The Medical Coding Market Size was valued at USD 20.83 Billion in 2022, and is expected to reach USD 48.35 Billion by 2030, and grow at a CAGR of 11.1% over the forecast period 2023-2030.
Medical coding is the process of converting important medical data into standard medical alphanumeric codes, like healthcare diagnostics, procedures, and services. In order to process insurance claims and pay patients' bills, medical coding is utilized to extract billable data from medical records. Medical coding is in high demand due to the development and digitization of healthcare infrastructure. The need for medical coding has grown globally as a result of the digitization of billing systems and information records. The medical coding market is likely to be driven in the foreseeable future by the increasing mandate for automated medical billing.
Get more information on Medical Coding Market - Request Sample Report
DRIVERS
A rising need for sophisticated medical billing systems
Rising telehealth service use for outpatient care
The use of medical practice management systems is expanding
RESTRAINTS
Apprehensions about inadequate or missing paperwork
Modifications to Medical Coding Regulations
OPPORTUNITIES
Increasing Need for a Universal Language to Reduce Insurance Claims Fraud and Misunderstandings
CHALLENGES
Issues with Data Security
IT professionals aren't well-equipped enough.
The shocking global spread of COVID-19 had an impact on small businesses, medium-sized businesses, and huge organisations everywhere. However, throughout the epidemic, internet-based tools and services were utilised. With the aid of workflows meant to rationalize the design, production, and sale of vaccines, the demand for medical coding increased throughout the virus outbreak. The pandemic has given market participants new opportunities. Clinical trials and clinical data management are conducted using medical coding systems while developing new medications and treatments. In order to develop vaccines, pharmaceutical and biotechnology corporations produced a vast amount of data and laboratory records. Medical coding is used to convert these data into medical records. The need to quickly convert data into medical records created opportunities for market participants.
Medical coding systems are employed, among other things, to manage data about beds, medical provider records, vaccine information, and patient dose specifics. The COVID-19 epidemic also fueled the billing data for the admitted patients. To accelerate the billing and other payment operations, the hospital management and clinics adopted medical coding systems. Medical coding has been a key component of the transfer of data from equipment for medical analysis thanks to the integration of digital platforms with diagnostic devices. The demand for technical assistance has increased as a result of the rise of COVID-19 cases, advancing medical services globally. During the coronavirus outbreak, such procedures have increased demand for medical coding.
By Classification System
Healthcare Common Procedure Code System (HCPCS): This sort of coding system has a set of codes that denote procedures, goods and services, and supplies to help medical professionals and those enrolled in private health insurance programmes.
Global Classification of Diseases (ICD): It is a kind of diagnostic instrument that is applied in clinical settings, health administration, and epidemiology. Medical coding of this kind categorizes mortality data from death certificates and monitors and classifies injury causes.
Using the CPT (current procedural terminology) It is a collection of codes that establishes the principles and specifications for the actions taken by doctors and other medical professionals.
By Component
Medical coding is a task that can be outsourced, which means that rather than using the company's own employees to complete it, another company or third party is hired.
Internal Training: The internal training approach aims to teach company personnel how to code for health services.
By End User
Medical coding is used by hospitals to streamline anything from diagnostic procedures to billing systems.
Centers for Diagnosis: To improve their diagnosing processes and analytical skills, the diagnostic centers use medical coding.
Others: Ambulatory care facilities, labs, and research facilities make up the remaining section. Medical coding is used to create and manage healthcare invoices in ambulatory settings, but it is also used in labs to keep track of inventories and clinical trial and patent data.
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
.png)
Need any customization research on Medical Coding Market - Enquiry Now
Due to increased government interest in creating new technologies for diagnosis, treatment, billing, and record management, growing establishments of organisations focused on healthcare digitization, and rising capitalization in the transformation of the healthcare infrastructure, North America held the largest market share for medical coding. In order to classify the services for patients, there is an increase in communication with doctors, nurses, and other healthcare professionals. This is one of the key causes boosting the demand for medical coding. The healthcare industry is paying increasing attention to the integration of standardized HCPS, CPT, and ICD-10 CM codes. Additionally, the region's drive for innovative and intelligent healthcare systems is driving up demand for medical coding.
The modernization and privatization of healthcare technology, government policies that support digitization, increased investment in healthcare IT infrastructure, rising adoption of preventive health programmes, and quickening adoption of medical management systems are the main factors driving the Asia-Pacific medical coding market. In the predicted timeframe, it is anticipated that these factors will increase market demand for medical coding. Additionally, it is expected that increased investment in the production of pharmaceuticals and vaccines will spur the regional market for medical coding.
REGIONAL COVERAGE
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Major key players are 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.
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 20.83 Billion |
| Market Size by 2030 | US$ 48.35 Billion |
| CAGR | CAGR of 11.1% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • 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) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | 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. |
| Key Drivers | • A rising need for sophisticated medical billing systems • Rising telehealth service use for outpatient care |
| RESTRAINTS | • Apprehensions about inadequate or missing paperwork • Modifications to Medical Coding Regulations |
Ans. Teh Medical Coding Market Size was expected to reach US$ 48.35 Billion by 2030.
Ans. Outsourced, and In-House are sub segments of by application of Medical Coding market.
Ans. Medical coding is the process of converting important medical data into standard medical alphanumeric codes, like healthcare diagnostics, procedures, and services. In order to process insurance claims and pay patients' bills, medical coding is utilized to extract billable data from medical records.
Ans. AGS Health, Dolbey Systems Inc., Parexel International Corporation, GeBBS Healthcare, Aviacode, Inc., Precyse Solutions, LLC, and 3M are key players of Medical Coding Market.
Ans: The Medical Coding market is to grow at a CAGR of 11.1% over the forecast period 2023-2030.
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
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
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
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 AGS Health
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Dolbey Systems Inc.
12.3 Parexel International Corporation
12.4 GeBBS Healthcare
12.5 Aviacode, Inc.
12.6 Precyse Solutions, LLC
12.7 3M
12.8 Maxim Health Information Services
12.9 Oracle Corporation
12.10 Verisk Analytics
13. Competitive Landscape
13.1 Competitive Benchmark
13.2 Market Share Analysis
13.3 Recent Developments
14. Conclusion
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
The Orthopedic Software Market Size was assessed at USD 363.32 million in 2022, and is predicted to increase at a CAGR of 8.1 percent from 2023 to 2030, to reach USD 677.48 million.
The Microcatheters Market Size was valued at USD 1.98 billion in 2022, and is expected to reach USD 2.71 billion by 2030 and grow at a CAGR of 4% over the forecast period 2023-2030.
The Upstream Bioprocessing Market size was estimated USD 16.9 billion in 2022 and is expected to reach USD 58.1 billion by 2030 at a CAGR of 16.7% during the forecast period of 2023-2030.
The Wearable Breast Pumps Market Size was valued at USD 526.91 million in 2022 and is expected to reach USD 898.58 million by 2030, and grow at a CAGR of 6.9% over the forecast period 2023-2030.
The Microfluidics Market size was estimated at USD 28.71 billion in 2022 and is expected to reach USD 72.10 billion by 2030 at a CAGR of 12.2% during the forecast period of 2023-2030.
The Particle Counter Market Size was valued at USD 418.38 million in 2022, and is expected to reach USD 903.37 million by 2030 and grow at a CAGR of 10.1% over the forecast period 2023-2030.
Hi! Click one of our member below to chat on Phone
© 2024 All Rights Reserved by SNS Insider Pvt Ltd
