The Medical Transcription Market is esteemed to demonstrate a substantial upswing in CAGR to 5.0% during the forecasted period of 2021 to 2030. The Medical Transcription Market was cherished at USD 64.8 billion in 2020 and is estimated to garner a significant improvement to reach USD 105.55 billion by 2030.
In the past, medical paperwork required a lot of labour and time. These papers, which were first handwritten or typed on paper, slowly began taking up space in medical facilities like clinics and hospitals. A bigger problem than taking up space was finding a specific patient record among the mountains of record files. There was a need for a medical documentation procedure that required less people, space, and processing time because maintaining patient data was a burden not just on hospitals but also on doctors and other healthcare professionals. Because of the creative and cutting-edge technology that serves to streamline procedures at medical offices, the healthcare sector is continually changing. As a result, several advancements have been made which have already enhanced patient safety and the quality of care provided. And one of the key areas where the transformation is already apparent and felt in the healthcare sector is in medical transcription.
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Medical Transcription Market: Segmentation Analysis
Medical Transcription Market based on Mode of Procurement: Analysis
- Outsourcing
- Offshoring
- Both
Medical Transcription Market based on Service Type: Analysis
- History and Physical Report (H&P),
- Discharge Summary (DS),
- Operative Note or Report (OP),
- Consultation Report (CONSULTS),
- Others
Medical Transcription Market by Technology: Analysis
- Electronic Medical Records/Electronic Health Record (EMR/EHR)
- Picture Archiving and Communication System (PACS)
- Radiology Information System (RIS)
- Speech Recognition Technology (SRT)
- Others
Medical Transcription Market based on End User: Analysis
- Hospitals
- Clinics
- Clinical Laboratories
- Academic Medical Centres
- Others
Medical Transcription Market: Regional Segmentation Analysis
Based on the geographical view, the market occupies regions as North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa. In terms of regions, North America is holding the leading position by USD 631 million in 2019. The leading spot is attributable to growing demand for clinical documentation, up gradation in technology, emphasis on structured format of patients records and so on.
Medical Transcription Market: Competitive Landscape
The key trend of merger and acquisitions in medical transcription market are developing. This is the vital strategy adopted by major companies. The Medical Transcription Market is a highly competitive due to the presence of multiple regional and multinational markets with wide range of products. Some of the prominent players are: Acusis LLC, Transcend Services, Nuance Communications, Inc., MModal LLC, iMedX, Inc., Global Medical Transcription LLC, nThrive, Inc., MTBC, Inc., Medi-Script Plus, TransTech Medical Solutions LLC, etc.,.
Frequently Asked Questions:
- Which regional market is covered in terms of Medical Transcription market share and size?
- How is the global Medical Transcription market segmented?
- What are the key trends observed in the market?
- Who are the most-established players in the global Medical Transcription market landscape?
- Who are the leading key industries of the global Medical Transcription market?
- Which factors are responsible for driving the global Medical Transcription market?
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