Medical Transcription Services Market Analysis
The medical transcription services market is set to witness a spend growth of over USD 20 billion with spend momentum to accelerate at a CAGR of more than 6% between 2019-2024. These services are accounting for a large-scale adoption across various hospitals and healthcare centers as these are functional in accelerating the diagnosis process and in the process assist the healthcare professionals improve their productivity. Digital records from transcriptions provide the data required for medical professional nurses to evaluate patients' reports and give the required medicines. These functionalities are driving spend growth in the medical transcription services market at an exponential rate.
Top Spending Regions in the Medical Transcription Services Market
According to the forecasts, North America will claim the highest share and the market in this region is expected to post a growth at a CAGR of over 6% during the forecast period.
North America
The pressing requirement to improve the current medical services and documentation in countries such as the US and Canada will serve as a major growth driver in the medical transcription services market in this region. Government mandates regarding electronic health records in these countries will act as a driving force towards adoption in this market.
Europe
Factors such as the gradual transition towards connected healthcare systems and the need to implement advanced technologies or upgrade existing legacy systems to improve the efficiency of data management will drive spend growth in the medical transcription services market in the region.
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What are the Key Price Trends in this Market?
- Technology cost, which includes expenses related to the hardware and software used in medical transcription services will increase during the forecast period. With heavy investments done by medical transcription service providers in new software and hardware updates, the R&D expenses incurred by them will take an upward spiral.
- High demand for skilled workforce and investment in training programs to keep employee at par with the newest technological strides will increase employee expenses incurred by medical transcription service providers.
- The SG&A costs that include the expenses associated with administrative functions, marketing, insurance, and overheads are expected to increase.
Download the free sample of this report to know what the key medical transcription services procurement best practices that you must adopt to address price dynamism in this market.
Insights Offered in this Medical Transcription Services Market Report
- Global and regional spend potential for the medical transcription services market for the period of 2019-2024
- Supplier relationship management practices in the medical transcription services market
- Supplier margins and selection criteria in the medical transcription services market
- Top medical transcription service providers and their cost structures
- Top medical transcription service providers in the US and their cost structures
- Medical transcription services market spend analysis in the US
- Medical transcription services price trends, and forecasts
- Cost drivers influencing the medical transcription services prices
Insights into Medical Transcription Services Supply Market
- Global service providers operate on high profit margins due to their expertise in providing multiple solutions for the medical transcription service requirements of various end-users. Their ability to provide integrated solutions, ranging from speech recognition software to hardware such as storage memory sticks, enables them to derive higher margins than regional service providers
- Buyers are advised to adopt the per minute of dictation pricing while partnering with medical transcription service providers. This pricing model will allow buyers avail benefits based on the language used. It helps in minimizing management effort as it does not require calculating the number of pages or number of characters in a line.
- Buyers should engage with service providers for minimum contract lengths of around two to three years as in the long run, it can enhance buyers' cost savings by 5%-10%. Through long-term contracts, buyers can avail substantial discounts on high-volume category purchase and leverage the established maintenance and troubleshooting capabilities of service providers.
Insights into Some of the Leading Medical Transcription Service Providers
The supply market dynamics hint at a substantial hike in service providers' OPEX which will drive buyer's procurement spend. Keeping such dynamics in mind, strategic selection of service providers and maintaining an effective supplier relationship management are observed to facilitate buyers with optimized procurement expenditure and better category management in the medical transcription services market. This medical transcription services market procurement intelligence report has enlisted the top service providers and their cost structures, SLA terms, best selection criteria, and negotiation strategies for the top medical transcription service providers. The top medical transcription service providers highlighted in this report include:
- Nuance Communications Inc.
- 3M Co.
- iMedX Inc.
- MTBC INC.
- Indoswift Consultancy Services Pvt. Ltd.
- Acusis LLC
Criteria to select suppliers in this dynamic medical transcription services market is subject to change based on the day-to-day market outlook. Get a free demo of our procurement platform to gain immediate access into real-time insights to the changing suppliers selection criteria.
