Global Medical Coding Market, By Classification System (International Classification of Diseases (ICD) and Healthcare Common Procedure Code System (HCPCS), Current Procedural Terminology), Component (In-house, Outsourced), End-User (Hospitals, Diagnostic Centers, Others), Country (U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia- Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Medical coding market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses the medical coding market to account to USD 26.63 billion by 2028 growing at a CAGR of 10.15% in the above-mentioned forecast period. Increasing insurance frauds and misunderstandings related to medical documents has been directly impacting the growth of medical coding market.
In medical coding the medical records and documentation such as physician’s notes, laboratory and radiologic results are taken and transcribed into codes. The task of the medical coding professionals is to ensure whether the codes are applied correctly or not. The steps involve abstracting the information from documentation, assigning the appropriate codes, and creating a claim to be paid by insurance carriers. Medical coding is transforming healthcare diagnosis, procedures, medical services, and equipment into universal medical alphanumeric codes.
Growth in prevalence for medical coding services in hospitals is the main driving factor for the medical coding market. Increasing demand for standardized billing procedures is also a driving factor for the medical coding market. Escalating demand for coding services, coupled with the aforementioned factors is an opportunity for the medical coding market.
Increasing consumer concerns related to the data security is a big challenge for the medical coding market. However, unavailability of the trained and skilled professionals is the main restraint in the growth of medical coding market during the forecast period of 2021-2028.
This medical coding market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on Data Bridge Market Research medical coding market contact us for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Medical Coding Market Scope and Market Size
Medical coding market is segmented on the basis of classification system, component, and end-user. The growth amongst these segments will help you analyse meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.
- Based on classification system, the medical coding market is segmented into international classification of diseases (ICD) and healthcare common procedure code system (HCPCS), current procedural terminology.
- Based on component, the medical coding market is segmented into in-house, outsourced.
- Based on end-user, the medical coding market is segmented into hospitals, diagnostic centers, others.
Medical Coding Market Country Level Analysis
Medical coding market is analysed and market size insights and trends are provided by country, classification system, component, end user as referenced above.
The countries covered in the medical coding market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America is likely to lead the medical coding market. The regional market has been driven by the high adoption rate of advanced healthcare solutions in routine hospital operations and availability of a large number of medical coding solution providers. The market in Asia-Pacific is expected to exhibit a substantial growth rate during the forecast period 2021-2028 due to developing healthcare facilities among emerging economies such as China, India, Malaysia, Thailand and others as well as the booming medical tourism in the region.
The country section of the medical coding market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed Base and New Technology Penetration
Medical coding market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment’s, installed base of different kind of products for medical coding market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the medical coding market. The data is available for historic period 2010 to 2019.
Competitive Landscape and Medical Coding Market Share Analysis
Medical coding market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to medical coding market.
The major players covered in the medical coding market report are 3M, Aviacode Inc., Dolbey, Maxim Healthcare Services Inc, MRA Health Information Services, Oracle Corporation, PAREXEL International Corporation, Precyse Solutions LLC, STARTEK, Verisk Analytics, Inc., Thrive Inc, Nuance Communications, Inc., Optum Inc., Medical Record Associates LLC., Outsource Strategies International, Velan Business Solutions, Inc, Meditwitt India Pvt Ltd., Digital Saline., McKinsey & Company, Bain & Company, Inc., VertMarkets, Inc., S&P Global, AltuMED., among other domestic and global players. Market share data is available for Global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Customization Available : Global Medical Coding Market
Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customised to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analysed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.