Jan 16, 2020 12:51 AM ET
Medical Coding Market Growth is Estimated at CAGR of 10.06% During 2019–2025
iCrowd Newswire -
Jan 16, 2020
The global Medical Coding Market growth is estimated at a CAGR of 10.06% during the forecast period 2019–2025. The market is projected to grow from $12.56Bn in 2018 to $24.56Bn by 2025. Medical coding is the transformation of healthcare diagnosis, procedures, medical services, and equipment into universal medical alphanumeric codes. Medical coding professionals ensures the medical alphanumeric codes are applied correctly during the medical billing process, which includes abstracting the information from documentation, assigning the appropriate codes, and creating a claim to be paid by insurance carriers.
- In the coming years, growing interest in the Medical Coding by hospitals and healthcare institutions is anticipated to drive developments in the Medical Coding industry.
- Key sustainability strategies such as product launch, mergers and acquisition are being adopted by the market players to ensure the growth of Medical Coding market.
- It is evaluated that Asia Pacific is showing highest potential to become an evolving Medical Coding Market and recorded the fastest CAGR over the forecast period.
Classification System – Segment Analysis
In 2018, International Classification of Diseases (ICD) segment dominated the Medical Coding Market in terms of revenue. It is forecast to grow the fastest, at a CAGR of 7.55% during the period under consideration. ICD is designed as a health care classification system that provides healthcare diagnosis codes for identifying various diseases signs, symptoms, abnormal findings, complaints, social circumstances and external cause of injury or disease.
Mode – Segment Analysis
The in-house segment dominated the medical coding market in 2018. The outsourcing mode is anticipated to show a higher growth rate in the future, owing to its cost-effective nature, growing demand for part-time coders, and the rising number of companies providing outsourcing services.
End User- Segment Analysis
Hospitals dominated the global medical coding market in 2018. Increasing number of patients visiting hospitals and rising need to store patient data efficiently stimulates growth of the segment. The growing number of healthcare institutions in developing countries is also fueling the growth of medical coding market.
Geography – Segment Analysis
In 2018, the North America region occupied 45% of the global medical coding market size in terms of revenue. This is due to the region’s rapid adoption of the technologically advanced IT procedures in hospitals, growing availability of medical coders, and the highly advanced healthcare IT structure. Additionally, developments in medical technology witnessed in the hospitals and healthcare institutions to secure patient data are driving the medical coding market in the North America region. However, the Asia-pacific region is estimated to record the fastest growth rate during the forecast period.
Drivers – Medical Coding Market
- Technological developments in medical fields
Applications of medical technology has been witnessing a steep rise in various field of medicine. Fathom, a startup company has developed a program that uses AI technology to decode alphanumeric codes representing every diagnosis and procedure. Companies are feeding machines with various information to enhance the conclusions of the decoding program.
- Rising Need For a Universal Language
The Healthcare industry have been pitching in for a universal language to identify and classify disease symptoms and signs. A universal language also reduces frauds, misinterpretations associated with insurance claims, and provides streamline hospital billing procedures.
Challenges – Medical Coding Market
Medical coding industry consists of three different languages. Since, it becomes difficult for medical coders to learn each language. As the medical sector is growing and gains new information every day, medical codes keeps updating each year to stay intact with the market changes.
Medical Coding Market Industry Analysis
Partnerships and acquisitions along with product development and service launches are the key strategies of the players in the Medical Coding market. The major players in the Medical Coding Market include 3M Company, Aviacode Inc., 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.
Medical Coding Market Outlook:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the medical coding market share of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the Medical Coding Market. The assessment includes the forecast, an overview of the competitive structure, medical coding market scope, the market shares of the competitors, as well as the medical coding market trends, medical coding market demand, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include classification system, mode, end user and geography.
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