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Medical Coding Market Size to Hit USD 48.35 Billion by 2030, Top Companies Share and Revenue & Growth Outlook

02-12-2024 01:39 PM CET | Health & Medicine

Press release from: SNS Insider Pvt Ltd

Medical Coding Market

Medical Coding Market

The SNS Insider report indicates that the Medical Coding Market was valued at USD 20.83 Billion 2022, and is expected to reach market size of USD 48.35 Billion by 2030, with a compound annual growth rate (CAGR) of 15.3% expected over the forecast period from 2023 to 2030.

Based on SNS Insider's research, digital tools, by significantly increasing access to health data and giving patients more control over their condition, provide healthcare professionals with a comprehensive view of the patient's health. As a result, there is an increase in the use of digital technologies in healthcare.

Medical Coding Market Report Scope -

This report aims at demonstrating the market potential of regions and segments, with a view to giving vendors an indication of where they can target. Understanding the current market situation and how it will develop in future was of major importance to estimate this opportunity. Production and consumption patterns are being carefully compared to forecast the market. The growth of the adjacent market, revenue growth from key players in the market and scenario-based analysis as well as segment growth are other factors to be taken into consideration when forecasting the market.

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The Major Key Players In Medical Coding Market
-AGS Health,
-Dolbey Systems Inc.,
-Parexel International Corporation,
-GeBBS Healthcare,
-Aviacode, Inc.,
-Precyse Solutions, LLC,
-3M,
-Maxim Health Information Services,
-Oracle Corporation,
-Verisk Analytics,
-Startek Health,
-Medical Record Associates LLC
-and Other Players.

Medical Coding Market Opportunities-

Growing adoption of CAC (computer assisted coding) solutions is expected to offer lucrative growth opportunities for players in the global medical coding market. The CAC was designed to improve the accuracy of health coders and enhance quality. According to a new KLAS research report, hospitals and healthcare systems are now realising the benefits of computerised coding solutions. KLAS interviewed users of CAC solutions from 4 vendors; such as 3M, Optum, Dolbey, and ezDI.

Medical Coding Segmentation Analysis -

By Classification System
-Healthcare Common Procedure Code System (HCPCS)
-International Classification of Diseases (ICD)
-Current Procedural Terminology (CPT)

By Component
-Outsourced
-In-House

By End User
-Hospitals
-Diagnostic Centers
-Others

The medical coding market has been segmented into two major classification systems: International Classification of Diseases (ICD) and Healthcare Common Procedure Code System (HCPCS). In 2021, the International Classification of Diseases ICD segment represented a large proportion of revenues. The ICD system is used to classify and code diseases, injuries and other medical conditions. This system is applied for the reimbursement of healthcare and clinical care, as well as research. ICD codes are being used in healthcare organisations around the world due to an increasing prevalence of chronic diseases, as well as a need for accurate and effective disease monitoring.

Based on component, in 2022, the internal segment accounted for a significant revenue share of the global medical coding market. In particular, the advantages offered by inhouse Medical Codening such as increased control and flexibility of coding processes are a major reason for this. In addition, the use of inhouse coding allows healthcare providers to retain sensitive data on their patients at home and reduce risks associated with data misuses while ensuring compliance with legal requirements.

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Key Regional Development -

The North American region, which accounted for the largest revenue in 2022, dominated the healthcare coding market. The growing burden of chronic diseases and the ageing population is a major factor that drives growth in medical coding markets in North America. The US has the highest market share as a result of strict legislation and policies on medical billing and coding that encourage patients to use these services.

The Asia Pacific region is projected to experience the highest growth rate over the forecast period, owing to a growing demand for health code services in developing countries like India and China. Increasing healthcare spending, government efforts and the growth of health care institutions in this area is leading to a growing market.

Key Takeaway from Medical Coding Market Study-

Market Penetration: This report provides a comprehensive overview of the market provided by key players.

Market development: It probes deep into lucrative emerging markets, analysing their penetration in the mature market segments.

Market Diversification: Detailed information on new product launches, untapped geographical regions, current developments and investments are provided in this report.

Recent Development Related to Medical Coding Market-

In October 2022, Nym, the leader in translating clinical language into actionable information, has announced that its medical coding engine is now being made available to radiology departments throughout the US.

In January 2022, National Medical Billing Services, an industry-leading healthcare revenue cycle management company serving the ambulatory surgery center (ASC) market, acquired mdStrategies, a full-service medical coding company focused on ASCs.

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Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
5. Value Chain Analysis
6. Porter's 5 forces model
7. PEST Analysis
8. Medical Coding Market Segmentation, By Classification System
8.1 Healthcare Common Procedure Code System (HCPCS)
8.2 International Classification of Diseases (ICD)
8.3 Current Procedural Terminology (CPT)
9. Medical Coding Market Segmentation, By Component
9.1 Outsourced
9.2 In-House
10. Medical Coding Market Segmentation, By End User
10.1 Hospitals
10.2 Diagnostic Centers
10.3 Others
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
13.1 Competitive Benchmark
13.2 Market Share Analysis
13.3 Recent Developments
14. Conclusion
Continued

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Contact Us:
Akash Anand - Head of Business Development & Strategy
info@snsinsider.com
Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)
Website: https://www.snsinsider.com

About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world

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