Worldwide Market for Medical Transcription Services is Expected to Reach USD 130 Billion in 2019: Transparency Market Research

Transparency Market Research, in its report, estimates that the global market for medical transcription services will report a CAGR of 5.6% between 2013 and 2019.

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http://www.transparencymarketresearch.com/medical-transcription-services.html

ALBANY, New York, August 11, 2014 – The global medical transcription services market will be worth US$60.6 million by 2019, says Transparency Market Research. In its market research report published recently, Transparency Market Research, a U.S.-based market intelligence firm states that the global medical transcription services market is estimated to grow at 5.6% CAGR from 2013 to 2019. The report, titled ‘Medical Transcription Services Market (History and Physical Report, Discharge Summary, Operative Note or Report, Consultation Report and Others & MT Outsourcing and Off shoring) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,’ is now available for sale on the company’s website.

This market research report has laid stress on the significance of medical transcription services in the global healthcare sector. Medical transcription services mainly involve maintaining medical information in an electronic format thereby decreasing the costs on paper work and maintaining documents. The overall quality of healthcare documentation apart from ease of access and retrieval of data has greatly improved with the help of medical transcription services. Not only developed countries but even developing countries are benefitting significantly by the introduction of medical transcription services.

Conversion of healthcare information in electronic format is carried out by listening to audio recordings of healthcare professionals. These audio recordings are then sent to medical transcriptionists for further processing. Medical documentation earlier was very time consuming and entailed excessive paper work. Moreover, retrieval of medical information like a patient’s medical record was a complex task. Medical transcription services also decrease issues pertaining to insurance reimbursement and legal conflicts.

According to this report, medical transcription services involve recording of information that relate to consultation reports, physical reports, operative notes and discharge summary besides other related reports. Since, medical transcription services can easily be outsourced, many developed countries prefer outsourcing the same from developing countries like Philippines, India and China. Instead of establishing an in-house system for rendering medical transcription services, healthcare organizations prefer outsourcing these services to save time and resources.

On the basis of the procurement mode, this report has categorized the global medical transcriptions services market into off shoring services, outsourcing services and a combination of both. The prevailing market trends, restraints, dynamics and opportunities have also been discussed in this report. Many European countries are investing in the establishment of medical transcription service organizations the Asia-Pacific countries are giving greater importance to the medical transcription service industry than the services involved in it. The governments of developing countries like China and India are providing cost and tax benefits, incentives and subsidies in developing the market for medical services transcription in these countries.

The TMR report has presented a detailed analysis of the current and the future market estimates in monetary terms for the 2013 to 2019 time period. Furthermore, this report has discussed the company profiles of some of the popular players dealing with medical transcription services. Some of these companies include Superior Global Solutions, Inc., TransTech Medical Solutions, MModal, Inc., Precyse Solutions LLC, Transcend Services, Inc., Acusis LLC, Nuance Communications, Inc., iMedX Information Services Pvt. Ltd., Superior Global Solutions, Inc. and Scribe Healthcare Technologies, Inc.

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