The global market for medical transcription services reached a valuation of US$ 49.0 Billion in 2022 and is anticipated to reach US$ 52.0 Billion in 2023. Over the assessment period of 2023–2033, the demand is projected to grow at a robust CAGR of 6.2%, exceeding a valuation of US$ 95.0 Billion by the end of the forecast period. The increasing awareness of medical documentation and its adoption by healthcare professionals, hospitals, clinics, and healthcare institutes is a primary driver for the growth of the medical transcription services market.

The proliferation of medical transcription services is expected to further fuel market growth during the forecast period. There is a heightened demand for these services due to the increasing need for effective solutions across various healthcare centers. Technological advancements such as voice recognition, artificial intelligence, and machine learning, widely integrated into healthcare technologies for improved treatment outcomes and clinical documentation, are major factors driving the growth of the medical transcription services market.

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The North American region dominates the global medical transcription services market, holding a market share of 39% and registering a value of US$ 19.1 Billion. The region’s leading position is attributed to the increasing demand for medical transcription services and the presence of key market players, supported by technological innovations.

Key Takeaways from the Market Study:

1. The global demand for medical transcription services is expected to surge at a CAGR of 6.2% during the forecast period.
2. North America continues to lead the global medical transcription services market, holding a market share of 39% and reaching a value of US$ 19.1 Billion.
3. The consultation report segment, based on service type, is poised to expand the fastest, accounting for a market share of 34%.
4. The Outsource segment, in terms of the mode of procurement, remains the most prominent, accounting for a market share of 47%.

According to a Fact.MR analyst, “The rising prevalence of chronic disorders, an increasing geriatric population, and technological advancements in medical transcription procedures are projected to drive the growth of the medical transcription services market.”

Key Segments Covered in the Medical Transcription Services Industry Report:

Service Type:

• Consultation Report
• History, and Physical Report
• Operative Note or Report
• Discharge Summary
• Others

Mode of Procurement:

• Outsource
• Offsource
• Both

Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia and Oceania
• Middle East & Africa

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Competitive Landscape:

Prominent players in the global medical transcription services market include Acusis, Amberscript, Aquity Solutions, Caption First, Daily Transcription, Ditto Scribe, Eccellente Services Pvt. Ltd., EHR Transcriptions, GoTranscript, InSync Healthcare Solutions, Med-Scribe, MTBC, SmartMD, Voxtab, World Wide Dictation, among others.

Key Players’ Strategic Initiatives:

• Aquity Solutions, a leading provider of virtual solutions for clinical documentation, medical coding, and mid-revenue cycle offerings, acquired Acusis. This acquisition expands Aquity’s solutions to include Practice Management, Tumor Registry, Medical Billing, and Collection services.
• CareCloud Integrates Medicomp Systems’ Quippe Clinical Data Engine (February 2023):
• CareCloud, Inc. announced the integration of Medicomp Systems’ Quippe Clinical Data Engine into its electronic health record (EHR) platforms. This integration ensures that patient- and problem-specific clinical data is available to physicians of various specialties at the time of patient treatment.

More Valuable Insights Available: In its latest offering, Fact.MR presents an unbiased analysis of the medical transcription services market, providing historical demand data (2018–2022) and forecasts from 2023 to 2033. The study provides essential insights on the medical transcription market based on service type and mode of procurement across five major regions.

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