What is the Expected Growth of the MT Industry?
As indicated by the Association for Healthcare Documentation Integrity (AHDI), the medical transcription industry is approximately a $16 billion dollar industry. According to a study conducted by the Medical Transcription Industry Alliance (MTIA), the annual market growth is expected to be 15% – 20% over the next 5-10 years. Source: MTIA The US Department of Labor projects a 14% growth in the industry from 2006 through 2016, which is much faster than the average for all occupations. This growth is mainly predicted because of the increasing population age. Employment of medical transcriptionists is projected to grow faster than average for all other occupations through 2014. Job opportunities will be increased. Contracting out transcription work overseas and advancements in speech recognition technology are not expected to significantly reduce the need for well-trained medical transcriptionists. Outsourcing transcription work abroad—to countries such as India, Pakistan, Philippines, and
