Dublin, May 15, 2023 (GLOBE NEWSWIRE) -- The "Global Medical Coding Market Report and Forecast 2023-2031" report has been added to ResearchAndMarkets.com's offering.
The growth of the market is being driven by the increasing need for efficient and accurate medical billing and coding processes across the globe. The medical coding market size is expected to grow at a CAGR of 10.90% during the forecast period of 2023-2031 to attain a value of USD 47.75 billion by 2031.
The global medical coding market is driven by factors such as the increasing demand for standardized healthcare data, the growing need for efficient and accurate medical billing and coding processes, and the rising prevalence of chronic diseases. Technological advancements in healthcare IT, such as electronic health records and cloud-based medical coding software, are also contributing to the growth of the market.
The market is highly competitive and fragmented, with a large number of players offering medical coding services and solutions. Key players in the market include 3M Health Information Systems, Aviacode, Inc., nThrive, Inc., Maxim Healthcare Services, Inc., and STARTEK Health.
Medical Coding: Application and Uses
Medical coding is the process of transforming healthcare procedures, diagnoses, medical services, and equipment into universal medical alphanumeric codes. The codes help healthcare providers and payers to communicate uniformly about healthcare data. Medical coding is used in various healthcare applications, such as claims processing, medical billing, and reimbursement.
The primary application of medical coding is to streamline the billing process and improve the accuracy of healthcare data collection. It is also essential in medical research, clinical trials, and population health management. Medical coding plays a vital role in public health and disease control by accurately recording and reporting medical conditions.
With the increasing adoption of electronic health records (EHRs) and telemedicine, medical coding has become more critical than ever. Medical coders play a critical role in ensuring that healthcare data is accurately recorded and transmitted across different healthcare systems.
Medical coding is also used in the development of healthcare analytics and predictive models. By analysing medical coding data, healthcare providers can identify trends, risk factors, and treatment outcomes, which can help to improve patient care and population health.
Overall, medical coding has a wide range of applications and uses in healthcare, from improving the accuracy of billing and claims processing to enhancing medical research and population health management.
Global Medical Coding Market Scenario
The global medical coding market is expected to experience significant growth over the next few years. Medical coding is an important aspect of healthcare management and is essential for accurate billing, reimbursement, and data collection. The increasing demand for accurate and efficient medical coding services to improve healthcare revenue cycle management and reduce claim denials is driving the growth of the market.
The rise in healthcare expenditure and the growing need for healthcare services are also contributing to the growth of the medical coding market. With the increasing prevalence of chronic diseases and the aging population, the demand for medical coding services is expected to increase further in the coming years.
Additionally, the adoption of electronic health records (EHRs) and the implementation of ICD-10 codes have further driven the demand for medical coding services. The introduction of AI-based medical coding software is also expected to revolutionize the market and improve efficiency and accuracy.
North America dominates the global medical coding market due to the presence of a well-established healthcare system and the adoption of advanced technologies. However, the Asia Pacific region is expected to witness significant growth in the coming years due to the increasing demand for healthcare services and the rising healthcare expenditure in the region.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 147 |
| Forecast Period | 2023 - 2031 |
| Estimated Market Value (USD) in 2023 | $20.87 Billion |
| Forecasted Market Value (USD) by 2031 | $47.75 Billion |
| Compound Annual Growth Rate | 10.9% |
| Regions Covered | Global |
Key Players in the Global Medical Coding Market
- 3M Co
- Nuance Communications, Inc
- Precyse Solutions LLC
- Aviacode Inc
- Oracle Corporation
- Optum, Inc
- The Coding Network
- PAREXEL International Corporation
- S&P Global
- McKinsey & Company
- Bain & Company, Inc
Global Medical Coding Market Segmentations
Market Breakup by Classification System
- International Classification of Diseases (ICD)
- Healthcare Common Procedure Code System (HCPCS)
Market Breakup by Component
- In-House
- Outsourced
Market Breakup by End User
- Hospitals
- Diagnostic Centers
- Others
Patent Analysis
- Analysis by Type of Patent
- Analysis by Publication year
- Analysis by Issuing Authority
- Analysis by Patent Age
- Analysis by CPC Analysis
- Analysis by Patent Valuation
- Analysis by Key Players
Grants Analysis
- Analysis by year
- Analysis by Amount Awarded
- Analysis by Issuing Authority
- Analysis by Grant Application
- Analysis by Funding Institute
- Analysis by NIH Departments
- Analysis by Recipient Organization
Funding Analysis
- Analysis by Funding Instances
- Analysis by Type of Funding
- Analysis by Funding Amount
- Analysis by Leading Players
- Analysis by Leading Investors
- Analysis by Geography
Partnership and Collaborations Analysis
- Analysis by Partnership Instances
- Analysis by Type of Partnership
- Analysis by Leading Players
- Analysis by Geography
For more information about this report visit https://www.researchandmarkets.com/r/x6111z
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