Global Medical Coding Market Size, Trends & Growth Opportunity, By Classification System (International Classification of Diseases (ICD), Healthcare Common Procedure Code System (HCPCS),), By Component (In-house, and Outsourced), By End User, By Region and Forecast till 2027.
Report ID : QR1001379 | Industries : Healthcare | Published On :January 2022 | Page Count : 239Global Medical Coding Market
Medical Coding Market was valued at USD 14,582.92 million in 2021 and it is expected to reach 29,356.41 million by 2027 at a CAGR 10.87% from 2021-2027.
Medical coding is defined as the eversion of healthcare diagnosis, medical services, procedures, and equipment into universal medical alphanumeric codes. The diagnoses & procedure codes are taken from medical record documentation, such as transcription of physician's notes, laboratory & radiologic results, etc. Medical coding professionals help ensure the codes are applied correctly during the medical billing process, which includes abstracting the information from documentation, assigning the appropriate codes as well as creating a claim to be paid by insurance carriers.
Market Drivers
The increase in demand for universal language in medical documents for upgrading hospital billing procedures is a prominent factor which expected to boost the growth of global medical coding market over the forecast period. Furthermore, the rise in incidence of insurance frauds & insurance issues related to misinterpretation of medical documents is another factor which expected to accelerate the growth of global medical coding market. For instance, as per the information provided by National Health Care Anti-Fraud Association, healthcare fraud costs in the United States are around USD 68.0 BN annually.
Moreover, the increase in usage of billing & medical coding procedures in revenue cycle management is expected to drive the market growth. In addition, the rise in adoption of computer-assisted coding to speed up the medical coding process & increase accuracy is also supporting the market growth.
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Market Restraint
Lack of skilled IT professionals & constantly varying regulatory policies from region to region related to medical coding are key factors anticipated to hamper growth of global medical coding market throughout the forecast period.
Market Segmentation
The Global Medical Coding Market is segmented into Classification System such as International Classification of Diseases (ICD), Healthcare Common Procedure Code System (HCPCS), by component such as In-house, and Outsourced. Further, market is segmented into end user such as Hospitals, Diagnostic Centers, and Others.
Regional Analysis
Also, Global Medical Coding Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, Middle East & Africa.
The North America region is estimated to hold the largest market share, in terms of revenue, over the forecast period. Due to technological advancements & improved healthcare infrastructure in various countries in this region. In the North American region, the US holds the largest market share owing to factors like an increasing geriatric population & a growing number of chronic diseases in the country, which is expected to stimulate the demand in this region.
Key Players
Various key players are listed in this report such as 3M Company, Dolbey Systems Inc., Aviacode Inc., MRA Health Information Services, Maxim Health Information Services, Nuance Communications Inc., Oracle Corporation, Optum Inc., Talix, nThrive (Precyse Solutions LLC), etc.
Recent Developments
January 2021, Innoventrum & Dental Medical Billing had announced a partnership under which they launched a premier credentialing program for dental-to-medical cross-coding and billing. In the program, candidates can earn designations in 9 specializations, such as sleep apnea, oral surgery, dental implant coding, sedation dentistry, and coding and reimbursement for CBCT scans.
Market Taxonomy
By Classification System
- International Classification of Diseases (ICD)
- Healthcare Common Procedure Code System (HCPCS)
By Component
- In-house
- Outsourced
By End User
- Hospitals
- Diagnostic Centers
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Questions Addressed by the Report
- What are the Key Opportunities in Global Medical Coding Market?
- What will be the growth rate from 2020 to 2027?
- Which segment/region will have highest growth?
- What are the factors that will impact/drive the Market?
- What is the competitive Landscape in the Industry?
- What is the role of key players in the value chain?
Global Medical Coding Market TOC
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Medical Coding Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Medical Coding Market, By Classification System
5.1 Y-o-Y Growth Comparison, By Classification System
5.2 Global Medical Coding Market Share Analysis, By Classification System
5.3 Global Medical Coding Market Size and Forecast, By Classification System
5.3.1 International Classification of Diseases (ICD)
5.3.2. Healthcare Common Procedure Code System (HCPCS)
6 Global Medical Coding Market, By Component
6.1 Y-o-Y Growth Comparison, By Component
6.2 Global Medical Coding Market Share Analysis, By Component
6.3 Global Medical Coding Market Size and Forecast, By Component
6.3.1 In-house
6.3.2 Outsourced
7 Global Medical Coding Market, By End User
7.1 Y-o-Y Growth Comparison, By End User
7.2 Global Medical Coding Market Share Analysis, By End User
7.3 Global Medical Coding Market Size and Forecast, By End User
7.3. 1 Hospitals
7.3.2. Diagnostic Centers
7.3.3. Others
8 Global Medical Coding Market, By Region
8.1 Global Medical Coding Market Share Analysis, By Region
8.2 Global Medical Coding Market Share Analysis, By Region
8.3 Global Medical Coding Market Size and Forecast, By Region
9 North America Medical Coding Market Analysis and Forecast (2021-2027)
9.1 Introduction
9.2 North America Medical Coding Market Share Analysis, By Classification System
9.3 North America Medical Coding Market Size and Forecast, By Component
9.4 North America Medical Coding Market Size and Forecast, By End User
9.5 North America Medical Coding Market Size and Forecast, By Country
9.5.1 U.S.
9.5.2 Canada
9.5.3 Mexico
10 Europe Medical Coding Market Analysis and Forecast (2021-2027)
10.1 Introduction
10.2 Europe Medical Coding Market Share Analysis, By Classification System
10.3 Europe Medical Coding Market Size and Forecast, By Component
10.4 Europe Medical Coding Market Size and Forecast, By End User
10.5 Europe Medical Coding Market Size and Forecast, By Country
10.5.1 Germany
10.5.2 France
10.5.3 UK
10.54. Rest of Europe
11 Asia Pacific Medical Coding Market Analysis and Forecast (2021-2027)
11.1 Introduction
11.2 Asia Pacific Medical Coding Market Share Analysis, By Classification System
11.3 Asia Pacific Medical Coding Market Size and Forecast, By Component
11.4 Asia Pacific Medical Coding Market Size and Forecast, By End User
11.5 Asia Pacific Medical Coding Market Size and Forecast, By Country
11.5.1 China
11.5.2 Japan
11.5.3 India
11.5.4. Rest of Asia Pacific
12 Latin America Medical Coding Market Analysis and Forecast (2021-2027)
12.1 Introduction
12.2 Latin America Medical Coding Market Share Analysis, By Classification System
12.3 Latin America Medical Coding Market Size and Forecast, By Component
12.4 Latin America Medical Coding Market Size and Forecast, By End User
12.5 Latin America Medical Coding Market Size and Forecast, Country
12.5.1. Brazil
12.5.2. Rest of Latin America
13 Middle East Medical Coding Market Analysis and Forecast (2021-2027)
13.1 Introduction
13.2 Middle East Medical Coding Market Share Analysis, By Classification System
13.3 Middle East Medical Coding Market Size and Forecast, By Component
13.4 Middle East Medical Coding Market Size and Forecast, By End User
13.5 Middle East Medical Coding Market Size and Forecast, By Country
13.5.1. Saudi Arabia
13.5.2. UAE
13.5.3. Egypt
13.5.4. Kuwait
13.5.5. South Africa
14 Competitive Analysis
14.1 Competition Dashboard
14.2 Market share Analysis of Top Vendors
14.3 Key Development Strategies
15 Company Profiles
15.1 3M Company
15.1.1 Overview
15.1.2 Offerings
15.1.3 Key Financials
15.1.4 Business Segment & Geographic Overview
15.1.5 Key Market Developments
15.1.6 Key Strategies
15.2. Dolbey Systems Inc
15.2.1 Overview
15.2.2 Offerings
15.2.3 Key Financials
15.2.4 Business Segment & Geographic Overview
15.2.5 Key Market Developments
15.2.6 Key Strategies
15.3. Aviacode Inc
15.3.1 Overview
15.3.2 Offerings
15.3.3 Key Financials
15.3.4 Business Segment & Geographic Overview
15.3.5 Key Market Developments
15.3.6 Key Strategies
15.4 MRA Health Information Services
15.4.1 Overview
15.4.2 Offerings
15.4.3 Key Financials
15.4.4 Business Segment & Geographic Overview
15.4.5 Key Market Developments
15.4.6 Key Strategies
15.5 Maxim Health Information Services
15.5.1 Overview
15.5.2 Offerings
15.5.3 Key Financials
15.5.4 Business Segment & Geographic Overview
15.5.5 Key Market Developments
15.5.6 Key Strategies
15.6 Nuance Communications Inc
15.6.1 Overview
15.6.2 Offerings
15.6.3 Key Financials
15.6.4 Business Segment & Geographic Overview
15.6.5 Key Market Developments
15.6.6 Key Strategies
15.7 Oracle Corporation
15.7.1 Overview
15.7.2 Offerings
15.7.3 Key Financials
15.7.4 Business Segment & Geographic Overview
15.7.5 Key Market Developments
15.7.6 Key Strategies
15.8 Optum Inc
15.8.1 Overview
15.8.2 Offerings
15.8.3 Key Financials
15.8.4 Business Segment & Geographic Overview
15.8.5 Key Market Developments
15.8.6 Key Strategies
15.9.1 Overview
15.9.2 Offerings
15.9.3 Key Financials
15.9.4 Business Segment & Geographic Overview
15.9.5 Key Market Developments
15.9.6 Key Strategies
15.10 nThrive (Precyse Solutions LLC)
15.10.1 Overview
15.10.2 Offerings
15.10.3 Key Financials
15.10.4 Business Segment & Geographic Overview
15.10.5 Key Market Developments
15.10.6 Key Strategies