New York, US, May 03, 2022 (GLOBE NEWSWIRE) -- Medical Coding Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Medical Coding Market Information by Classification System, Component, End User, and Region - Forecast to 2027”, the market is estimated to grow at a CAGR of 11.12% CAGR to reach USD 29,738.19 Million by 2027.
Market Scope:
Medical coding refers to transforming important medical information such as medical services, healthcare diagnostics, and procedures into universal medical alphanumeric codes. It is used to get billable statistics from medical records to settle patient bills and insurance claims. Digitalization and advancement in the healthcare sector are the major factors propelling the market's worldwide growth.
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Competitive Analysis
The global market for medical coding has prominent players such as:
- Medical Record Associates LLC (US)
- The Coding Network LLC (US)
- Startek Health (US)
- nThrive (Precyse Solutions LLC) (US)
- Oracle Corporation (US)
- Talix (US)
- Verisk Analytics (US)
- Optum Inc. (US)
- Aviacode, Inc. (US)
- Nuance Communications Inc. (US)
- Parexel International Corporation (US)
- MRA Health Information Services (US)
- Maxim Health Information Services (US)
- Semantic Health (Canada)
- Precyse Solutions, LLC (US)
- Dolbey Systems Inc. (US)
- AGS Health (India)
- 3M (US)
- GeBBS Healthcare (India)
Market USP Covered
Market Drivers
The global medical coding market has experienced a major surge in growth in the last few years. The market's growth is mainly attributed to the growing demand for advanced healthcare billing systems. Furthermore, the expanding geriatric population across the globe is likely to catalyze the market's growth over the forecasted era. Moreover, the factors such as the increasing prevalence of chronic diseases, rising number of hospital and diagnostic centers visits, and the growing demand for instant, accurate and effective medical billing are also projected to boost the market's growth over the coming years. additionally, the growing demand for compatible billing systems is also [projected to propel the market's growth. The factors such as the growing adoption of medical practice management systems and the rising adoption of telehealth services for outpatient care are likely to offer lucrative opportunities to the players worldwide.
Market Restraints
On the other hand, the Concerns about missing or insufficient documentation are projected to restrict the market's growth.
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COVID-19 Impact
The rapid spread of the COVID-19 worldwide has led to affecting all the enterprises regardless of their size. However, the demand for medical coding raised exponentially across the globe during the pandemic. The pandemic offered several opportunities to players across the globe. Medical coding systems are used in clinical data management and clinical trials at the time of therapy and drug development. The biotechnology and pharmaceutical firms were a part of vaccines' development, leading to the generation of massive amounts of data and lab records. These data are then converted to medical data with medical coding. These systems are used to manage patient dosage details, bed information, vaccine information, and healthcare provider records.
Segment Analysis
The global market for medical coding has been segregated into various segments based on end-user, component, classification system, and region.
The medical coding market is fragmented into current procedural terminology, international classification of diseases, and healthcare common procedure code system based on the classification system. A healthcare common procedure code system refers to a kind of coding system with a collection of codes that indicate supplies, services, products, and procedures to assist individuals and healthcare professionals.
International classification of diseases refers to a diagnostic tool used for epidemiology, health management, and clinical applications. It differentiates and observes injury causes and categorizes mortality data from death certificates. At the same time, current procedural terminology is a set of codes defining the descriptions and guidelines intended to define procedures and services carried out by physicians and other medical experts.
The global market for medical coding is split into in-house and outsourced components based on components.
The medical coding market is divided into diagnostic centers, hospitals, and others based on end-users. The other applications include research facilities, laboratory units, and ambulatory centers.
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Regional Analysis
The global medical coding market is analyzed across five major regions: Europe, Asia-Pacific, North America, Latin America, and the Middle East & Africa.
The MRFR analysis report states that the North American region will lead the global medical coding market in 2020. The regional market's growth is mainly accredited to the growing incorporation of electronic medical records and electronic health record software across the regional healthcare sector. Furthermore, the increasing formations of healthcare digitization organizations, growing capitalization in the advancement of healthcare infrastructure, and increasing government interests in developing new technologies are also projected to boost the regional market's growth over the assessment era. In addition, the factors such as growing communication with nurses, physicians, and other healthcare professionals and the Integration of CPT, HCPS, and ICD-10 CM uniform codes are also projected to catalyze the regional medical coding market's growth over the coming years.
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The medical coding market for the Asia-Pacific region is projected to grow substantially over the coming years. The regional market's growth is mainly credited to the consistent technological advancements across the regional healthcare sector. Furthermore, the factors such as accelerating adoption of medical management systems, growing preventive health programs, modernization & privatization of healthcare technology, augmenting investment in healthcare IT infrastructure, and digitization of supportive government policies are also projected to catalyze the regional market's growth over the assessment era.
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