Global Medical Coding Market, By Classification System (International Classification of Diseases (ICD) and Healthcare Common Procedure Code System (HCPCS), Current Procedural Terminology), Component (In-house, Outsourced), End-User (Hospitals, Diagnostic Centers, Others) – Industry Trends and Forecast to 2030.
Medical Coding Market Analysis and Size
Medical coding is a vital medical language that is used every day by health organizations and hospitals all over the world. The global medical coding industry is thriving in developed countries, but with this growth comes the need for ongoing adjustments to improve the efficiency and efficacy of healthcare experiences and procedures worldwide. According to the American Hospital Association's (AHA) Hospital Statistics 2022, there were about 33,356,853 admissions in all hospitals in the United States in 2018. As a result, there is a high need for medical billers and coders in the industry under consideration, which is projected to drive the expansion of the medical coding market.
Data Bridge Market Research analyses that the medical coding market, which was USD 14.12 billion in 2022, is expected to reach USD 32.89 billion by 2030, at a CAGR of 11.15% during the forecast period 2023 to 2030. 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.
Medical 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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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Classification System (International Classification of Diseases (ICD) and Healthcare Common Procedure Code System (HCPCS), Current Procedural Terminology), Component (In-house, Outsourced), End-User (Hospitals, Diagnostic Centers, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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3M (U.S.), Aviacode Inc. (India), Dolbey (U.S.), Maxim Healthcare Services (U.S.), MRA Health Information Services (U.S.), Oracle (U.S.), PAREXEL International Corporation (U.S.), Startek (U.S.), Verisk Analytics, Inc. (U.S.), Nuance Communications, Inc. (U.S.), Optum Inc. (U.S.), Outsource Strategies International (U.S.), VertMarkets, Inc. (U.S.), S&P Global (U.S.), AltuMED (U.S.), Coding Network (U.S.), Microsoft COrpoation (U.S.), UNITEDHEALTH GROUP. (U.S.)
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Market Opportunities
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Market Definition
Medical coding is the process of coding medical data and documents such as physician's notes, test findings, and so on to safeguard them from being used in fraudulent behavior. Medical coding is converting medical documentation and records into internationally recognized alphanumeric numbers and codes. A medical coder's role is to transform diagnostic data, prescriptions, or reports of a patient's condition received from the doctor into codes. A medical coder also assures and validates whether or not medical codes for a specific document are applied.
Medical Coding Market Dynamics
Drivers
- Growing demand for standardized coding in medical records will drive the market growth
Medical coders are in high demand due to increased demand for standardized billing systems. The increasing availability of medical coding services has increased the demand for medical coding, particularly in underdeveloped countries. Rising medical record and insurance claim fraud and misinterpretation have increased demand for medical coding service providers. In other words, the growing number of fraudulent activities associated with the mis-handling of personal information has resulted in the rise in demand for advanced medical coding system adoption.
- Growing investment by private players to streamline the process
There is also a demand for a more simplified and user-friendly coding and billing system. Medical coding businesses allow administrators to examine the frequency and efficacy of treatments in their facility. This is especially crucial for major medical institutions such as tertiary care hospitals. The market is projected to be driven by frequent releases. For instance, Athenahealth announced the athenaOne Medical Coding Solution in March 2021, an EHR coding solution that potentially reduces clinician coding-related labor and, as a result, clinician fatigue.
Opportunities
- The pandemic acted as a market opportunity
The ongoing COVID-19 pandemic has fueled the importance of medical coding and patient management. For example, CMS announced two Healthcare Common Procedure Coding System (HCPCS) codes in March 2020 that laboratories can use to charge for specific COVID-19 diagnostic procedures, including those produced in-house by the new United States Food and Drug Administration (USFDA) recommendations. As a result, the COVID-19 epidemic caused several changes in the market analyzed, and these changes are projected to have a long-term impact on the market. As a result, the market under consideration is projected to pick up steam in the future years.
Restraints/Challenges
- Lack of awaerenss regarding harzards
A lack of trained personnel or skilled professionals will stifle market growth. The complexity of understanding all of the codes necessitates good training and knowledge in this area. As a result, it is not a job for a layperson. It necessitates a large amount of practice as well as a high level of stress. Therefore, the shortage of skilled professionals, especially in developing and underdeveloped economies, directly hampers the growth of the market.
This medical coding market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, 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 medical coding market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In 2022, Ochsner Health's emergency department adopted Nym Health's medical coding technology to enhance revenue cycle management in April.
- In 2022, in order to supply XpertCoding, XpertDox, and Urgent Care for Children USA (UC4C) agreed to an exclusive collaboration in April. It is a completely automated, turnkey system that improves medical coding efficiency and quickens the revenue cycle for all of UC4C's clinics in Tennessee and Alabama.
Global Medical Coding Market Scope
The medical coding market is segmented on the basis of classification system, component, 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.
Classification System
- International Classification of Diseases (ICD)
- Healthcare Common Procedure Code System (HCPCS)
- Current Procedural Terminology
Component
- In-house
- Outsourced
End-User
- Hospitals
- Diagnostic Centers
- Others
Medical Coding Market Regional Analysis/Insights
The medical coding market is analysed and market size insights and trends are provided by country, classification system, component, and end-user as referenced above.
The countries covered in the medical coding market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As a result of technological advances and better healthcare infrastructure in several of the nations in this region, the North American medical coding market is anticipated to hold a sizable share over the projected period. Growing demand for coding services, a high interest in streamlining hospital billing operations, and strategic moves made by industry participants drive the market's expansion.
Given the region's burgeoning medical tourism industry and the region's increasing healthcare infrastructure in emerging nations such as China, India, Malaysia, Thailand, and others, the market in Asia-Pacific is anticipated to grow significantly over time the forecast period.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts 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, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed base and New Technology Penetration
The medical waste management market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for medical waste management market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the medical waste management market. The data is available for historic period 2011-2021.
Competitive Landscape and Medical Coding Market Share Analysis
The medical coding market competitive landscape provides details by competitor. 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 medical coding market.
Some of the major players operating in the medical coding market are:
- 3M (U.S.)
- Aviacode Inc. (India)
- Dolbey (U.S.)
- Maxim Healthcare Services (U.S.)
- MRA Health Information Services (U.S.)
- Oracle (U.S.)
- PAREXEL International Corporation (U.S.)
- Startek (U.S.)
- Verisk Analytics, Inc. (U.S.)
- Nuance Communications, Inc. (U.S.)
- Optum Inc. (U.S.)
- Outsource Strategies International (U.S.)
- VertMarkets, Inc. (U.S.)
- S&P Global (U.S.)
- AltuMED (U.S.)
- Coding Network (U.S.)
- Microsoft COrpoation (U.S.)
- UNITEDHEALTH GROUP. (U.S.)
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