26 May Shocking figures about medical translation and interpreting
In Okomeds, we recently wrote about some curiosities related to medical translation and interpreting but now we are focusing on the figures. Different data related to finances and economy reveal the importance of this growing market. Medical translation and interpreting offer a wide universe of possibilities and they all have a huge financial repercussion by proving great economic evidences. So, if you want to work or invest in this industry, the current days are the best chance ever.Economic figures about medical translation and interpreting
- Regardless the global economic recession, medical translation is one of those markets that are still growing. According to some reports by IbisWorld – which is a global business intelligence leader specializing in Industry Market Research and Procurement and Purchasing research reports – it is estimated that the size of this sector is around $35 billion and that it would reach $37 billion in 2018. And the overall growth for the decade of 2010s will represent an increase of 40%.
- The pricing for the same treatment can be offered for a huge difference. But it does not only happen between poor and rich countries, such contrast can also be found among developed areas. For example, an identical dental implant in the USA costs up to 5 times more than in Poland. It all flourishes medical tourism but also medical translation and interpreting in such countries.
- In the United Kingdom around £100 million a year of public money are spent in translators and interpreters. UK is the country that dedicates a bigger budget all over the world for medical translation and interpreting. This enormous amount is mainly aimed to police departments, councils, courts and hospitals for helping immigrants who can not speak the national language: English. Polish, Romanian, Slovakian and Punjabi are the most demanded languages for interpreters in the United Kingdom and medical translation and interpreting takes the greater slice, with nearly 40%.