Global Medical Coding Market 2022 – Market Opportunities And Strategies
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The medical coding market is forecasted to achieve notable growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 10%, as per The Business Research Company’s market report!
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The Medical Coding Market Size In 2022 And Forecast
The global medical coding market is expected to grow from $14.33 billion in 2021 to $15.85 billion in 2022 at a compound annual growth rate (CAGR) of 10.61%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The medical coding market is expected to reach $23.73 billion in 2026 at a CAGR of 10.62%.
The medical coding market consists of sales of medical coding by entities (organizations, sole traders, and partnerships) that refer software solutions and services used to convert medical records into universal medical alphanumeric codes.
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Rise In Need For A Universal Language In Medical Documents Is Driving The Growth Of The Medical Coding Market
For instance, the International Classification of Diseases (ICD) maintained by the World Health Organization is used for information on human disease and death worldwide using the data reported and coded with the ICD. Furthermore, in December 2020, Shockwave Medical Inc, an American medical device company announced the creation of four new codes for IVL procedures performed in the tibial and peroneal, or below-the-knee (BTK), arteries in the hospital outpatient setting. The use and creation of code that is universally accepted are driving the growth of the medical coding market.
Competitive Landscape And The Regional Analysis Of The Medical Coding Market
Major players in the medical coding market are 3M Company, AcerHealth Inc, Alpha Coding Experts LLC, Aveanna Healthcare LLC, EqualizeRCM Services, IBM Corporation, iMedX Inc, Infinx Healthcare, Nuance Communications Inc, Omega Healthcare Management Services Private Limited, Optum360, Oracle Corporation, Precyse Solutions LLC, QWay Health LLC, Vee Technologies Private Limited, Aviacode Inc, Maxim Health Information Services, MRA Health Information Services, Thrive Inc, Conifer Health Solutions, Humana, and Access Healthcare.
Additionally, as per TBRC’s research – North America was the largest region in the medical coding market in 2021 holding the largest market share and Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Medical Coding Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the medical coding market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the medical coding market.
Increasing Adoption Of Artificial Intelligence – A Key Trend In The Medical Coding Market
AI is defined as the imitation of human intelligence in machines that are programmed to think like humans and mimic human actions. The adoption of artificial intelligence is expected to streamline medical billing workflows in addition to making the work of medical coders accurate and improving efficiency. The adoption holds more relevance considering the growing healthcare data and increased complexity. In addition, the medical coding will require fewer searches to find proper codes for unstructured data to relieve medical coding fatigue.
Medical Coding Market Segmentation By The Business Research Company
1) By Component: In-house, Outsourced
2) By Classification System: International Classification of Diseases (ICDs), Healthcare Common Procedure Coding System (HCPCS), Current Procedural Terminology (CPT)
3) By End User: Diagnostic Centers, Hospitals & Care Providers
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