Dublin, April 08, 2022 (GLOBE NEWSWIRE) -- The "Medical Coding Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global medical coding market reached a value of US$ 17.05 Billion in 2021. Looking forward, the publisher expects the market to reach a value of US$ 32.25 Billion by 2027 exhibiting a CAGR of 10.60% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Medical coding is the conversion of healthcare diagnosis, procedures, medical services, and equipment into universal medical alphanumeric codes. It includes assigning the appropriate codes, abstracting the information from documentation, and creating a claim to be paid by insurance carriers. It analyzes disease patterns among individuals and offers data on national health trends, thereby enabling federal and state governments to plan for resources required to fight prevalent health issues and launch initiatives for preventing and treating the affected population. As a result, it finds extensive applications in hospitals and diagnostic centers across the globe.
Medical Coding Market Trends:
At present, there is a rise in the demand for streamlined and convenient coding and billing solutions in hospitals. This, along with the growing demand for a universal language to reduce frauds and deceptions associated with insurance claims, represents one of the key factors driving the market. Moreover, there is an increase in the utilization of medical coding for uniform documentation of medical facilities around the world.
This, coupled with the burgeoning healthcare industry and technological advancements across the globe, is propelling the growth of the market. Besides this, the rising demand for international classification of diseases (ICD) due to the growing prevalence of diseases worldwide is positively influencing the market. Additionally, the escalating need for medical coding to create a proper record of patients and accelerate payments to physicians is offering lucrative growth opportunities to industry investors and end-users. Furthermore, key market players are extensively investing in research and development (R&D) activities and offering next-generation coding and reimbursement solutions, which is projected to increase their overall sales and profitability in upcoming years.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global medical coding market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on 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)
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
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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 and The Coding Network LLC.
Key Questions Answered in This Report:
- How has the global medical coding market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global medical coding market?
- What are the key regional markets?
- What is the breakup of the market based on the component?
- What is the breakup of the market based on the classification system?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global medical coding market and who are the key players?
- What is the degree of competition in the industry?
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Medical Coding Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Component
6.1 In-house
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Outsourced
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Classification System
7.1 International Classification of Diseases (ICD)
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Healthcare Common Procedure Code System (HCPCS)
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by End User
8.1 Hospitals
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Diagnostic Centers
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Others
8.3.1 Market Trends
8.3.2 Market Forecast
9 Market Breakup by Region
10 SWOT Analysis
11 Value Chain Analysis
12 Porters Five Forces Analysis
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 3M Company
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.1.3 Financials
14.3.1.4 SWOT Analysis
14.3.2 Access Healthcare
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.3 Aviacode Inc. (GeBBS Healthcare Solutions Inc.)
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.4 Dolbey Systems Inc.
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.5 Global Healthcare Resource
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.6 Maxim Healthcare Staffing
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.7 Medical Record Associates Inc.
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.8 Nuance Communications Inc. (Microsoft Corporation)
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.8.3 Financials
14.3.8.4 SWOT Analysis
14.3.9 Optum Inc. (UnitedHealth Group Incorporated)
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.10 Outsource Strategies International
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.11 The Coding Network LLC
14.3.11.1 Company Overview
14.3.11.2 Product Portfolio
For more information about this report visit https://www.researchandmarkets.com/r/lid8qy
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