Medical Coding Market Size, Share & Trends Analysis Report By Classification System (International Classification of Diseases, Healthcare Common Procedure Code System), By Component- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2021-2027
The global Medical Coding market gathered revenue around USD 15.7 Billion in 2020 and market is set to grow USD 29.7 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 11.0% during the prediction period 2021 to 2027.
The market Rising need for a universal language to reduce fraud and misinterpretations associated with insurance claims is driving the market growth. Presently, medical coding is in its initial phase with frequent introduction of advanced versions of classification systems. In addition, the number of coders is constantly rising as a result of career opportunities in this field. Escalating demand for coding services, coupled with the aforementioned factors, is driving the market growth.
Constant revisions in classification systems and their global acceptance are expected to result in lucrative growth during the forecast years. Rising demand for world-class healthcare services in developing regions is also anticipated to boost the adoption of medical coding procedures.
In terms of the demand-supply scenario, demand for medical coding services is much higher in countries with universal healthcare systems and/or compulsory health insurance. As major use of such systems is in healthcare insurance claims, the insurance industry has a history of a large number of frauds reported.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Medical Coding market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Medical Coding market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
|Market Size||USD 29.7 Billion by 2027|
|Growth Rate||CAGR of 11.0% From 2021 to 2027|
|Forecast Period||2021 to 2027|
|Historic Data||2017 to 2020|
|Report coverage||Growth Factors, Revenue Status, Competitive Landscape, and Future Trends|
|Segments Covered||Classification System, Component And Region
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||STARTEK Health; Oracle Corporation; Verisk Analytics; Aviacode, Inc.; Parexel International Corporation; Maxim Health Information Services; nThrive, Inc; and Medical Record Associates LLC.|
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Medical Coding market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
North America dominated the market by capturing the largest revenue share in 2020. High adoption rate of advanced healthcare solutions in routine hospital operations and the availability of a large number of medical coding solution providers are factors expected to aid in maintaining the dominance of the region throughout the forecast period.
Increasing awareness regarding the availability of advanced hospital solutions, growing penetration of private healthcare insurance companies, and rising number of medical coding outsourcing companies in Asia Pacific are some of the key factors expected to boost regional growth at a lucrative rate through 2027. Moreover, factors such as developing healthcare facilities and booming medical tourism in countries such as China, India, Malaysia, and Thailand are expected to support the Asia Pacific market.
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
- Company Overview
- Company Market Share/Positioning Analysis
- Product Offerings
- Financial Performance
- Recent Initiatives
- Key Strategies Adopted by Players
- Vendor Landscape
- List of Suppliers
- List of Buyers
Some of the prominent players in the Medical Coding Market include: STARTEK Health; Oracle Corporation; Verisk Analytics; Aviacode, Inc.; Parexel International Corporation; Maxim Health Information Services; nThrive, Inc; and Medical Record Associates LLC.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
- By Classification System
- International Classification of Diseases (ICD)
- Healthcare Common Procedure Code System (HCPCS)
- By Component
- United Kingdom
- Rest of Europe
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of Middle East & Africa
Highlights of the Report:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Medical Coding market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Medical Coding market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Medical Coding markets more accurate and reliable.
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
- Governmental bodies, and organizations creating economic policies
- National and international social welfare institutions
- Company websites, financial reports and SEC filings, broker and investor reports
- Related patent and regulatory databases
- Statistical databases and market reports
- Corporate Presentations, news, press release, and specification sheet of Manufacturers
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
- Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
- In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.
Industry participants involved in this research study include:
- CEOs, VPs, market intelligence managers
- Procuring and national sales managers technical personnel, distributors and resellers
- Research analysts and key opinion leaders from various domains
Key Points Covered in Medical Coding market Study:
- Growth of Medical Coding in 2021
- Market Estimates and Forecasts (2017-2027)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Medical Coding and How to Navigate
- Key Product Innovations and Regulatory Climate
- Medical Coding Consumption Analysis
- Medical Coding Production Analysis
- Medical Coding and Management