New York , Feb. 29, 2024 (GLOBE NEWSWIRE) -- The global computer-assisted coding market size is slated to expand at 11% CAGR between 2024 and 2036. The market is poised to garner a revenue of USD 22 billion by the end of 2036, up from a revenue of USD 5 billion in the year 2023. The need for accuracy and streamlined coding in the healthcare sector with the advancement of EHRs (electronic health records) is estimated to propel the requirement for computer-assisted coding software. In the U.S. about 9 in 10 office-based physicians use any electronic health record as of 2021 reports.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-5622
In addition, the demand for remote work, and opportunities for programmers to work from any location worldwide are enhancing the market demand. The presence of regulatory compliance requirements including the International Classification of Diseases (ICD) and other coding standards in healthcare institutions to prevent penalties is extending the market size. According to the data, there were over 590 regulatory requirements that have to be complied with by the health organizations as of 2023.
Computer-Assisted Coding Industry: Key Takeaways
- Market in North America region to propel the highest growth.
- The Web-Based segment to garner the highest growth
- Market in Asia Pacific region to grow at the highest rate
Implementation of Digital Healthcare Across the World is Fostering the Growth of the Computer-Assisted Coding Market
The reduced use of manual coding and increasing accuracy in the coding to minimize the cost and errors are escalating the demand for computer-assisted coding in healthcare firms. The necessity for compulsory claim approvals and guaranteeing proper reimbursement is increasing market growth. Hospital expenditure on regulatory compliance was estimated to be USD 8 million per year in the U.S. to avoid penalties. The expansion of digital healthcare initiatives worldwide to extend national capacity and international collaboration is amplifying the progression of the market.
Computer-Assisted Coding Industry: Regional Overview
Escalating Adoption of Digital Healthcare Services and Spreading Telemedicine is Surging the Market Growth in the North American Region
The North American region market is likely to register a significant market share of 36% during the forecast period. The multiplying adoption of digital healthcare services across the region is proliferating the market size. Besides, the integration of telemedicine facilities into healthcare services to provide remote care for rural areas is intended to drive the market trends. According to the Centers for Disease Control and Prevention, in 2021 nearly 37% of adults used telemedicine. Further, the ratio of women users of telemedicine is higher than men at 42% and 32% respectively.
Development of Smart Hospitals to Reduce the Burden of Healthcare Systems is Flourishing the Market Expansion in the Asia Pacific Region
The computer-assisted coding market in the Asia Pacific region is analyzed to secure a market value of 28% in the coming years owing to the enhancing demand for the decrease in the work of healthcare systems especially in data management. The development of smart hospitals that use electronic medical records to record and store patient medical data is strengthening the market trends. China Medical University Hospital (CMUH) declared its association with Google Cloud in 2023. The hospital is located in Taiwan and uses generative AI technology and MedLM of Google Cloud. The CMUH is featured as one of the world’s best smart hospitals for 2024 in Newsweek. The MedLm was developed from Med-PaLM 2 and it has proven its excellence by scoring more than 83% on MedQA-USMLE (US Medical Licensing Examination) similar to professional physicians.
Make an Inquiry Before Buying this Report @ https://www.researchnester.com/inquiries-before-buying-5622
Computer-Assisted Coding Market Segmentation by Deployment
- Cloud-Based
- On-Premise
- Web-Based
The web-based segment of the market is analyzed to register a market share of 46% during the forecast period. The web-based software minimizes the need for complicated installations or updates made on devices in healthcare firms as it allows access to coding software through web browsers. The discovery of m-health apps is one of them. Over 2 billion people around the world with mobile phones are using mHealth for diagnosis over 56% of physicians have interacted with patients through mHealth and nearly 25% are asked about the app determining the rising interest among people. The multiplying number of government initiatives, enhancement in technology, and development in healthcare organizations is likely to boost the market segment size.
Computer-Assisted Coding Market Segmentation End-User
- Hospitals
- Clinical Laboratories
- Diagnostic Centers
The hospital's segment from the market is expected to attain a 43% market share during the forecast era on account of rising challenges faced by hospitals regarding coding and documentation. The presence of enormous data in the hospitals owing to numerous medical procedures performed in various specialties that require complex coding is reckoned to hike the market segment growth. Healthcare sectors generate about 30% of the world’s data volume and as per the estimations in 2023, hospitals produce 50 petabytes of data each year which is equivalent to total data from the Library of Congress i.e., 137 terabytes for a day.
Computer-Assisted Coding Industry Segmentation by Product
- Software
- Standalone
- Integrated
- Services
- Support & Maintenance
- Education & Training
Computer-Assisted Coding Market Segmentation by Application
- Automated Computer-Assisted Encoding
- Management Reporting & Analytics
- Clinical Coding Auditing
A few of the well-known market leaders in the global computer-assisted coding market that are profiled by Research Nester are Oracle, CoxHealth, Cerner Corporation, Dolbey Systems Inc., Optum Inc., Fujitsu, NEC Corporation, Astellas Pharma Inc., and others.
Recent Development in the Market
- Oracle introduced new specifications in the upcoming EHR platform focusing on user-friendly, consumer-grade apps. The new Oracle Health HER platform improves patient and supplier experiences with practical self-service solutions. This builds confidence in the patients and reduces the load on the provider or administration responsibilities.
- CoxHealth unveiled the use of Epic in their organization for Electronic Health Records to improve patient experience. The investment in this technology will improve the CoxHealth care delivery and employees' collaboration with patients. The Epic was selected to promote information transfer in the health system with ease, standardized processes, and seamless association for all-inclusive patient care.
Read our insightful Blogs and Data-driven Case Studies:
- Corporate Web Security - Next-Gen Web Security Solutions to tackle Cyberattacks
With the rise in cyber-attacks, it has become vital for industries to protect their assets. Let’s explore the trends, in corporate web security and study how applying effective solutions can lead to financial gains.
- Cyber Security Company reclaimed its position in the Market
Our analysts provided in-depth product analysis & research on global cyber security market for a cyber security company to reclaim its position. We provided them with insights that enabled the company to know about their flaws.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach to helping global industrial players, conglomerates, and executives for their future investments while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided the right guidance at the right time is available through strategic minds.
