iCrowd Newswire – Jul 24, 2020
Medical Coding Market size is forecast to reach $24.56 billion by 2025, growing at a CAGR of 10.2% during the forecast period 2020-2025. Technological development in medical fields and the rising need for a universal language are the major factors driving the growth of the market. Rising number of coders is set to rise in the career opportunities and growing interest in the Medical Coding by hospitals and healthcare institutions is set to further enhance the overall market demand of medical coding market during the forecast period 2020-2025.
Classification System- Segment Analysis
The International Classification of Diseases (ICD) segment held the largest share in the Medical Coding Market in 2019 and is estimated to grow at a CAGR of 5.8% during the forecast period 2020-2025. ICD is designed as a health care classification system that provides healthcare diagnosis codes for identifying various diseases signs, symptoms, abnormal findings, complaints, social circumstances and external cause of injury or disease. Medical coding is the transformation of healthcare procedures, diagnosis, equipment, and medical services into universal medical alphanumeric codes. The International Classification of Diseases is designed to map health conditions to corresponding generic categories together with specific variations, assigning for these a designated code, up to six characters long. International Classification of Diseases include a section classifying mental and behavioral disorders. It is estimated that the International Classification of Diseases segment to be the fastest growing segment and set to register a highest CAGR during the forecast period 2020-2025.
End User – Segment Analysis
Hospitals dominated the global medical coding market in 2019. Increasing number of patients visiting hospitals and rising need to store patient data efficiently stimulates growth of this segment. The growing number of healthcare institutions in developing countries is also fueling the growth of medical coding market.
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Geography – Segment Analysis
North America dominates the medical coding market in 2019 with a share of more than 33%, followed by Europe. North America dominates the medical coding market owing to the rapid adoption of the technologically advanced IT procedures in hospitals, growing availability of medical coders, and the highly advanced healthcare IT structure. Developments in medical technology witnessed in the hospitals and healthcare institutions to secure patient data along with the high demand for specialist coders and presence of a favorable healthcare system are driving the medical coding market in the North America region.
However, Asia-Pacific is estimated to grow at a higher CAGR during the forecast period 2020-2025. This is owing to the developing healthcare facilities among emerging economies in the countries of Asia Pacific. Rising number of medical coding outsourcing companies and increasing medical tourism is estimated to help in the growth of the region during the forecast period 2020-2025.
Drivers – Medical Coding Market
- Technological developments in medical fields
Medical technology has been rising in various fields of medicine. Companies are feeding machines with various information to enhance the conclusions of the decoding program .Medical coding professionals help to ensure the codes are applied correctly during the medical billing process, which includes abstracting the information from documentation, assigning the appropriate codes, and creating a claim to be paid by insurance carriers. Artificial intelligence technology are used to decode alphanumeric codes representing every diagnosis and procedure.
- Rising need for a universal language
The Healthcare industry have been pitching in for a universal language to identify and classify disease symptoms and signs. A universal language also reduces frauds, misinterpretations associated with insurance claims, and provides streamline hospital billing procedures. Rising need for a universal language is to reduce frauds and misinterpretations associated with the insurance claims and also the escalating demand for coding services is increasing the growth of the medical coding market.
Challenges – Medical Coding Market
- Learning new codes
Some of the factors that impede the growth of the medical coding market are the learning of new codes. As the medical sector is growing and gains new information every day, so it becomes difficult for medical coders to learn new language.
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Medical Coding Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the medical coding market. In 2019, Medical Coding Market share is consolidated by the top ten players present in the market. Medical coding market top 10 companies are STARTEK Health, Oracle Corporation, Verisk Analytics, Aviacode Inc., Parexel International Corporation, Maxim Health Information Services, Thrive Inc., Medical Record Associates LLC, 3M Company and Optum Inc. among others.
- In November 2017, Aviacode announced there acquisition of a Hyderabad, India- based medical coding company so that they can get access to AAPC and AHIMA certified medical coders which will help them to improve their business as they will generate more revenue.
- In December 2018, Optum Bank announced that they have enhanced their data and analytics tools which will which help the accountholder to understand how to use their health savings account (HSA) savings so that they can pay for their healthcare costs.
- North America dominates the medical coding market in 2019 owing to the rapid adoption of the technologically advanced IT procedures and the highly advanced healthcare IT structure. The medical coding market scope for different regions will be provided in the final report.
- Escalating demand for coding services and the constant revisions in classification system is likely to aid in the market growth of medical coding market.
- Detailed analysis on the Strength, Weakness and opportunities of the prominent players operating in the market will be provided in the medical coding market report.
- Learning new codes create hurdles for the medical coding market.
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