Medical Transcription sector to boom despite recession: report

Despite global economic downtrend, the Medical Transcription (MT) industry is looking for a further growth buoyed by a report of the NASSCOM stating that recession has not hit the healthcare industry.

Reverse is the trend in medical transcription outsourcing in the US, which is witnessing agonising attrition in large scale in IT, financial, manufacturing and other sectors.

As per a NASSCOM report, the MT industry will be worth Rs 40 billion by 2010 and could employ as many as 50,000 people. It predicts that this industry is here to stay for at least 10 years.

It estimated the size of the US MT industry, which is in the range of around $ 12 million in 2005, would reach $ 16.8 billion by 2010. The work offshored was expected to be in the region of $ 860 million in 2010, of which India is expected to capture $ 647 million. India remained a preferred offshore destination primarily due to availability of manpower and industry maturity.

The report also expected the employee strength of 18,000 in 2006 in India-based MT vendors would reach 52,000 by 2010. For an industry that witnessed too much crowding, too fast in India, a report conducted by US-based Stevens International Consulting expected the value of MT outsourcing in the US to double by 2005 to $ 4 billion. India could take as much as two-thirds of that increase, providing work to 45,000 transcribers. Sphere: Related Content