The global market for medical transcription services is displaying a highly competitive business structure, finds a new research study by Transparency Market Research (TMR). Precyse Solutions LLC., Acusis LLC, Nuance Communications Inc., MModal Inc., Superior Global Solutions Inc., Trans Tech Medical Solutions, Scribe Healthcare Technologies Inc., and iMedX Information Services Pvt. Ltd. are some of the prominent players operating in this market. The market, however, is led by only a few players, which makes moderately consolidated, in terms of competitive landscape. The leading companies of medical transcription services are expected to engage into mergers, acquisitions, and strategic partnerships, states the market study.
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According to the research report, the global medical transcription services market was worth US$41.4 bn in 2012. Expanding at a CAGR of 5.60% during the period from 2013 to 2019, the market is projected to reach US$60.6 bn by the end of the forecast period. Consultation report, operative note or report, discharge summary, and history and physical report are the major services offered in this market. Among these, the consultation report segment has been dominating the overall market and is expected to remain at the top position in the years to come, notes the market study.
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North America to Dominate Global Medical Transcription Services Market
In terms of the geography, the global market for medical transcription services has been segmented into North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe in this research study. Among these, the North America market has acquired the dominance, owing to the high medical documentation in the U.S. This regional market is anticipated to remain on the top over the next few years, thanks to the presence of a large pool of players in this region. Asia Pacific and Europe are also expected to witness a significant rise in the years to come, states the research report.
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Increased Awareness about Benefits of Electronic Patient Recordkeeping to Fuel Demand
The global market for medical transcription services is witnessing tremendous growth, thanks to the increased awareness about the benefits of electronic patient recordkeeping among enterprises. Apart from this, the government initiatives, rise in geriatric population worldwide, availability of various software leading to competitive cost reductions, and reimbursement processing are also driving growth of medical transcription services market across the world, states the research report.
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