New York, United States , May 23, 2023 (GLOBE NEWSWIRE) -- The Global Medical Coding Market Size to Grow from USD 15.23 Billion in 2021 to USD 33.15 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 12.63% during the forecast period.
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The process of converting medical records into a format used by the healthcare sector is known as medical coding. By doing so, it is possible to turn long medical reports into codes that may be quickly and readily recorded with data. Medical coders translate reports from doctors into useful medical codes. In many situations, these experts work in the background to make sure that all critical data is consistently and precisely coded.
Due to the growing demand for standardised billing systems, medical coders are in high demand. In addition, the increased accessibility of medical coding services has increased demand for medical coding, particularly in developing nations. In addition, there is a growing need for medical coding service providers due to the growth in medical records, insurance claim fraud, and misinterpretation. In addition, the rise in the use of advanced medical coding has been prompted by an increase in fraudulent activities involving the misuse of personal information.
Additionally, there is growing desire for a straightforward and user-friendly billing and coding system. Facility administrators can evaluate the frequency and efficacy of treatments thanks to medical coding firms. For significant healthcare facilities like tertiary care hospitals, this is extremely crucial. The market is expected to be driven by frequent launches.
The market expansion will be constrained by a lack of trained and skilled workers. Furthermore, thorough training in this area is made possible by the intricacy of knowledge of all of the codes. Additionally, it demands a lot of practise and is stressful. Therefore, the lack of skilled workers, particularly in developing and undeveloped countries, has an impact on market expansion.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on "Global Medical Coding Market Size, Share, and COVID-19 Impact Analysis, By System (Healthcare Common Procedure Code System (HCPCS), Current Procedural Terminology (CPT), International Classification of Diseases (ICD), Current Procedural Terminology (CPT)), By Component (Outsourced, In-House, Others), By End User (Hospitals, Diagnostic Centers), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030)." Get Detailed Report Description Here:
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System Insights
Healthcare Common Procedure Code System segment is dominating the market over the forecast period
On the basis of system, the global medical coding market is segmented into Healthcare Common Procedure Code System (HCPCS), Current Procedural Terminology (CPT), International Classification of Diseases (ICD), Current Procedural Terminology (CPT). Among these, healthcare common procedure code system segment is dominating the market over the forecast period. A database of codes known as the Healthcare Common Procedure Coding System (HCPCS) describes the procedures, goods, and services that Medicare beneficiaries and those with commercial health insurance plans may get.
Component Insights
Outsourced medical coding system segment holds the largest revenue share over the forecast period
Based on the component, the global medical coding market is segmented into outsourced, in-house, and others. Among these, outsourced medical coding system segment holds the largest revenue share over the forecast period. Connecting with other parties or organisations to handle a company's coding duties rather than using the personnel on staff is known as outsourcing medical coding.
End User Insights
Hospitals segment is dominating the market with the largest market share
On the basis of end user, the global medical coding market is segmented into hospitals and diagnostic centers. Among these, hospitals segment is dominating the market with the largest market share. From billing systems to diagnostic procedures, hospitals employ medical coding to simplify their processes. In order to improve their diagnostic processes and analytical skills, diagnostic centres use medical coding.
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Regional Insights
North America is dominating the market with the largest market share over the forecast period.
Due to rising government interest in developing new technologies for diagnosis, billing, treatment, and record management, increasing capitalization in the transformation of the healthcare infrastructure, and the growth of healthcare digitization organisations, North America is dominating the market with the largest market share over the forecast period. In addition, improve communication with doctors, nurses, and other healthcare specialists to classify the services for patients.
Over the course of the forecast period, the market in Asia-Pacific is anticipated to increase significantly as a result of the region's rising medical tourism sector and the region's expanding healthcare infrastructure in developing countries like China, India, Malaysia, Thailand, and others.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Medical Coding Market include 3M (U.S.), Aviacode Inc. (India), Dolbey (U.S.), Maxim Healthcare Services (U.S.), MRA Health Information Services (U.S.), Oracle (U.S.), PAREXEL International Corporation (U.S.), Startek (U.S.), Verisk Analytics, Inc. (U.S.), Nuance Communications, Inc. (U.S.), Optum Inc. (U.S.), Outsource Strategies International (U.S.), VertMarkets, Inc. (U.S.), S&P Global (U.S.), AltuMED (U.S.), Coding Network (U.S.), Microsoft COrpoation (U.S.), UNITEDHEALTH GROUP. (U.S.) and among others.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global Medical Coding Market based on the below-mentioned segments:
Medical Coding Market, System Analysis
- Healthcare Common Procedure Code System (HCPCS)
- Current Procedural Terminology (CPT)
- International Classification of Diseases (ICD)
- Current Procedural Terminology (CPT)
Medical Coding Market, Component Analysis
- Outsourced
- In-House
Medical Coding Market, End User
- Hospitals
- Diagnostic Centers
- Others
Medical Coding Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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