Medical coding market outlook and analysis by classification system, by component, by end user and by region forecast to 2030. The medical coding market could surpass a valuation of close to USD USD 35.1 billion in 2021, expects Market Research Future (MRFR). MRFR anticipates that the market size will be soaring at a rate of around 7.9% between 2022 and 2030.
Key Growth Boosters and Major Deterrents
Increased emphasis on upholding good standards for healthcare services should be a major development driver for the medical coding industry. Healthcare practises, diagnoses, tools, and services are converted into medical alphanumeric codes through the process of medical coding. In order to offer the insurance companies with comprehensive information on the patient's diagnosis, health issues, and costs, this aids in maintaining correct paperwork for a number of visits.
The demand for standardised billing practises has grown, which has elevated the market for medical coding over time. In addition to the aforementioned causes, the enormous demand for various coding services may present a sizable potential for the leading medical coding developers in the market. The worrisome increase in insurance fraud in the healthcare sector may also have a significant impact on the future expansion of the medical coding market.
Renowned Firms
The Coding Network LLC, Verisk Analytics, Aviacode, Inc., Nuance Communications Inc., Parexel International Corporation, Optum Inc., Startek Health, Semantic Health, GeBBS Healthcare, Dolbey Systems Inc., Precyse Solutions, LLC, AGS Health, MRA Health Information Services, Maxim Health Information Services, Oracle Corporation, Talix, Thrive (Precyse Solutions LLC), Medical Record Associates LLC, 3M are the top most medical coding developers in the market.
Most of the medical coding system developers work on cementing their market positions by deploying some of the most effective strategical tactics including mergers acquisitions, collaboration, technology and system launch, as well as partnerships.
Segmental Insight
The global medical coding market share has been segmented into classification system, component, end user and region.
Classification system covered are international classification of diseases, healthcare common procedure code system and current procedural terminology. The ICD segment takes the lead given the extensive use of the ICD codes by various healthcare organizations. ICD 10 code contains around 68000 codes and provides benefits including fair pay as well as better efficiency compared to the CPT 9, coupled with lesser chances of fraud, and improved health quality as well as performance monitoring.
Major components discussed in the MRFR study are in-house as well as outsourced. A soaring number of healthcare organizations are opting for outsourcing of their revenue cycle management, such as medical coding, for time saving and streamlined workflow. Therefore, the outsourced segment shall capture the higher position in the market than its counterpart.
Depending on end-users, hospitals, diagnostic centers, and others are the top segments. The other segment comprises research facilities, laboratory units, and ambulatory centers.
Regional Status
North America accounts for the biggest portion of the medical coding market, with its leadership backed by the surging focus on upgradation of the healthcare infrastructure, and the extensive pool of established healthcare organizations in the United States. Rise in government’s interest in the development of advanced technologies and tools for billing, treatment, record management, and diagnosis further adds to the market value. Other growth bolstering factors can be the rising communication between the nurses, physicians, and other medical staff and their desire to categorize various services for the patients. Integration of CPT, ICD-10 CM, and HCPS standardized codes for fast and accurate services also elevates the business worth.
The Asia Pacific market for medical coding exhibits impressive growth in line with the surging privatization and modernization of the healthcare sector. Government’s heightened focus on the digitization trend along with the large-scale spending on healthcare IT infrastructure are crucial growth boosters as well. Escalation in the number of preventive health programs, coupled with the emergence of advanced medical management systems and their growing use foster the market worth in the region.
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