Medical Coding Market Forecast and CAGR
According to the latest research by Fact.MR, the medical coding market is set to witness significant growth during 2021-2031. Medical coding has always been in demand and is expected to remain at a steady growth in the forecasted period. Medical coding has been in demand in the U.S. as is designed to support Electronic Health Records (EHRs).
What is Driving Demand for Medical coding?
Maintaining a high quality of healthcare will drive the medical coding market. Medical coding is the transformation of healthcare diagnosis, procedures, medical services, and equipment into universal medical alphanumeric codes. Thus maintaining documentation for the visits to healthcare providers gives a lot of information about the patient diagnosis, bills, and health conditions that are provided to healthcare insurance companies.
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.
In addition, the incidence of insurance fraud in the healthcare industry is increasing, globally, which plays a pivotal role in the growth of the medical coding market. This situation is resulting in the incursion of excessive financial losses, which amount to billions of dollars every year, as estimated by the National Health Care Anti-Fraud Association (NHCAA). These factors will give rise to the medical coding market.
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Rise in Automation is Likely to Augment Medical Coding
The rising adoption of computer-assisted coding to speed up the medical coding process and increase accuracy is also driving the market. Moreover, it enhances productivity, increases transparency, improves accuracy and compliance, reduces costs, and provides traceability. Moreover, the development of new technologies, such as Artificial Intelligence (AI)-assisted medical coding, is supporting market growth. For instance, in September 2019, Fathom, a U.S.-based startup, utilized Artificial Intelligence (AI) to automate medical coding and improve the speed and accuracy of coding.
US and Canada Medical coding Market Outlook
The US is one of the largest markets for medical coding globally. The US medical coding market is set to tread on the historic pattern of bust and boom during the assessment period 2021-2031. The need for standard billing systems in hospitals and healthcare systems will lead the medical coding market growth.
The high adoption rate of advanced healthcare solutions in routine hospital operations and the availability of a large number of medical coding solution providers are factors expected to aid in maintaining the dominance of the region throughout the forecast period. Frequent revisions in the medical codes is one of the major parameter driving the market growth.
Moreover, new codes were developed for coding and billing of the COVID-19 disease. For instance, new ICD codes were launched by the World Health Organization, such as U07.1, B34.2, and B97.29. Moreover, CPT published new codes for COVID-19 testing. The Centers for Medicare & Medicaid Services (CMS) also developed new codes for lab testing.
With the growing landscape of healthcare and technical advancements in the U.S. and Canada medical coding will be in high demand in the region.
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Europe Demand Outlook for Medical coding
Europe is seeing growth in advancement in the healthcare sector and an increase in demand for better healthcare providing opportunities will lead the medical coding market in Europe. There has been a rise in inpatient visits to hospitals in Europe which have given the need to incur medical coding system in their medical billing system.
This has significantly given rise to the medical coding in the European healthcare system. Rising awareness for the better medical billing system and increasing insurance frauds has created opportunities to enable medical coding in the European healthcare system. The outbreak of COVID 19 has enhanced the requirement which has given an opportunity to better track the patients’ medical bills and provide better medical care.
Who are the Key Manufacturers and Suppliers of Medical coding?
Some of the leading companies in medical coding include
- STARTEK Health
- Aviacode, Inc.
- Parexel International Corporation
- Maxim Health Information Services
- Precyse Solutions, LLC
- Medical Record Associates LLC.
- MRA Health Information Services
- Oracle Corporation
- Precyse Solutions LLC
- Verisk Analytics, Inc.
- Thrive Inc
- Nuance Communications, Inc.
- Optum Inc.
- Medical Record Associates LLC.
- Velan Business Solutions, Inc
- Meditwitt India Pvt Ltd.
Key players are involving partnerships and collaborations as key solutions to expand their global presence and provide better solutions to the end-user. For instance, In June 2019, Paraxel International Corporation announced its strategic partnership with Clariness GmbH, a patient recruitment company, to enhance its clinical trial recruitment and channels for engagement with patients in China.
An Adaptive Approach to Modern-day Research Needs
Medical Coding Market Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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By Classification System
- International Classification of Diseases (ICD)
- Healthcare Common Procedure Coding System (HCPCS)
- Current Procedural Terminology (CPT)
By End User
- Insurance companies
- North America
- Latin America
- East Asia
- South Korea
- South Asia
- New Zealand
- Middle East and Africa
- GCC Countries
- North Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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