Report Scope & Overview:
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.
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A rising need for sophisticated medical billing systems
Rising telehealth service use for outpatient care
The use of medical practice management systems is expanding
Apprehensions about inadequate or missing paperwork
Modifications to Medical Coding Regulations
Increasing Need for a Universal Language to Reduce Insurance Claims Fraud and Misunderstandings
Issues with Data Security
IT professionals aren't well-equipped enough.
IMPACT OF COVID-19
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.
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.
KEY MARKET SEGMENTS:
By Classification System
Healthcare Common Procedure Code System (HCPCS)
International Classification of Diseases (ICD)
Current Procedural Terminology (CPT)
By End User
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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.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
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.
Dolbey Systems Inc-Company Financial Analysis
|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|
|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
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.2 Impact on major economies
22.214.171.124 United Kingdom
126.96.36.199 South Korea
188.8.131.52 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
10. Medical Coding Market Segmentation, By End User
10.2 Diagnostic Centers
11. Regional Analysis
11.2 North America
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1 AGS Health
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
12.8 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
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