Medical Coding Market Size 2022 | In-Depth Analysis, Business Growth, Revenue, Report 2027
IMARC Group has recently released a new research study titled, “Medical Coding Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the Medical Coding market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global medical coding market size reached a value of US$ 17.05 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 32.25 Billion by 2027 exhibiting a CAGR of 10.60% during 2022-2027.
Medical Coding Definition:
Medical coding refers to the process of converting healthcare-related information, such as diagnoses, procedures, services, and medical equipment, into universal medical alphanumeric codes. It involves assigning the proper codes, extracting the relevant data from medical records, and preparing a claim for payment from insurance companies. It helps government entities at the federal and state levels plan for necessary resources to address prevalent health concerns and initiate programs for prevention and treatment by studying health patterns among patients and providing data on national health trends. As a result, medical coding finds extensive applications in hospitals and diagnostic centers across the globe.
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Medical Coding Market Trends and Drivers:
The global medical coding market is primarily driven by rising demand for efficient and user-friendly coding and billing solutions for hospitals. Moreover, the surging use of medical coding to ensure uniform documentation in medical facilities globally is positively influencing the market growth.
Additionally, the escalating demand for a universal language to curb fraud and deceit in insurance claims has catalyzed market growth. Besides this, the increasing demand for the International Classification of Diseases (ICD) due to the rising incidences of chronic diseases worldwide represents another major growth-inducing factor. Furthermore, the escalating demand for medical coding to keep accurate patient records and speed up payments to healthcare professionals is contributing to the market growth.
Other factors, including rapid expansion in the healthcare industry, heavy investments in research and development (R&D) activities, and technological advancements, are also anticipated to create a favorable market outlook.
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Note: In this report you will get detailed analysis of the market, growth analysis graphs, historical period analysis, forecast period analysis, major market segmentation, top leading key players of the market, table of content, list of figures, and list of tables.
Medical Coding Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the medical coding market has been studied in the report with the detailed profiles of the key players operating in the market.
Key Market Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
List of Major Key Players:
- 3M Company
- Access Healthcare
- Aviacode Inc. (GeBBS Healthcare Solutions Inc.)
- Dolbey Systems Inc.
- Global Healthcare Resource
- Maxim Healthcare Staffing
- Medical Record Associates Inc.
- Nuance Communications Inc. (Microsoft Corporation)
- Optum Inc. (UnitedHealth Group Incorporated)
- Outsource Strategies International
- The Coding Network LLC
The report has segmented the market on the basis of region, component, classification system and end user.
Breakup by Component:
• In-house
• Outsourced
Breakup by Classification System:
• International Classification of Diseases (ICD)
• Healthcare Common Procedure Code System (HCPCS)
Breakup by End User:
• Hospitals
• Diagnostic Centers
• Others
Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
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Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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