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Medical Coding Market Size Worth $22.95 Billion by 2025 | CAGR: 10.2%
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The Medical Coding Market is set to grow from $11.63 billion in 2018 to $22.95 billion by 2025, driven by insurance fraud prevention and healthcare industry needs.
Medical Coding Marketis valued at USD 11.63 Billion in 2018 and expected to reach USD 22.95 Billion by 2025 with the CAGR of 10.2% over the forecast period.”
Rising incidences of insurance frauds and insurance issues associated with misinterpretation of medical documents are major factors driving the growth of Global Medical Coding Market.
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Medical coding is mainly used in healthcare industry in statistics and also used to control the healthcare costs. It is a translation of healthcare history of patients like diagnosis, equipment, medical services and procedures into universal medical alphanumeric codes. The diagnoses and procedure codes are used from medical record documentation such as laboratory radiologic results and transcription of physician’s notes, etc. Medical coding is integrated with the process of medical billing. It is an important feature for the healthcare industry. Medical coding is helpful in ensuring accurate payment for physicians to creating a valid record of patient care history. It eliminates the need for electronic medical billing. It is very useful for insurance companies and healthcare providers to manage and share patient information. It secures patient records from being released to unauthorized facilities. These codes are used to file patient data for insurance purposes and making sure a patient’s files are correct and insurance claims are error free.
Medical coding market report is segmented on the basis of type of classification, mode, service, end-user and by regional & country level. Based on type of classification, the medical coding market is classified into international classification of diseases (ICD), healthcare common procedure coding system (HCPCS) and others. Based upon mode, the market is classified into out-sourced and in-house. Based upon service, the medical coding market is classified into hospital/impatient coding, medical coding audits and others. Based on end-user, market is classified into hospitals, insurance companies, government organizations and others.
The regions covered in this medical coding market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of medical coding is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Key PlayersMedical Coding MarketReport-
Medical coding market report covers prominent players 3M Company, Aviacode Inc., American Medical Association , Maxim Health Information Services, Medical Record Associates LLC, Nuance Communications Inc, Optum Inc., Oracle Corporation, Parexel International Corporation, Precyse Solutions LLC, STARTEK Health, Verisk Analytics and others.
Global Medical Coding MarketDynamics-
Rising incidence of insurance frauds and insurance issues associated with misinterpretation of medical documents and the growing numbers of healthcare institutions in developing regions are some of the major factors expected to drive the growth of global medical coding market. As per, The Association of British Insurers; a total of 469,000 insurance frauds were detected by insurers in 2018. As per to the Federal Bureau of Investigation (FBI), insurance fraud cost is estimated more than USD 40 billion per year. Therefore, insurance fraud costs the average U.S. family between USD 400 and USD 700 per year in the form of increased premiums. In addition, increasing demand for universal language in medical documents in order to update hospital billing procedures is also expected to foster the market growth. However, cyber threat and insecurity among healthcare providers and patients is expected to hamper the growth of global medical coding market. Moreover, technological developments and increasing adoption of coding and billing procedures in medical fields will generate new opportunities for the further growth of the market.
Global Medical Coding MarketRegional Analysis-
North America is expected to dominate the global medical coding market with highest market share due to the increasing number of hospitals & healthcare institutions, growing availability of medical coders and high investment in healthcare expenditure in this region. As per American Medical Association; the United States spent USD 3,492.1 billion on health care in 2017. According to The Commonwealth Fund, the U.S. spent 16.9% of gross domestic product (GDP) on health care, nearly twice as much as the average OECD country.
Asia-pacific region is estimated to record the fastest growth rate due to increasing patient awareness about healthcare services during the forecast period. Additionally, increasing government initiatives to improvise the R&D infrastructure in this region are supplementing the market growth. According to World Health Organization; health spending by government schemes and compulsory insurance stood at around 7% of total government expenditure across low and low-middle income countries, whereas it represented 10.4% of total government expenditure in upper-middle income countries in Asia-Pacific in 2015. Whereas, in high income Asia-Pacific countries, the share of population aged over 65 years is expected to double to reach on an average 27.6% in 2050.
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The article discusses the growth and dynamics of the global Medical Coding Market, projected to reach $22.95 billion by 2025.
Rising insurance frauds and the need for accurate medical billing drive the market growth.
The market is segmented by classification type, mode, service, and end-user.
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