The global medical transcription services market size was US$ 69.33 billion in 2021. The global medical transcription services market size is forecast to reach US$ 126.5 billion by 2030, growing at a compound annual growth rate (CAGR) of 7% during the forecast period from 2022 to 2030.

Nurse practitioners, doctors, and surgeons have very demanding jobs, but they are also very stressful at the same time. Throughout the day, they must keep standing to help the patients and improve their care. It can cause frustration for the healthcare workers. Furthermore, paperwork from patients can add to the provider's workload. Here, medical transcription companies come into play and are the best choice. Third-party companies usually handle transcription for healthcare facilities. Medical transcription agencies employ various transcriptionists for transcribing and maintaining medical records. Medical transcription services help healthcare companies to edit and provide e-formatted reports, notes, and procedures for doctors and patients, which helps represent the history of treatment given to the patient.

Factors Influencing Market Growth

• The significant rise in awareness of the need to maintain patient information, medical documentation, and their use by healthcare providers is one of the major factors driving the growth of the medical transcription services market.
• The rise in government initiatives in recent years, processes for reimbursement, increasing populations, and software available at low costs are propelling the growth of the medical transcription services market.
• Due to the hiring and functioning of the outsourcing, the turnaround times have shortened, the operations are more convenient, and resources are more efficiently allocated, positively affecting the global medical transcription services market.
• A rise in counterfeit products, the introduction of new alternate products, uncertainty by hospital management, fraud, and unauthorized sale of patient information may slow down the overall medical transcription services market.

Impact Analysis of COVID-19

The COVID-19 pandemic had a significant impact on the healthcare industry. In addition, it affected both large and small physician practices. Amidst the COVID epidemic, pharmaceuticals and medical equipment companies benefited greatly from transcription services, which allowed them to quickly and accurately record their lab reports, medical charts, and interviews with patients. As a result, the COVID-19 pandemic significantly impacted the global market.

Regional Insights

North America is forecast to have the largest share in the medical transcription services market. Due to increased medical documentation in the U.S., the ability of the U.S. to utilize medical transcription services will continue to increase with the implementation of the Patient Protection and Affordable Care Act. Moreover, most of the healthcare professionals who use medical transcription services reside in the U.S., which opens up the possibility of in-shore outsourcing. The increase in medical documentation and its implementation by hospitals, clinics, and healthcare institutions is driving the growth of the medical transcription services market.

Leading Competitors

The leading companies profiled in the global medical transcription services market are:

• Nuance Communications, Incorporated
• MModal, Incorporated
• Acusis, LLC
• Transcend Services, Incorporated
• TransTech Medical Solutions
• Precyse Solutions LLC
• iMedX Information Services Pvt. Limited
• Other Prominent Players

Scope of the Report

The global medical transcription services market segmentation focuses on Service, Procurement Mode, End-User, and Region.

Segmentation based on Service

• History and Physical Report (H&P)
• Discharge Summary (DS)
• Operative Note or Report (OP)
• Consultation Report (CONSULTS)
• Others

Segmentation based on Procurement Mode

• Outsourcing
• Offshoring
• Both

Segmentation based on End-User

• Hospitals
• Clinical Laboratories
• Academic Medical Centers

Segmentation based on Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America