U.S. Medical Coding Market, By Offering (Coding Services, Coding Systems And Software, Data Files, and Others), Classification System (International Classification Of Diseases (ICD), CPT, and Healthcare Common Procedure Code System (HCPCS)), Coding Type (Computer Assisted, and Traditional), Component (In-House, and Outsourced), Service Type (Inpatient Services, Observation Services, Ambulatory Or Same-Day Surgery, Diagnostic/Ancillary Services, Recurring Outpatient Services, Interventional Radiology, Inpatient Rehabilitation Services, and Others), End User (Hospitals, Ambulatory Surgery Centers, Insurance Companies, Government Organizations, Dental Clinics, Clinics, Diagnostic Centers, and Others), Distribution Channel (Direct Tender, and Third Party Distributors) Industry Trends and Forecast to 2029.
Market Analysis and Insights : U.S. Medical Coding Market
The U.S. medical coding market is expected to gain significant growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the U.S. medical coding market is growing with a CAGR of 10.4% in the forecast period of 2022 to 2029 and is expected to reach USD 10,173.10 million by 2029 from USD 4,705.13 million in 2021. Rising healthcare expenditure and escalation in innovation and technologies are major drivers which are expected to the growth of the market in the forecast period.
The U.S. medical coding market is growing in the forecast year due to the rise in market players and increasing demand of medical coding in healthcare sector. Along with this, manufacturers are engaged in R&D activity for launching novel products in the market.
The increase research & development investment for drug discovery and increasing health expenditure have accelerated the need for in healthcare facilities. The surging volume of Lymphedema treatment patients along with the rising prevalence of lymphedema treatment is also propelling the growth of the market
However, the increasing threat of fraud and poor documentation are anticipated to hinder market growth in the projected period.
Strategic initiatives by the market players, increasing healthcare expenditure, rising R & D activities act as an opportunity for this market and is expected to impel the market growth.
Dearth of skilled professional is a challenge for the growth of the market.
The U.S. medical coding market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
The U.S. Medical Coding Market Scope and Market Size
The U.S. medical coding market is segmented on the basis of offering, coding type, classification system, component, service type, end user and distribution channel The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of offering, the U.S. medical coding market is segmented into coding services, coding systems and software, data files, and others. In 2022, coding services segment is expected to dominate the U.S. medical coding market due to rising incidence of insurance frauds and growing demand to modernize hospital billing procedures.
- On the basis of classification system, the U.S. medical coding market is segmented into international classification of diseases (ICD), CPT and healthcare common procedure code system (HCPCS). In 2022, international classification of diseases (ICD) segment is expected to dominate the U.S. medical coding market due to increase in chronic disease and a need of medical coding billing systems to ease the billing and reimbursement procedures.
- On the basis of coding type, the U.S. medical coding market is segmented into computer-assisted and traditional. In 2022, computer-assisted segment is expected to dominate the U.S. medical coding market due to the shift toward technology-driven healthcare systems has been increased as well as the necessity & demand for medical coding systems.
- On the basis of components, the U.S. medical coding market is segmented into in-house and outsourced. In 2022, in-house segment is expected to dominate the U.S. medical coding market due to the rising incidence of insurance frauds and growing demand to modernize hospital billing procedures.
- On the basis of service type, the U.S. medical coding market is segmented into inpatient services, observation services, ambulatory or same-day surgery, diagnostic/ancillary services, recurring outpatient services, interventional radiology, inpatient rehabilitation services, others. In 2022, the inpatient services segment is expected to dominate the U.S. medical coding market due to the growing prevalence of chronic diseases and the surge in the geriatric population.
- On the basis of end user, the U.S. medical coding market is segmented into hospitals, ambulatory surgery centers, insurance companies, government organizations, dental clinics, clinics, diagnostic centers, and others. In 2022, the hospitals segment is expected to dominate the U.S. medical coding market due to growing prevalence of chronic diseases and rising patient’s admission in hospitals for treatment.
- On the basis of distribution channel, the U.S. medical coding market is segmented into direct tender, third party distributors. In 2022, the direct tender segment is expected to dominate the U.S. medical coding market due to full control over the sales and revenue process and direct interaction with the customers.
Rising Healthcare Expenditure and Escalation in Innovations and Technologies in the U.S. Medical Coding Market are Creating New Opportunities for Players in the U.S. Medical Coding Market
U.S. medical coding market also provides you with detailed market analysis for particular industry with the U.S. medical coding market sales, impact of advancement in the U.S. medical coding market and changes in regulatory scenarios with their support for the U.S. medical coding market. The data is available for historic period 2022 to 2029.
Competitive Landscape and U.S. Medical Coding Market Share Analysis
U.S. 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, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, and technology lifeline curve. The above data points provided are only related to the companies’ focus related to U.S. medical coding market.
Major players covered in the report Optum360, Maxim Healthcare Group, Oracle, SSR Techvision, BillingParadise., Promantra Inc., Flatworld Solutions Pvt. Ltd., HMI Corporation, KIWI-TEK, LLC, EZDI, Inc., BellMedEx, GeBBS Healthcare Solutions, himagine solutions, 3M, Startek, Dolbey, MRA, Nuance Communications, Inc., Cerner Corporation, Mgsi LLC, Invensis Technologies Pvt Ltd, Offshore Billing Company, Eclat Health Solutions, Medical Billers and Coders (MBC), IKS Health, Vee Technologies, COTIVITI, INC., Advantmed, LLC, ApexonHealth, and AQuity Solutions among others U.S. players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product launches and agreements are also initiated by the companies worldwide, which are further accelerating the U.S. medical coding market.
- In October 2016, 3M Company (US) announced the launch of the 3M 360 Encompass System – Professional computer assisted coding software which has increased company’s product portfolio.