Medical Coding Market Size, Share, Analysis, Industry Trends, Growth and Forecast Till 2022-2027

 According to the latest report by IMARC Group, titled "Global Medical Coding Market Size, Share, Industry Trends, Growth, Opportunity and Forecast 2022-2027", the global medical coding market reached a value of US$ 17.05 Billion in 2021, is expected to reach a value of US$ 32.25 Billion by 2027 exhibiting a CAGR of 10.60% during 2022-2027.

Medical coding is the method of converting healthcare diagnosis, procedures, equipment, and medical services into comprehensive alphanumeric codes. It involves abstracting the information from documentation, assigning the relevant codes, and formulating claims to be paid by the insurance companies. Medical coding helps to analyze disease patterns among patients and provides data on national health trends, thereby allowing the federal and state government bodies to plan for suitable resources that are effective in fighting the prevalent ailments. It also aids in launching initiatives for treating and preventing the affected population. Consequently, medical coding is finding widespread applications in hospitals and diagnostic centers across countries.

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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.

Medical Coding Market Trends and Drivers:

The expanding healthcare industry and the increasing need for streamlined coding and billing solutions in hospitals are primarily driving the medical coding market. Besides this, the elevating requirement for a universal language to prevent fraud associated with insurance claims is acting as another significant growth-inducing factor. 

Additionally, the escalating demand for the International Classification of Diseases (ICD), on account of the inflating prevalence of illnesses across the globe, is also augmenting the market growth. 

Moreover, the rising usage of coding for comprehensive documentation of the healthcare facilities and to create a proper record of patients is expected to stimulate the medical coding market growth in the coming years.

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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.

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.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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