communications,Inc., MModal, Inc., iMedX Information Services Pvt.
Ltd, Precyse Solutions LLC, Scribe Healthcare Technologies, Inc., Superior
Global Solutions, Inc., Transcend Services, Inc. and TransTech Medical
Solutions.
The global medical
transcription services market is segmented as follows:
Medical Transcription Services Market, by
Service Type
- History and Physical Report (H&P)
- Discharge Summary (DS)
- Operative Note or Report (OP)
- Consultation Report (CONSULTS)
- Others (Pathology Report (PATH) & Radiology
Report (X-rays or radiographs))
Medical Transcription Services Market, by
Mode of Procurement
- Outsourcing
- Offshoring
- Both
Medical Transcription Services Market, by
Geography
- North America
- Europe
- Asia-Pacific
- Rest of the World (RoW)
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