Global Medical Coding Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
Global Medical Coding Market Outlook:-
The global medical coding market is estimated to register a CAGR of X.X% in terms of value during the forecast period 2018–2027.
This report is based on the 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 the future.
Medical coding is the transformation of healthcare procedures, diagnoses, equipment, and medical services into universal medical alphanumeric codes. A medical coder receives a report from doctors, which includes patients’ data such as health conditions, diagnosis performed, prescription, and other procedures and tests conducted by healthcare professionals on the patient, and then transforms 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 decision support systems by emergency clinics. Medical coding systems are 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 the growth of the global market over the forecast period. In addition, the increasing incidence of insurance fraud and insurance issues related to misinterpretation of medical documents is another factor expected to propel the growth of the target market in the near future.
Furthermore, the growing demand for world-class healthcare services, especially in developing countries is another factor expected to further fuel the growth of this market over the forecast period.
However, the lack of skilled IT professionals and constantly varying regulatory policies from region to region related to medical coding are key factors expected to restrain the growth of the global market over the forecast period.
An ongoing trend observed in the target market is the increasing adoption of coding and billing procedures in hospitals, 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 the Asia Pacific is expected to register lucrative growth over the forecast period, owing to the increasing number of trained medical coders and the 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
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- 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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