Get more information on Medical Coding Market - Request Sample Report
The Medical Coding Market is valued at USD 18.41 billion, estimated to reach USD 40.55 billion by 2032 with a staggering CAGR of 9.21% during the forecast period 2024-2032.
The medical coding market is booming due to the advancements in healthcare infrastructure and increasing demand for accurate medical billing. The global need for medical coders has been spurred by the digitalization of both these things. This trend is likely to endure as governments spend on hospitals and research facilities up to snuff.
A key driver for medical coding market growth is the increase in hospital admissions. In 2024, there have already been about 34 million admissions in the US alone. This surge leads to the requirement of great medical coders for effective billing.
Increased efficiencies in coding and billing solutions are another element of contributing to growth. The Association of American Medical Colleges states that the population is getting older because more people are living longer. In response to this increasing demand, the Bureau of Labor Statistics observes an 8% uptick in medical records and health information technician jobs through 2032.
This is an important part of providing standardization across healthcare facilities but also shows how medical coding can solve the problem. This enables the administrators to examine how well treatments work and how often they need them, a vital task in large institutions. Developments within coding software mean that functionality is becoming greater. Amazon Web Services launched a service that uses AI to autogenerate clinical documentation to speed up the coding process.
While these four sub-markets have doubled in value over the last 12 months, several major players are taking advantage by introducing innovative new solutions. One example of these advancements is CorroHealth's PULSE platform, which was built to automate coding and accelerate revenue recovery for health organizations. There's also a rise in investment within the medical billing and coding software space, including companies like CodaMetrix becoming funded to create AI frameworks that support self-driving systems for medical coding.
The medical coding market is growing majorly due to increased demand from hospitals, stand-alone diagnostic centers, and physicians’ clinics seeking cost-effective billing procedures with faster turnaround times through competency in ICD codes so that they can focus on improving patient satisfaction. Despite being faced with challenges relating to regulation changes and data security, the general trajectory of the medical coding market boasts a positive outlook for years ahead.
Demand for faster claim processing, shift towards electronic billing, and cloud-based solutions for remote access
Increased prevalence of chronic diseases and the geriatric population is responsible for driving demand for sophisticated medical billing systems as more people rely on regular checkups and treatment, the need for a reliable billing system is increasing. Billing systems should be configured to facilitate the creation of claims and reduce denials since each healthcare provider uses different billing systems. This enables them to get their payments back on time. Demand for Electronic billing systems is being driven by the following trends such as EHRs (Electronic Health Records) gaining popularity. It makes claims processing, tracking, and paperwork low. Users can leverage cloud technology which gives them remote access to medical billing data thereby, increasing accessibility and management of data.
This has been emphasized by several programs additionally, Blue Shield of California teamed up with Google Cloud to use AI and bring instant online reimbursement data for patients facilitating the billing process between providers and patients. Delhi government in India is also adopting a cloud-based health management system to facilitate easier access for patients.
When combined with the rising need for billing solutions that are both able to scale and provide improved ROI, this white space represents several large market opportunities that will move medical coding RFID systems toward mainstream applications.
Medical coding is historically dependent on experts to understand medical procedures and diagnoses in human language and translate them into standardized codes. However, the developments are happening at an accelerated pace right now with a more prominent role of artificial intelligence (AI) in the industry.
According to an article published in July 2024, the Certified AI Medical Coder (CAIMC(R)) credential is one such example of this advancement. Provided by the Professional Medical Billers Association LLC and MEDESUN Prime, this certification allows medical coders to learn how they can start using AI in their coding practices.
Documenting Complications Hamper the Market Growth
Medical billing systems have made significant strides, the major challenge is the insufficient documentation that stems from healthcare providers. With the latest release protection that is based on weak comparisons can get a mismatch of records, false program coding, and so forth. These are not only an insult to the image of a company but also affix with overall quality in functionality of the billing system. Solving this problem is now more important than ever for the sustainability of the medical coding market.
Healthcare Common Procedure Code System
International Classification of Diseases
Current Procedural Terminology
The most frequently cited classification system is HCPCS with 53.02% market share in 2023. The dual utility in this case is billing and the clinical. These codes are also important to healthcare providers and insurance companies who rely on them for billing purposes sending the billable information needed with procedure and service quality or quantity as validation to absorb costs properly. In another aspect, it is a cornerstone for public health initiatives by helping with disease trend tracking and mortality data categorization. No such sweeping consolidation of the market relegates HCPCS to a secondary segment.
The field of medical coding has developed significantly and is on the path to being revolutionized by using Artificial Intelligence (AI). However, ICD and CPT both are fundamental building blocks that go into diagnosing patients accurately AND billing for physician services appropriately; which is why they should be prime targets for AI use-case. Certifications such as the Certified AI Medical Coder (CAIMC) that have begun to emerge illustrate a need for coders knowledgeable in using tools like these. Its integration is the one that can lead to a huge improvement in coding quality and productivity, making ICD and CPT as faster growth future segments.
Need any customization research on Medical Coding Market - Enquiry Now
Outsourced
In-House
Outsourced Coding is the dominating segment with 56.33% of the market share in 2023, Organizations contract external vendors with experienced coders to manage their coding tasks. This is cost-effective, offers access to specialized expertise, and allows for easy scaling of coding capacity.
In-house coding is the fastest-growing segment in which healthcare providers train and employ their staff for medical coding. This approach gives them greater control over data security, facilitates direct communication with providers for clarification, and allows for customization based on specific needs.
Hospitals
Diagnostic Centers
Others
Regional Analysis
The North American medical coding market is dominating with 41% the largest market share in 2023 and poised for continued growth. This dominance can be attributed to several factors including Investments pouring into revamping healthcare infrastructure and establishing healthcare digitization organizations across the region. Governments are also actively developing new technologies for diagnosis, treatment, billing, and record management. The integration of standardized codes like HCPCS, CPT, and ICD-10 CM is gaining traction. This allows for accurate reflection of services rendered and facilitates communication between healthcare professionals when categorizing patient services. The rising prevalence of chronic diseases like cancer is a major driver as reported by the American Cancer Society in January 2024, an estimated 2 million new lung cancer cases are expected in the United States alone for 2024, compared to 1.9 million in 2023. This translates to increased hospitalization rates and a growing demand for accurate medical coding to manage complex patient information.
For instance, in November 2023, AAPC, a key market player, acquired Semantic Health, an AI startup. This move aims to expand AI functionalities in medical coding and bolster AAPC's product offerings. Similarly, Intelligent Medical Objects launched new products in July 2023, focusing on Natural Language Processing (NLP) and problem identification, further enhancing the coding process.
These advancements, coupled with a growing need for streamlined billing procedures and improved healthcare infrastructure, position the North American medical coding market for significant growth in the coming years.
REGIONAL COVERAGE
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Oracle Corporation, Startek Health, Parexel International Corporation, Verisk Analytics, Maxim Health Information Services, Aviacode, Inc., GeBBS Healthcare, Precyse Solutions, LLC, 3M, AGS Health, Dolbey Systems Inc., Medical Record Associates LLC, MRA Health Information Services, Semantic Health, Optum Inc., Nuance Communications Inc., The Coding Network LLC, Talix and others.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 18.41 Billion |
| Market Size by 2032 | US$ 40.55 Billion |
| CAGR | CAGR of 9.21% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| 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, Current Procedural Terminology) • By Component (Outsourced, In-House) • By End User (Hospitals, Diagnostic Centers, Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Oracle Corporation, Startek Health, Parexel International Corporation, Verisk Analytics, Maxim Health Information Services, Aviacode, Inc., GeBBS Healthcare, Precyse Solutions, LLC, 3M, AGS Health, Dolbey Systems Inc., Medical Record Associates LLC, MRA Health Information Services, Semantic Health, Optum Inc., Nuance Communications Inc., The Coding Network LLC, Talix and others. |
| Key Drivers | • Demand for faster claim processing, shift towards electronic billing, and cloud-based solutions for remote access |
| RESTRAINTS | • Documenting Complications Hamper the Market Growth |
Ans. The Medical Coding Market Size was expected to reach US$ 40.55 Billion by 2032.
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. Oracle Corporation, Startek Health, Parexel International Corporation, Verisk Analytics, Maxim Health Information Services, Aviacode, Inc., GeBBS Healthcare, Precyse Solutions, LLC, 3M, AGS Health, Dolbey Systems Inc., Medical Record Associates LLC, MRA Health Information Services, Semantic Health, Optum Inc., Nuance Communications Inc., The Coding Network LLC, Talix are key players of Medical Coding Market.
Ans: The Medical Coding market is to grow at a CAGR of 9.21% over the forecast period 2024-2032.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Medical Coding Market Segmentation, By Classification System
7.1 Introduction
7.2 Healthcare Common Procedure Code System
7.3 International Classification of Diseases
7.4 Current Procedural Terminology
8. Medical Coding Market Segmentation, By Component
8.1 Introduction
8.2 Outsourced
8. In-House
9. Medical Coding Market Segmentation, By End-user
9.1 Introduction
9.2 Hospitals
9.3 Diagnostic Centers
9.4 Others
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 Trend Analysis
10.2.2 North America Medical Coding Market by Country
10.2.3 North America Medical Coding Market By Classification System
10.2.4 North America Medical Coding Market By Component
10.2.5 North America Medical Coding Market By End-user
10.2.6 USA
10.2.6.1 USA Medical Coding Market By Classification System
10.2.6.2 USA Medical Coding Market By Component
10.2.6.3 USA Medical Coding Market By End-user
10.2.7 Canada
10.2.7.1 Canada Medical Coding Market By Classification System
10.2.7.2 Canada Medical Coding Market By Component
10.2.7.3 Canada Medical Coding Market By End-user
10.2.8 Mexico
10.2.8.1 Mexico Medical Coding Market By Classification System
10.2.8.2 Mexico Medical Coding Market By Component
10.2.8.3 Mexico Medical Coding Market By End-user
10.3 Europe
10.3.1 Trend Analysis
10.3.2 Eastern Europe
10.3.2.1 Eastern Europe Medical Coding Market by Country
10.3.2.2 Eastern Europe Medical Coding Market By Classification System
10.3.2.3 Eastern Europe Medical Coding Market By Component
10.3.2.4 Eastern Europe Medical Coding Market By End-user
10.3.2.5 Poland
10.3.2.5.1 Poland Medical Coding Market By Classification System
10.3.2.5.2 Poland Medical Coding Market By Component
10.3.2.5.3 Poland Medical Coding Market By End-user
10.3.2.6 Romania
10.3.2.6.1 Romania Medical Coding Market By Classification System
10.3.2.6.2 Romania Medical Coding Market By Component
10.3.2.6.4 Romania Medical Coding Market By End-user
10.3.2.7 Hungary
10.3.2.7.1 Hungary Medical Coding Market By Classification System
10.3.2.7.2 Hungary Medical Coding Market By Component
10.3.2.7.3 Hungary Medical Coding Market By End-user
10.3.2.8 Turkey
10.3.2.8.1 Turkey Medical Coding Market By Classification System
10.3.2.8.2 Turkey Medical Coding Market By Component
10.3.2.8.3 Turkey Medical Coding Market By End-user
10.3.2.9 Rest of Eastern Europe
10.3.2.9.1 Rest of Eastern Europe Medical Coding Market By Classification System
10.3.2.9.2 Rest of Eastern Europe Medical Coding Market By Component
10.3.2.9.3 Rest of Eastern Europe Medical Coding Market By End-user
10.3.3 Western Europe
10.3.3.1 Western Europe Medical Coding Market by Country
10.3.3.2 Western Europe Medical Coding Market By Classification System
10.3.3.3 Western Europe Medical Coding Market By Component
10.3.3.4 Western Europe Medical Coding Market By End-user
10.3.3.5 Germany
10.3.3.5.1 Germany Medical Coding Market By Classification System
10.3.3.5.2 Germany Medical Coding Market By Component
10.3.3.5.3 Germany Medical Coding Market By End-user
10.3.3.6 France
10.3.3.6.1 France Medical Coding Market By Classification System
10.3.3.6.2 France Medical Coding Market By Component
10.3.3.6.3 France Medical Coding Market By End-user
10.3.3.7 UK
10.3.3.7.1 UK Medical Coding Market By Classification System
10.3.3.7.2 UK Medical Coding Market By Component
10.3.3.7.3 UK Medical Coding Market By End-user
10.3.3.8 Italy
10.3.3.8.1 Italy Medical Coding Market By Classification System
10.3.3.8.2 Italy Medical Coding Market By Component
10.3.3.8.3 Italy Medical Coding Market By End-user
10.3.3.9 Spain
10.3.3.9.1 Spain Medical Coding Market By Classification System
10.3.3.9.2 Spain Medical Coding Market By Component
10.3.3.9.3 Spain Medical Coding Market By End-user
10.3.3.10 Netherlands
10.3.3.10.1 Netherlands Medical Coding Market By Classification System
10.3.3.10.2 Netherlands Medical Coding Market By Component
10.3.3.10.3 Netherlands Medical Coding Market By End-user
10.3.3.11 Switzerland
10.3.3.11.1 Switzerland Medical Coding Market By Classification System
10.3.3.11.2 Switzerland Medical Coding Market By Component
10.3.3.11.3 Switzerland Medical Coding Market By End-user
10.3.3.12 Austria
10.3.3.12.1 Austria Medical Coding Market By Classification System
10.3.3.12.2 Austria Medical Coding Market By Component
10.3.3.12.3 Austria Medical Coding Market By End-user
10.3.3.13 Rest of Western Europe
10.3.3.13.1 Rest of Western Europe Medical Coding Market By Classification System
10.3.3.13.2 Rest of Western Europe Medical Coding Market By Component
10.3.3.13.3 Rest of Western Europe Medical Coding Market By End-user
10.4 Asia-Pacific
10.4.1 Trend Analysis
10.4.2 Asia-Pacific Medical Coding Market by Country
10.4.3 Asia-Pacific Medical Coding Market By Classification System
10.4.4 Asia-Pacific Medical Coding Market By Component
10.4.5 Asia-Pacific Medical Coding Market By End-user
10.4.6 China
10.4.6.1 China Medical Coding Market By Classification System
10.4.6.2 China Medical Coding Market By Component
10.4.6.3 China Medical Coding Market By End-user
10.4.7 India
10.4.7.1 India Medical Coding Market By Classification System
10.4.7.2 India Medical Coding Market By Component
10.4.7.3 India Medical Coding Market By End-user
10.4.8 Japan
10.4.8.1 Japan Medical Coding Market By Classification System
10.4.8.2 Japan Medical Coding Market By Component
10.4.8.3 Japan Medical Coding Market By End-user
10.4.9 South Korea
10.4.9.1 South Korea Medical Coding Market By Classification System
10.4.9.2 South Korea Medical Coding Market By Component
10.4.9.3 South Korea Medical Coding Market By End-user
10.4.10 Vietnam
10.4.10.1 Vietnam Medical Coding Market By Classification System
10.4.10.2 Vietnam Medical Coding Market By Component
10.4.10.3 Vietnam Medical Coding Market By End-user
10.4.11 Singapore
10.4.11.1 Singapore Medical Coding Market By Classification System
10.4.11.2 Singapore Medical Coding Market By Component
10.4.11.3 Singapore Medical Coding Market By End-user
10.4.12 Australia
10.4.12.1 Australia Medical Coding Market By Classification System
10.4.12.2 Australia Medical Coding Market By Component
10.4.12.3 Australia Medical Coding Market By End-user
10.4.13 Rest of Asia-Pacific
10.4.13.1 Rest of Asia-Pacific Medical Coding Market By Classification System
10.4.13.2 Rest of Asia-Pacific Medical Coding Market By Component
10.4.13.3 Rest of Asia-Pacific Medical Coding Market By End-user
10.5 Middle East & Africa
10.5.1 Trend Analysis
10.5.2 Middle East
10.5.2.1 Middle East Medical Coding Market by Country
10.5.2.2 Middle East Medical Coding Market By Classification System
10.5.2.3 Middle East Medical Coding Market By Component
10.5.2.4 Middle East Medical Coding Market By End-user
10.5.2.5 UAE
10.5.2.5.1 UAE Medical Coding Market By Classification System
10.5.2.5.2 UAE Medical Coding Market By Component
10.5.2.5.3 UAE Medical Coding Market By End-user
10.5.2.6 Egypt
10.5.2.6.1 Egypt Medical Coding Market By Classification System
10.5.2.6.2 Egypt Medical Coding Market By Component
10.5.2.6.3 Egypt Medical Coding Market By End-user
10.5.2.7 Saudi Arabia
10.5.2.7.1 Saudi Arabia Medical Coding Market By Classification System
10.5.2.7.2 Saudi Arabia Medical Coding Market By Component
10.5.2.7.3 Saudi Arabia Medical Coding Market By End-user
10.5.2.8 Qatar
10.5.2.8.1 Qatar Medical Coding Market By Classification System
10.5.2.8.2 Qatar Medical Coding Market By Component
10.5.2.8.3 Qatar Medical Coding Market By End-user
10.5.2.9 Rest of Middle East
10.5.2.9.1 Rest of Middle East Medical Coding Market By Classification System
10.5.2.9.2 Rest of Middle East Medical Coding Market By Component
10.5.2.9.3 Rest of Middle East Medical Coding Market By End-user
10.5.3 Africa
10.5.3.1 Africa Medical Coding Market by Country
10.5.3.2 Africa Medical Coding Market By Classification System
10.5.3.3 Africa Medical Coding Market By Component
10.5.3.4 Africa Medical Coding Market By End-user
10.5.3.5 Nigeria
10.5.3.5.1 Nigeria Medical Coding Market By Classification System
10.5.3.5.2 Nigeria Medical Coding Market By Component
10.5.3.5.3 Nigeria Medical Coding Market By End-user
10.5.3.6 South Africa
10.5.3.6.1 South Africa Medical Coding Market By Classification System
10.5.3.6.2 South Africa Medical Coding Market By Component
10.5.3.6.3 South Africa Medical Coding Market By End-user
10.5.3.7 Rest of Africa
10.5.3.7.1 Rest of Africa Medical Coding Market By Classification System
10.5.3.7.2 Rest of Africa Medical Coding Market By Component
10.5.3.7.3 Rest of Africa Medical Coding Market By End-user
10.6 Latin America
10.6.1 Trend Analysis
10.6.2 Latin America Medical Coding Market by country
10.6.3 Latin America Medical Coding Market By Classification System
10.6.4 Latin America Medical Coding Market By Component
10.6.5 Latin America Medical Coding Market By End-user
10.6.6 Brazil
10.6.6.1 Brazil Medical Coding Market By Classification System
10.6.6.2 Brazil Medical Coding Market By Component
10.6.6.3 Brazil Medical Coding Market By End-user
10.6.7 Argentina
10.6.7.1 Argentina Medical Coding Market By Classification System
10.6.7.2 Argentina Medical Coding Market By Component
10.6.7.3 Argentina Medical Coding Market By End-user
10.6.8 Colombia
10.6.8.1 Colombia Medical Coding Market By Classification System
10.6.8.2 Colombia Medical Coding Market By Component
10.6.8.3 Colombia Medical Coding Market By End-user
10.6.9 Rest of Latin America
10.6.9.1 Rest of Latin America Medical Coding Market By Classification System
10.6.9.2 Rest of Latin America Medical Coding Market By Component
10.6.9.3 Rest of Latin America Medical Coding Market By End-user
11. Company Profiles
11.1 nThrive (Precyse Solutions LLC)
11.1.1 Company Overview
11.1.2 Financial
11.1.3 Products/ Services Offered
11.1.4 The SNS View
11.2 Oracle Corporation
11.2.1 Company Overview
11.2.2 Financial
11.2.3 Products/ Services Offered
11.2.4 The SNS View
11.3 Startek Health
11.3.1 Company Overview
11.3.2 Financial
11.3.3 Products/ Services Offered
11.3.4 The SNS View
11.4 Parexel International Corporation
11.4.1 Company Overview
11.4.2 Financial
11.4.3 Products/ Services Offered
11.4.4 The SNS View
11.5 Verisk Analytics
11.5.1 Company Overview
11.5.2 Financial
11.5.3 Products/ Services Offered
11.5.4 The SNS View
11.6 Maxim Health Information Services
11.6.1 Company Overview
11.6.2 Financial
11.6.3 Products/ Services Offered
11.6.4 The SNS View
11.7 Aviacode, Inc.
11.7.1 Company Overview
11.7.2 Financial
11.7.3 Products/ Services Offered
11.7.4 The SNS View
11.8 GeBBS Healthcare
11.8.1 Company Overview
11.8.2 Financial
11.8.3 Products/ Services Offered
11.8.4 The SNS View
11.9 Precyse Solutions, LLC
11.9.1 Company Overview
11.9.2 Financial
11.9.3 Products/ Services Offered
11.9.4 The SNS View
11.10 3M
11.10.1 Company Overview
11.10.2 Financial
11.10.3 Products/ Services Offered
11.10.4 The SNS View
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. Use Case and Best Practices
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 Healthcare Biometrics Market Size was valued at USD 537.03 million in 2022 and is expected to reach USD 2263.3 million by 2030 and grow at a CAGR of 19.7% over the forecast period 2023-2030.
The Veterinary Vaccine Adjuvants Market size was valued at USD 9.18 billion in 2023 and is estimated to reach USD 15.24 billion by 2032 with a growing CAGR of 5.8% from 2024 to 2032.
The Glaucoma Therapeutics Market size was USD 7.25 million in 2023 and is expected to Reach USD 9.62 million by 2031 and grow at a CAGR of 3.6% over the forecast period of 2024-2031.
The Healthcare Payer Services Market Size was valued at USD 62.67 billion in 2022 and is expected to reach USD 111.7 billion by 2030 and grow at a CAGR of 7.5% over the forecast period 2023-2030.
The Vagus Nerve Stimulation Market Size was valued at USD 456.88 Million in 2023, and is expected to reach USD 1,074.62 Million by 2032, and grow at a CAGR of 10.48% over the forecast period 2024-2032.
The Telerehabilitation Market Size was valued at USD 3.4 billion in 2023, and is expected to reach USD 12.34 billion by 2032, and grow at a CAGR of 15.4% over the forecast period 2024-2032.
Hi! Click one of our member below to chat on Phone
© 2024 All Rights Reserved by SNS Insider Pvt Ltd
