The medical coding market is projected to reach USD 29,738.19 million at a CAGR 11.12% by 2027.
The global medical coding market is expected to cross ~USD 29,738.19 million by 2027 at a CAGR of ~11.12% during the forecast period of 2021-2027.
Medical coding is the translation of significant medical information such as procedures, healthcare diagnostics, and medical services into universal medical alphanumeric codes. Medical coding is used to extract billable data from medical records to settle insurance claims and patient bills. The advancement and digitization in healthcare infrastructure have propelled the demand for medical coding. Additionally, the digitization of information records and billing systems has augmented the demand for medical coding across the globe. The rising mandate for automated medical billing is also likely to drive the medical coding market in the forecast timeline.
Increasing investment in the transformation of healthcare infrastructure, growing number of hospitals, modernization of lab facilities, and supportive government regulatory guidelines are driving the medical coding market. Additionally, the industry experts are aiming at business strategies such as product launches, partnerships, and association with local and regional players to enhance the product expertise in the various geographical locations. The medical coding market is estimated to grow over time owing to the increasing deployment of cloud infrastructure and the integration of electronic records for patient data management. The government authorities in the countries such as the US, India, China, and Japan are focusing on modernization and technological advancement of hospitals, research facilities, and medical institutions. These factors are fueling the medical coding market and are accounted to grow at a rapid pace in the projected timeline.
The outrageous spread of COVID-19 across the globe affected small enterprises, medium companies, and large organizations across the globe. However, the usage of internet-based solutions and services was leveraged during the pandemic. The medical coding demand surged during the viral outbreak leveraging workflows intended to rationalize vaccine designing, manufacturing, and commercialization. The pandemic has created opportunities for the market players. Medical coding systems are utilized in clinical trials and clinical data management during drug and therapy development. The pharmaceutical and biotechnology companies were involved in the development of vaccines generating a huge amount of data and laboratory records. These data are translated into medical records using medical coding. The urgency of data conversion into medical records generated opportunities for the market players.
Medical coding systems are used in managing bed information, healthcare providers records, vaccine information, and patient dosage details among others. In addition, the billing information for the admitted patients was fueled during the COVID-19 outbreak. The hospital management and clinics used medical coding systems to advance the billing and other payment procedures. The integration of digital platforms with diagnostic devices has leveraged the utilization of medical coding for the conversion of data from the equipment for medical analysis. The rise in COVID-19 cases have augmented the demand for technical support to advance medical services across the globe. Such practices have fueled the demand for medical coding during the coronavirus spread.
|Market Size||2027: ~USD 29,738.19 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Classification System, Component, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World|
|Key Vendors||Startek Health, Oracle Corporation, Verisk Analytics, Aviacode, Inc., Parexel International Corporation, Maxim Health Information Services, Precyse Solutions, LLC, AGS Health, GeBBS Healthcare, Medical Record Associates LLC,3M, Dolbey Systems Inc., Semantic Health, MRA Health Information Services, Nuance Communications Inc., Optum Inc., Talix, nThrive (Precyse Solutions LLC), The Coding Network LLC|
|Key Market Opportunities||Emergence of medical billing outsourcing|
|Key Market Drivers||• Increasing demand for advanced healthcare billing systems • Increasing adoption of telehealth services for outpatient care • Growing adoption of medical practice management systems|
The medical coding market is anticipated to reach USD 29,738.19 million at a CAGR of 11.12% during the forecast period of 2021-2027.
Startek Health, Oracle Corporation, Verisk Analytics, Aviacode, Inc., Parexel International Corporation, Maxim Health Information Services, Precyse Solutions, LLC, AGS Health, GeBBS Healthcare, Medical Record Associates LLC,3M, Dolbey Systems Inc., Semantic Health, MRA Health Information Services, Nuance Communications Inc., Optum Inc., Talix, nThrive (Precyse Solutions LLC), The Coding Network LLC are the key players in the market of Medical Coding
North America is predicted to lead the market of Medical Coding.
Increasing demand for advanced healthcare billing systems and Rising adoption of telehealth services for outpatient care are the major market driver of Medical Coding.
Concerns pertaining to bad documentation or missing documentation may limit the market growth of Medical Coding.