The global Medical Coding market size is expected to be worth around US$ 35.4 billion by 2030, according to a new report by Vision Research Reports.
The global Medical Coding market size was valued at US$ 20.6 billion in 2020 and is anticipated to grow at a CAGR of 17.0% during forecast period 2021 to 2030.
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Rising need for a universal language to reduce fraud and misinterpretations associated with insurance claims is driving the market growth.
Presently, medical coding is in its initial phase with frequent introduction of advanced versions of classification systems. In addition, the number of coders is constantly rising as a result of career opportunities in this field. Escalating demand for coding services, coupled with the aforementioned factors, is driving the market growth.
Constant revisions in classification systems and their global acceptance are expected to result in lucrative growth during the forecast years. Rising demand for world-class healthcare services in developing regions is also anticipated to boost the adoption of medical coding procedures.
Among the two commonly used classification systems – International Classification of Diseases (ICD) and The Healthcare Common Procedure Coding System (HCPCS), ICD accounted for the largest market share in 2016. The current version of ICD contains around 69,823 codes for diagnostics and 71,924 for procedures.
The addition of more than 140,000 new codes from its previous version is expected to significantly increase demand for trained coders, thus, boosting segment growth. Frequent introduction of updated versions and availability of training for specialty courses in coding is expected to create multiple vacancies for coders in healthcare institutes.
HCPCS is used for procedures for Medicare, Medicaid, and other third-party health insurance providers. In most cases, the U.S. government, through the Health Information Portability and Accountability Act (HIPAA), has made use of HCPCS code mandatory. Level II of HCPCS codes include non-physician services such as durable wheelchairs, ambulance, stretchers, and walkers. Similar to other systems, these codes are updated and revised constantly.
Selection of outsourcing or in-house medical coding depends on various factors including the availability of skilled labor, the healthcare system in the country, and the size of business. A shift from in-house coding to outsourcing these services has been observed in recent years. Outsourcing of such services is constantly increasing mainly because it avoids the need for hiring skilled and qualified professionals, which results in cost savings for healthcare facilities.
Furthermore, outsourcing of these services reduces the burden of updating the staff with the latest regulations and guidelines. In addition, companies offering third-party coding practice HIPAA-compliant security measures and adhere to ICD-10 guidelines, which ensures quality. Thus, the outsourcing segment is anticipated to expand at the fastest growth rate in the medical coding market during the forecast period.
North America dominated the market by capturing the largest revenue share in 2016. High adoption rate of advanced healthcare solutions in routine hospital operations and the availability of a large number of medical coding solution providers are factors expected to aid in maintaining the dominance of the region throughout the forecast period.
Increasing awareness regarding the availability of advanced hospital solutions, growing penetration of private healthcare insurance companies, and rising number of medical coding outsourcing companies in Asia Pacific are some of the key factors expected to boost regional growth at a lucrative rate through 2025. Moreover, factors such as developing healthcare facilities and booming medical tourism in countries such as China, India, Malaysia, and Thailand are expected to support the Asia Pacific market.
STARTEK Health; Oracle Corporation; Verisk Analytics; Aviacode, Inc.; Parexel International Corporation; Maxim Health Information Services; nThrive, Inc; and Medical Record Associates LLC.
- Classification System Outlook
- International Classification of Diseases (ICD)
- Healthcare Common Procedure Code System (HCPCS)
- Component Outlook
- Regional Outlook
- North America
- The U.S.
- The U.K.
- Asia Pacific
- Latin America
- South Africa
- North America
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The Medical Coding market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Medical Coding market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Medical Coding market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Medical Coding market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Medical Coding market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Medical Coding capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Medical Coding by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Medical Coding market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Medical Coding market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Medical Coding market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Medical Coding industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Medical Coding market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Medical Coding market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Medical Coding market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Medical Coding market. These factors have benefited the growth of the global market for Medical Coding. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Medical Coding. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Medical Coding are as follows:
- Historic Year: 2017-2020
- Base Year: 2021
- Forecast Year 2021 to 2030
Reasons to Purchase this Report:
– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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