Medical Coding Market Size Worth $22.95 Billion by 2025 | CAGR: 10.2%

Published : 3 years ago, on 20/09/2021

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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Scope of GlobalMedical Coding Market Report-

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.

Key Benefits forMedical Coding MarketReport-

• Global Market report covers in depth historical and forecast analysis.
• Global Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
• Global Market report helps to identify opportunities in market place.
• Global Market report covers extensive analysis of emerging trends and competitive landscape.

Global Medical Coding MarketSegmentation:-

By Type:

• International Classification Of Diseases (ICD),
• Healthcare Common Procedure Coding System (HCPCS)
• Others

By Mode:

• Out-sourced
• In-house

By Service:

• Hospital/impatient coding
• Medical coding audits
• Others

By End-User:

• Hospitals
• Insurance companies
• Government organizations
• Others

By Regional & Country Analysis:

• North America
  • US.
  • Mexico
  • Canada
• Europe
  • UK
  • France
  • Germany
  • Italy
• Asia Pacific
  • China
  • Japan
  • India
  • Southeast Asia
• South America
  • Brazil,
  • Argentina
  • Columbia
• The Middle East and Africa
  • GCC
  • Africa
  • Rest of Middle East and Africa

This comprehensive report will provide:

• Enhance your strategic decision making
• Assist with your research, presentations and business plans
• Show which emerging market opportunities to focus on
• Increase your industry knowledge
• Keep you up-to-date with crucial market developments
• Allow you to develop informed growth strategies
• Build your technical insight
• Illustrate trends to exploit
• Strengthen your analysis of competitors
• Provide risk analysis, helping you avoid the pitfalls other companies could make
• Ultimately, help you to maximize profitability for your company.

Our Market Research Solution Provides You Answer to Below Mentioned Question:

• Which are the driving factors responsible for the growth of market?
• Which are the roadblock factors of this market?
• What are the new opportunities, by which market will grow in coming years?
• What are the trends of this market?
• Which are main factors responsible for new product launch?
• How big is the global & regional market in terms of revenue, sales and production?
• How far will the market grow in forecast period in terms of revenue, sales and production?
• Which region is dominating the global market and what are the market shares of each region in the overall market in 2019?
• How will each segment grow over the forecast period and how much revenue will these segment account for in 2027?
• Which region has more opportunities?

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