Medical Coding Market 2022
Medical coding is the translation of significant medical information such as procedures, healthcare diagnostics, and medical services into universal medical alphanumeric codes. Medical coding is used to extract billable data from medical records to settle insurance claims and patient bills. The advancement and digitization in healthcare infrastructure have propelled the demand for medical coding. Additionally, the digitization of information records and billing systems has augmented the demand for medical coding across the globe. The rising mandate for automated medical billing is also likely to drive the Medical Coding Market in the forecast timeline.
The global Medical Coding Market is expected to cross ~USD 29,738.19 million by 2027 at a CAGR of ~11.12% during the forecast period of 2021-2027.
Increasing investment in the transformation of healthcare infrastructure, growing number of hospitals, modernization of lab facilities, and supportive government regulatory guidelines are driving the Medical Coding Market. Additionally, the industry experts are aiming at business strategies such as product launches, partnerships, and association with local and regional players to enhance the product expertise in the various geographical locations. The Medical Coding Market is estimated to grow over time owing to the increasing deployment of cloud infrastructure and the integration of electronic records for patient data management. The government authorities in the countries such as the US, India, China, and Japan are focusing on modernization and technological advancement of hospitals, research facilities, and medical institutions. These factors are fueling the Medical Coding Market and are accounted to grow at a rapid pace in the projected timeline.
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Major Key Players:
Startek Health (US)
Oracle Corporation (US)
Verisk Analytics (US)
Aviacode, Inc. (US)
Parexel International Corporation (US)
Maxim Health Information Services (US)
Precyse Solutions, LLC (US)
AGS Health (India)
GeBBS Healthcare (India)
Medical Record Associates LLC (US)
3M (US)
Dolbey Systems Inc. (US)
Semantic Health (Canada)
MRA Health Information Services (US)
Nuance Communications Inc. (US)
Optum Inc. (US)
Talix (US)
nThrive (Precyse Solutions LLC) (US)
The Coding Network LLC (US)
Segment Analysis
By Classification System
Healthcare Common Procedure Code System (HCPCS): It is a type of coding system with a collection of codes that signify procedures, products and services, and supplies for assisting healthcare professionals and individuals registered in private health insurance programs
International Classification of Diseases (ICD): It is a type of diagnostic tool that is used for clinical applications, health management, and epidemiology. This type of medical coding classifies and monitors causes of injury and categorize mortality data from death certificates
Current Procedural Terminology (CPT): It is a set of codes that defines the guidelines and descriptions intended to define services and procedures carried out by physicians and other medical experts
By Component
Outsourced: Outsourcing medical coding is contracting with other organizations or third parties to do the company’s medical coding instead of the employed workforce
In-House: The in-house method aims to train internal employees to code for health services within an organization
By Ens User
Hospitals: Hospitals use medical coding for streamlining their processes from diagnostic procedures to billing systems
Diagnostic Centers: The diagnostic centers apply medical coding to enhance their diagnosis procedures and analytical abilities
Regional Analysis
North America
Increasing integration of electronic health record and electronic medical record software across the region is driving the North American Medical Coding Market
Asia-Pacific
The Asia-Pacific medical coding industry overview is driven by the modernization and privatization of healthcare technology, digitization supportive government policies, augmenting investment in healthcare IT infrastructure, growing adoption of preventive health programs, and accelerating adoption of medical management systems. These dynamics are anticipated to strengthen the Medical Coding Market demand in the considered timeline. Moreover, increasing capitalization in drug and vaccine development is accounted to accelerate the Medical Coding Market throughout the region.
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