Global Medical Transcription Services Market Driven by Rising Automation in Healthcare Sector

Medical transcription services have given a significant impetus to the medical and healthcare industry in the recent times. Maintaining patient’s records electronically has efficiently reduced paper work as well cost associated with it. These services have also simplified the process of data retrieval, while providing access to a patient’s data from any place in the world.

According to a market study published by Transparency Market Research (TMR), a market intelligence and research firm, the global medical transcription services market stood at US$41.4 bn in 2012. The rising automation in the global medical and healthcare sector, highlighting the importance of utilizing standard reporting style and assuring patient record portability, is boosting the growth of the global medical transcription services market at a CAGR of 5.60% during the period from 2013 to 2019. Analysts at TMR expect the market to attain an estimated value of US$60.6 bn by the end of 2019.

M&A and Strategic Partnerships to Shape Future of Global Medical Transcription Services Market

Mergers and acquisitions as well as strategic partnerships are the latest trends in the global medical transcription services market.

iMedX, one of the leading players in this industry, has recently entered into a strategic partnership with FirstChoice Cooperative (FCC), a Texas-based national healthcare group purchasing enterprise. The Georgia-based health information and medical documentation solutions provider has entered into a vendor partner agreement with FCC to provide it medical coding services for three years. With this agreement, FCC members are now eligible to avail a wide array of medical coding solutions, starting from overflow coding assistance and moving forward to full outsourcing of the coding function.

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Another big name in the global medical transcription industry, Precyse, has been acquired by Pamplona Capital Management as part of its long term development plan. The firm, founded in 1999, has aided around 5,000 healthcare units across the U.S. to improve their efficiency and deliver exceptional results.

On this acquisition agreement, Mr. Chris Powell, the CEO of Precyse, stated that they are happy to partner with Pamplona as Precyse offers a broad range of transcription services and technology solutions to assist healthcare organizations and Pamplona will help them meet their long term growth plans. The firm continues to develop its existing successful model and plans to expand its offerings in the future.

The market for medical transcription services is also exhibiting a significant growth in terms of technology and employment.

M*Modal, a leading clinical documentation and speech understanding solution provider, has been named as one of the finalist for the innovator of the year award, presented by the Pittsburgh Technology Council for the year 2015 in Health IT category.

On the other hand, Nuance Inc., an American computer software MNC that provides speech and imaging applications, has announced 3,000 new jobs in medical transcription segment. The company has set a target to add around 3,000 medical language specialists and quality controllers till November, 2016.

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Other partcipants in the global medical transcription services market such as Acusis, Scribe Healthcare Technologies, Transcend Services, and Superior Global Solutions are also working extensively on crucial strategies to expand their businesses. The development of medical and healthcare infrastructure in the emerging economies of Asia Pacific also presents lucrative opportunities for these market participants to capitalize on in the coming years.


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