According to the latest report by IMARC Group, titled “Global Medical Coding Market Share, Size, Industry Trends, Growth, Opportunity and Forecast 2022-2027“, the global medical coding market 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 refers to the process of transcribing healthcare diagnoses, procedures, medical services, and equipment into universal medical alphanumeric codes. It is used to create proper records of patient care, streamline medical billing processes, accelerate payments to physicians, as well as identify focus areas of the healthcare system. A medical coder assigns appropriate codes, abstracts information through documents, and creates insurance carrier claims. As a result, medical coding finds application in cases of claim management, emergency response systems, and clinical decisions support systems by emergency clinics.
Medical Coding Market Trends and Drivers:
The global medical coding market is primarily driven by the increasing demand for convenient and easy healthcare solutions across hospitals, medical centers, and emergency clinics.
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In addition, governments in different countries are promoting the use of medical coding as it analyzes disease patterns and offers data on national health trends, thereby enabling federal and state governments to fight prevalent health issues and launch initiatives for the affected population. Medical coding is also a universal language for reducing fraud and deception associated with insurance claims, thereby fueling the market growth.
Furthermore, the significant growth of the healthcare industry coupled with the growing instances of chronic and lifestyle diseases among individuals are also expected to propel the demand for medical coding in the upcoming years.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Medical Coding Market 2022-2027 Analysis and 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.
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 and The Coding Network LLC.
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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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