Wilmington, Delaware, Sept. 11, 2023 (GLOBE NEWSWIRE) -- Global Medical Coding and Billing Services Market was valued at US$ 14.6 billion in 2022 and is expected to grow at a significant CAGR of over 11.2% over the forecast period of 2023-2030, according to the latest market report by RationalStat
Market Definition, Market Scope, and Report Overview
Medical coding and billing services are key components of the administrative and financial responsibilities of the healthcare business. They are concerned with the conversion of healthcare procedures, diagnoses, medical services, and equipment into universal alphanumeric codes. These codes are used for billing, insurance claims, and patient record keeping. For healthcare providers, insurance companies, and government agencies to ensure correct reimbursement and efficient healthcare operations, medical coding and billing are critical.
The market for medical coding and billing services is expanding, owing to many causes such as changes in the healthcare industry, regulatory requirements, technology improvements, and the need for effective revenue cycle management.
- According to a deep-dive market assessment by RationalStat, the global medical coding and billing services market has been analyzed on the basis of market segments, including components, end user and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global medical coding and billing services market covers market sizes on the basis of market value (US$/EUR Million) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global medical coding and billing services market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Medical Coding and Billing Services Market: Segmental and Market Share Analysis
- On the basis of component, the software segment is predicted to grow at the fastest rate between 2023 and 2030. It greatly lowers costs and has proven to be an excellent choice for small and medium-sized businesses.
- On the basis of end user, the hospital segment accounted for the majority of the global medical coding and billing services market, accounting for 45%. The segment is likely to maintain its dominance during the forecast period.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 14.6 billion |
| Market Size Forecast | US$ 34.1 billion |
| Growth Rate | 11.2% |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global medical coding and billing services market include,
- In March 2022, Omega Healthcare procured Reventics, an RCM solution developer that delivers solutions for provider engagement to increase compliance and physician reimbursement.
Some of the prominent players and suppliers operating and contributing significantly to the global medical coding and billing services market growth include Maxim Health Information Services, Aviacode, Oracle, Verisk Analytics, STARTEK Health, OptumInsight (UnitedHealth Group), Cognizant, nThrive, GeBBS Healthcare Solutions, and MRA Health Information Services, among others.
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RationalStat has segmented the global medical coding and billing services market based on components, end user and region
- Global Medical Coding and Billing Services Market Value (US$ Million), and Market Share (2019-2030) Analysis by Components
- Hardware
- Software
- Global Medical Coding and Billing Services Market Value (US$ Million), and Market Share (2019-2030) Analysis by End User
- Hospitals
- Clinics
- Others
- Global Medical Coding and Billing Services Market Value (US$ Million), and Market Share (2019-2030) Analysis by Region
- North America Medical Coding and Billing Services Market
- US
- Canada
- Latin America Medical Coding and Billing Services Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Medical Coding and Billing Services Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Medical Coding and Billing Services Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Medical Coding and Billing Services Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Medical Coding and Billing Services Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Medical Coding and Billing Services Market
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Key Questions Answered in the Medical Coding and Billing Services Report:
- What will be the market value of the global medical coding and billing services market by 2030?
- What is the market size of the global medical coding and billing services market?
- What are the market drivers of the global medical coding and billing services market?
- What are the key trends in the global medical coding and billing services market?
- Which is the leading region in the global medical coding and billing services market?
- What are the major companies operating in the global medical coding and billing services market?
- What are the market shares by key segments in the global medical coding and billing services market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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