Global Medical Coding Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
MarketResearch.biz delivers in-depth insights on the global medical coding market in its upcoming report titled, “Global Medical Coding Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027”. The global medical coding market is estimated to register a CAGR of X.X% in terms of value during forecast period 2018–2027. The report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global medical coding market report has been segmented on the basis of classification system, components, and region.
This report is based on synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market. In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make informed forecasts about the scenarios in future.
Medical coding is the transformation of healthcare procedures, diagnosis, equipment, and medical services into universal medical alphanumeric codes. Medical coder receives report from doctors, which includes patient’s data such as health condition, diagnosis preformed, prescription, and other procedures and tests conducted by healthcare professionals on patient, and then transform all information into a set of codes. Medical coding is widely used to generate accurate records of patient care, update and simplify medical billing procedures, easy and quick payments transfer to physicians, and clinical decisions support systems by emergency clinics. Medical coding systems is majorly used in healthcare insurance claims.
Increasing demand for universal language in medical documents for upgrading hospital billing procedures is a key factor expected to drive growth of the global market over the forecast period. In addition, increasing incidence of insurance frauds and insurance issues related to misinterpretation of medical documents is another factor expected to propel growth of target market in the near future. Furthermore, growing demand for world-class healthcare services, especially in developing countries is another factor expected to further fuel growth of this market over the forecast period.
However, lack of skilled IT professionals and constantly varying regulatory policies from region to region related to medical coding are key factors expected to restrain growth of the global market over the forecast period.
Ongoing trend observed in the target market is increasing adoption of coding and billing procedures in hospital, especially in emerging economies. This trend is expected to continue over the forecast period.
Increasing constant upgradation in classification systems and increasing adoption of these systems in the healthcare sector are expected to create lucrative revenue opportunities for players operating in the target market over the forecast period.
The market in North America dominates the target market in terms of revenue over the forecast period, owing to improved healthcare infrastructure and increasing demand for specialist medical coders in various countries in this region. The market in Asia Pacific is expected to register lucrative growth over the forecast period, owing to increasing number of trained medical coders and presence of provider companies in various countries in this region.
Global medical coding market segmentation:
Segmentation by classification system:
- International Classification of Diseases (ICD)
- Healthcare Common Procedure Code System (HCPCS)
Segmentation by component:
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- STARTEK Health Services, Inc.
- Oracle Corporation
- Verisk Analytics, Inc.
- Aviacode Incorporated
- PAREXEL International Corporation
- Maxim Healthcare Services, Inc.
- nThrive, Inc.
- Medical Record Associates LLC.
- 3M Company
- Dolbey Systems, Inc.
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