Medical Coding Market Trend, Future Growth, Leading Players Updates, Industry Demand, Current and Future Plans by Forecast to 2028
Medical Coding Market report examines in-depth, focusing on revenue, growth trends, market trends, and the general volume of the global market. It also includes import-export utilization, market forces, price, revenue, and gross margins. Moreover, it provides an overview of crucial competition and growth prospects with estimates for 2021-2026.
In detail, the Medical Coding Market research report offers a comprehensive examination of the global market in terms of size, value, future directions, categorization, and major geographic regions. This report aims to provide business strategic policy initiatives, industry growth, and market forecasts for the future. The import-export scenario, market status, and regional analysis with industry segments are all covered in this study.
Furthermore, this report provides a thorough understanding of the global Medical Coding market, assisting readers in understanding key challenges, drivers, and constraints and Porter’s five analyses to identify competitive strength and growth potential.
So today, we are going to discuss Medical Coding Market Trend and Future Growth Forecast to 2028. Not only medical billing but also medical coding is trending day by day. Therefore t is better to understand the market opportunities, their demand, and other factors. So here we go!
Medical Coding Market insights
During the forecast timeframe of 2021 to 2028, the medical coding market is expected to grow. According to Data Bridge Market Research, the medical coding market will be worth USD 26.63 billion by 2028, expanding at a CAGR of 10.15 percent during the forecast period. However, the rise in insurance fraud and confusion about medical documents has directly impacted the medical coding market’s growth.
Medical records and documentation, such as practitioner’s notes and laboratory and radiologic conclusions, are recorded into codes in medical coding. Medical coding professionals are responsible for ensuring that the codes are applied correctly. The process includes extracting information from record-keeping, assigning proper codes, and generating a claim that insurance companies will pay.
Medical coding is the process of converting healthcare diagnoses, procedures, medical services, and facilities into global alphanumeric codes.
The primary driving factor for the medical coding industry is increasing the prevalence of medical coding services in healthcare. The growing demand for standardized billing methods is also propelling the medical coding industry. The increasing need for coding services and the considerations mentioned earlier represent a growth potential for the medical coding industry.
The growing customer concern about data security is a significant problem for the medical coding business. However, the primary limitation in the growth of the medical coding market during the projected period of 2021-2028 is a lack of educated and skilled experts.
Impact of COVID-19 on Medical Coding Market
COVID-19 is an unexpected worldwide public health disaster that has impacted nearly every business. The long-term repercussions are expected to influence industry growth throughout the projection period. Our continuing study expands our research approach to include fundamental COVID-19 problems and potential next steps.
The study provides insights on COVID-19 by considering changes in consumer behavior and demand, purchasing patterns, supply chain re-routing, the dynamics of contemporary market forces, and significant government initiatives. In addition, the revised report includes insights, analysis, projections, and predictions based on the influence of COVID-19 on the market.
The scope and size of the Medical Coding Market
The Medical Coding Market is divided into three segments:
- categorization system,
- component, and
The expansion of these segments will assist you in analyzing meager growth segments in the industries and provide users with a useful industry overview and market insights to assist them in making strategic options for identifying critical industry applications.
The Medical Coding Market is divided into two classification systems:
- International Classification of Diseases (ICD)
- Healthcare Common Procedure Code System (HCPCS),
- as well as current procedural terminology.
The Medical Coding Market is divided into two components:
Analysis of the competitive landscape and Medical Coding Market share
The number of professional coders is projected to increase considerably throughout the projection period, increasing the number of firms that provide facilities for medical coding experts. As a result of numerous local providers providing a diverse range of services, the market seems to be highly fragmented, and all companies are pursuing various growth strategies to enhance their market position.
The competitive landscape of the Medical Coding Market gives information by competitors. Business overview, financials, revenue produced, market opportunity, investment in research and development, new industry efforts, worldwide presence, production sites and capabilities, production capacity, company weaknesses and strengths, product promotion, product width and breadth, application domination are all mentioned. The data points presented above, only linked to the firm’s emphasis on the Medical Coding Market.
In response to COVID-19, Aidéo Technologies stated in April 2020 that it would provide free access to its AI-enabled medical coding engine Gemini AutoCode to healthcare organizations and Revenue Cycle Management firms. Oracle, Nuance, the Coding Network, and Optum are some of the prominent companies in the industry examined.
The key companies profiled in the Medical Coding Market report are as follows:
- 3M Company
- Aviacode Inc.
- Dolbey Systems
- Maxim Health Information Services
- Medical Record Associates LLC
- Oracle Corporation
- Parexel International Corporation
- Precyse Solutions LLC
- STARTEK Health
- Verisk Analytics
- The Middle East and Africa (MEA)
Trends in the Market
The largest segment, the International Classification of Diseases (ICD), is expected to grow throughout the forecast period.
Because of the rising need for qualified medical coders, the international classification of diseases (ICD) segment is projected to achieve a considerable revenue share during the projection period. The use of ICD is becoming more common across the world as illness occurrence rises. According to the World Health Organization (WHO), cardiovascular illnesses are the leading cause of mortality worldwide, killing an estimated 17.9 million people each year.
According to the British Heart Foundation (BHF), 1,706,213 instances of cardiovascular disease are identified in the UK alone. According to data, the prevalence of cardiovascular illnesses is rising, which is related to market growth. Furthermore, as ICD versions improve, their utilization will likely increase, as the latest versions give more information than earlier versions.
The ICD-11 edition was issued in June 2018 to allow member nations to prepare for adoption, including translating the ICD into respective native languages. The ICD-11 version vastly improves on the ICD-10 version, with 55,000 different codes for injuries, illnesses, and reasons of death instead of 14,400 in ICD-10. This ICD-11 version might go into effect in 2022.
This preview release may allow governments to plan how to use the next version, create translations, and train health workers across the country. As a result of the global expansion of medical coding, this area is projected to increase in the future.
Methodology & Data Sources
Primary sources include industry professionals from the Global Medical Coding Market, such as management organizations, processing organizations, and analytics service providers across the industry’s value chain. All original sources were examined to collect and authenticate primary and secondary data and assess future potential.
The primary sources – postal surveys, telephone, online, and face-to-face surveys – were used in the thorough primary research procedure conducted to gather and validate qualitative and quantitative components of this research study. Secondary resources included the company’s annual reports, news releases, online sites, investor presentations, conferencing transcripts, webinars, journals, authorities, national customs, and professional organizations.
Why should you buy the report?
- Visualize the worldwide Medical Coding Market product composition in terms of categorization system, component, and end-user, emphasizing important commercial assets and players.
- Analyze trends and co-development deals to identify financial possibilities in the global medical coding industry.
- Excel data file including hundreds of data points from the worldwide medical coding market segmentation at the 4/5 level.
- Following extensive qualitative interviews and in-depth market research, a PDF report with the most critical analysis was cogently put together after extensive qualitative interviews and in-depth market research.