Medical transcription industry is a booming industry in India. The current offshoring of medical transcription from India generates 195 million US dollars and is expected to be double by 2010.
The medical transcription industry started as a full-fledged industry in India during 195-97 and a lot of media attention was grabbed by this industry during this period. In fact, the term "BPO" was an unknown thing at that time but MT industry was teething in Bangalore and a to a less extent in Delhi and Mumbai. In fact, people were so excited with the great work opportunity in MT industry that a lot of people equipped with technical degrees also joined MT industry.
However, around 2000, the industry was going through a rather rough phase and the initial excitement about the MT industry was slowly fizzing out and the BPO industry started to become the latest buzzword among people. The MT industry again started to recover around 2004-05 and since then is continuing to grow strongly.
Here is an extract from the study conducted in MT industry in medical transcription industry by Research and Markets:
Today, the USD 195 million strong industry is silently supplying to the USD 12 billion medical transcription industry in the US. We have classified vendors into three primary groups:
Indian units of large US players - Typically comprise American companies or Medical Transcription Service Organizations (MTSOs) who have successfully set up their transcription centers in India. The large players include CBay, Spheris, Spryance, Acusis and Heartland. These large players account for almost 70 percent of Indian medical transcription offshoring revenues.
Mid-sized players - There are a number of medium sized players.
