Medical Coding Market Overview:
According to the latest report by IMARC Group, titled “Medical Coding Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global medical coding market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global medical coding market size reached a value of US$ 17.05 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 32.25 Billion by 2027 exhibiting a CAGR of 10.60% during 2022-2027.
Medical coding is the method of converting healthcare diagnosis, procedures, equipment, and medical services into comprehensive alphanumeric codes. It involves abstracting the information from documentation, assigning the relevant codes, and formulating claims to be paid by the insurance companies. Medical coding helps to analyze disease patterns among patients and provides data on national health trends, thereby allowing the federal and state government bodies to plan for suitable resources that are effective in fighting the prevalent ailments. It also aids in launching initiatives for treating and preventing the affected population. Consequently, medical coding is finding widespread applications in hospitals and diagnostic centers across countries.
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Medical Coding Market Trends and Drivers:
The expanding healthcare industry and the increasing need for streamlined coding and billing solutions in hospitals are primarily driving the medical coding market. Besides this, the elevating requirement for a universal language to prevent fraud associated with insurance claims is acting as another significant growth-inducing factor.
Additionally, the escalating demand for the International Classification of Diseases (ICD), on account of the inflating prevalence of illnesses across the globe, is also augmenting the market growth.
Moreover, the rising usage of coding for comprehensive documentation of the healthcare facilities and to create a proper record of patients is expected to stimulate the medical coding market growth in the coming years.
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Global Medical Coding Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- 3M Company
- Access Healthcare
- Aviacode Inc. (GeBBS Healthcare Solutions Inc.)
- Dolbey Systems Inc.
- Global Healthcare Resource
- Maxim Healthcare Staffing
- Medical Record Associates Inc.
- Nuance Communications Inc. (Microsoft Corporation)
- Optum Inc. (UnitedHealth Group Incorporated)
- Outsource Strategies International
- The Coding Network LLC
The report has segmented the market on the basis of region, component, classification system and end user.
Breakup by Component:
- In-house
- Outsourced
Breakup by Classification System:
- International Classification of Diseases (ICD)
- Healthcare Common Procedure Code System (HCPCS)
Market Breakup by End User:
- Hospitals
- Diagnostic Centers
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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