Global Computer Assisted Coding Market, By Product (Software, Services), Mode of Delivery (Web-Based Solutions, On-Premise Solutions, Cloud-Based Solutions), Application (Automated Computer-Assisted Encoding, Management Reporting and Analytics, Clinical Coding Auditing), End User (Hospitals, Physician Practices, Academic Medical Centers, Clinical Laboratories and Diagnostic Centers, Other) – Industry Trends and Forecast to 2031.
Computer Assisted Coding Market Analysis and Size
The increased use of EHR systems will be a major driver in accelerating the computer-assisted coding market's growth rate. Another important factor driving market growth is the increased use of computer-assisted coding (CAC) solutions to reduce rising healthcare costs. Furthermore, increased regulatory requirements for patient data management and rising focus on physician computer-assisted coding in outpatient settings are the major drivers that will enhance the growth of market. Furthermore, commercial and government organizations are reversing rapid advances in global healthcare infrastructure and rising insurance reimbursement policies.
Data Bridge Market Research analyses that the global computer assisted coding market which was USD 5,254.50 million in 2023, would rocket up to USD 13,968.80 million by 2031, and is expected to undergo a CAGR of 13.80% during the forecast period. This indicates the market value. “Software” dominates the product segment of the global computer assisted coding market owing to the growing demand for better methods for treatment in patients. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Computer Assisted Coding Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, and Pricing in USD
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Segments Covered
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Product (Software, Services), Mode of Delivery (Web-Based Solutions, On-Premise Solutions, Cloud-Based Solutions), Application (Automated Computer-Assisted Encoding, Management Reporting and Analytics, Clinical Coding Auditing), End User (Hospitals, Physician Practices, Academic Medical Centers, Clinical Laboratories and Diagnostic Centers, Other)
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Countries Covered
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U.S., Canada, Mexico in North America, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, U.A.E., Egypt, Israel, Rest of Middle East and Africa
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Market Players Covered
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3M (U.S.), Optum Inc. (U.S.), Nuance Communications, Inc. (U.S.), MCKESSON CORPORATION (U.S.), Cerner Corporation (U.S.), Dolbey (U.S.), The Craneware Group (U.K.), Artificial Medical Intelligence (U.S.), TruCode LLC (U.S.), Streamline Healthcare Solutions (India), Epic Systems Corporation (U.S.), athenahealth, Inc. (U.S.), iMedX Inc. (U.S.)
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Market Opportunities
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Market Definition
A computer-assisted coding system (CACS) is software that analyses medical records and generates a unique keyword for specific phrases and terms. These keywords provided by (CACS) can help to increase productivity and decrease administrative processing time. The primary goal of computer-assisted coding software is to reduce errors and increase the facility's efficiency. Computer-assisted coding provides products and services such as software, structured input software, standalone software, services, integrated software, support and maintenance, and education and training. It is used in a variety of applications, including automated computer-assisted coding, management reporting and analytics, and clinical coding auditing.
Global Computer Assisted Coding Market Dynamics
Driver
- Rise in Ageing Population
The burden of the senior population will fuel the demand for patient-centered healthcare apps in the country because chronic illnesses such as heart disease are more likely to influence and are more prevalent among the elderly. According to a Statistics Canada report titled "Older Adults and Population Aging Statistics" published in July 2020, approximately 6,835,866 people in Canada were 65 or older in 2020. As a result, an increase in patient-centric apps will drive up demand for the region's computer-assisted coding market.
Opportunity
- Government Initiatives
Several initiatives for the management of health data are being implemented. For instance, in November 2021, a collaboration between global interoperability firm Enovacom and Nordic nursing application specialist Medanets will allow nursing staff to access patient data via mobile devices. In real time, medical device data will be automatically collected by Enovacom's Patient Connect interoperability platform and fed into the hospital's electronic health record (EHR) and the Medanets' mobile nursing app. Sweden recently updated its national e-Health vision. By 2020, all residents aged 16 and up should have access to all health-related information documented in county-funded health and dental care. As a result, Sweden has some of the highest rates of EHR adoption in Europe. Cerner Corporation completed the acquisition of Kantar Health, a division of Kantar Group, for USD 375 million in cash, subject to adjustment, in April 2021. As a result, the above-mentioned factors are expected to boost market growth.
Restraint/Challenge
- High Setup Costs
High setup costs for on-site CACS support and a lack of domain expertise will stymie market growth. In addition, healthcare providers' reluctance to use CACS solutions in emerging markets will put the global computer assisted coding market under pressure. However, rising market consolidation will act as a restraint, slowing the market's growth rate even further.
This global computer assisted coding market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global computer assisted coding market contact Data Bridge Market Research for an analyst brief, our team will help you make an informed market decision to achieve market growth.
Recent Developments
- In 2022, Oracle acquired Cerner Corporation, a provider of digital information systems used within hospitals to enable medical professionals to provide better healthcare
- In 2021, 3M Company launched a new technology platform that allows healthcare providers and payers to prioritize care and allocate resources for high-risk individuals and patient populations. 3M social determinants of health analytics (3M SDoH) integrates clinical, social, and population health data to provide a comprehensive picture of patient health
Global Computer Assisted Coding Market Scope
The global computer assisted coding market is segmented on the basis of product, mode of delivery, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Software
- Standalone software
- Natural language processing software
- Structured input software
- Integrated software
- Services
- Support
- Maintenance and education and training
Mode of Delivery
- Web-Based Solutions
- On-Premise Solutions
- Cloud-Based Solutions
Application
- Automated Computer-Assisted Encoding
- Management Reporting and Analytics
- Clinical Coding Auditing
End User
- Hospitals
- Physician Practices
- Academic Medical Centers
- Clinical Laboratories
- Diagnostic Centers
- Other
Global Computer Assisted Coding Market Regional Analysis/Insights
The global computer assisted coding market is analyzed and market size insights and trends are provided by country, product, mode of delivery, application and end user as referenced above.
The countries covered in the global computer assisted coding market report are U.S., Canada, and Mexico in North America, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, and Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, and Rest of Asia-Pacific, Brazil, Argentina, and Rest of South America, South Africa, Saudi Arabia, U.A.E., Egypt, Israel, and Rest of Middle East and Africa.
North America dominates the global computer assisted coding market because of the upsurge in the adoption of patient-centric approach by healthcare players and favorable government funding policies as well as initiatives for implementing healthcare IT solutions in this region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2024 to 2031 due to the enhancement of healthcare infrastructure and growing economies in this region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends, and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Computer Assisted Coding Market Share Analysis
The global computer assisted coding market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width, and breadth, application dominance. The above data points provided are only related to the companies' focus related to the global computer assisted coding market.
Some of the major players operating in the global computer assisted coding market are:
- 3M (U.S.)
- Optum Inc. (U.S.)
- Nuance Communications, Inc. (U.S.)
- MCKESSON CORPORATION (U.S.)
- Cerner Corporation (U.S.)
- Dolbey (U.S.)
- The Craneware Group (U.K.)
- Artificial Medical Intelligence (U.S.)
- TruCode LLC (U.S.)
- Streamline Healthcare Solutions (India)
- Epic Systems Corporation (U.S.)
- athenahealth, Inc. (U.S.)
- iMedX Inc. (U.S.)
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