According to MRFR analysis, the global medical coding market is expected to register a CAGR of ~11.12% from 2020 to 2027.
The global medical coding market is driven by the rising demand for effective electronic health records, healthcare management systems, and clinical data management solutions throughout the globe. Increasing integration of cloud services has generated the demand for cloud-based medical coded systems. The cloud-based software is easy to maintain and doesn’t require hard drives for data access. In addition, cloud-based healthcare systems improve efficiency in coding, and are cost-effective and remotely accessible. Moreover, evolving technical infrastructure in the healthcare sector has created opportunities for the market players. Advancements and elaboration in medical services are supporting the demand for medical coding. Additionally, increasing clinical trials and increasing drug manufacturing have compelled market players to invest in RD activities to advance their solution offerings. Such dimensions are accounted to propel the market growth in the accessed time period.
The market players such as Semantic Health (Canada), and Diagnoss Inc. (US) are involved in solution development, technological enhancement, the extension of service networks, developing public relations, and mergers acquisitions to expand their global footprint. The industry experts are involved in the development of advanced medical coding systems to provide precise and competent solutions. Additionally, changing government perspective towards digitization of the hospital billing and administration systems is driving market players to invest in such projects. Increasing capitalization in the technology up-gradation projects is expected to lure a large number of market players and investors. These dynamics will augment the solution development and will propel the market demand in the projected period.
Regional Analysis
North America is projected to dominate the medical coding market in the forecast period, owing to the existence of a large number of industry players, an increasing number of remote medical coders, and rising investment in health care services. Additionally, the companies are offering in-house medical coding training to enhance their employee’s skill sets.
Europe is expected to embrace the second-largest share in medical coding over the assessed timeline due to the increasing demand for diagnostic procedures, the growing integration of Electronic Health Record (EHR) in hospitals and clinics and increasing concerns pertaining to public health. Moreover, the growing demand for statistical analysis of diseases and therapeutic actions has augmented the medical coding market growth. Furthermore, the industry is experiencing high demand for medical coding professionals for accurate and consistent coding.
Asia-Pacific is likely to be the fastest-booming region over the assessed timeline due to increasing investment by public authorities in the digitization of the public healthcare infrastructure, emerging market players, growing demand for quality healthcare services, and increasing funding in the development of generic drugs and specific vaccines. The evolving research facilities and pharmaceutical labs are creating opportunities for the market players. Moreover, the high availability of smart and skilled medical coders across the region is anticipated to drive the market growth in the assessed timespan.
Furthermore, the development of the market in the Rest of the World is gaining importance in the over the last few years due to the establishment of innovative pharmaceutical infrastructure, the growing availability of tech start-ups, and the innovation of new technologies. Countries such as Dubai and UAE have a large number of financiers that are capitalizing on the accelerating growth of technological advancement in the healthcare sector. These aspects are likely to fuel the market growth over the assessed period.
Segmentation
The global medical coding market is segmented into classification systems, components, and end-user. Based on the classification system, the market has been segregated into the Healthcare Common Procedure Code System (HCPCS), International Classification of Diseases (ICD), and Current Procedural Terminology (CPT). The healthcare common procedure code system segment held a considerable market share in 2020. The HCPCS is the leading contributor to the global market due to the increasing demand for medical services and supplies among Medicare beneficiaries. Moreover, these systems are utilized to indicate the specific case-mix grouping to pay skilled nursing facilities, inpatient rehabilitation facility services, and home health.
Based on component, the global medical coding market has been classified as outsourced and in-house. The outsourced segment held a considerable share of the market in 2020, owing to limited technology maintenance systems within the organization, increasing demand for cloud-based healthcare solutions, and limited in-house sources. Medical coding outsourcing is contracting with other organizations or third parties to do the company's medical coding instead of the employed workforce
Based on end-user, the global medical coding market has been classified as hospitals, diagnostic centers, and others. The hospitals segment held a considerable share of the market in 2020, owing to increasing capitalization in the hospital infrastructure, digitalization in the billing and diagnostic systems, and growing establishments of healthcare units across the globe.
Key Players
Some of the key players in the global medical coding market are Startek Health (US), Oracle Corporation (US), Verisk Analytics (US), Aviacode, Inc. (US), Parexel International Corporation (US), Maxim Health Information Services (US), Precyse Solutions, LLC (US), AGS Health (India), GeBBS Healthcare (India), Medical Record Associates LLC (US), 3M (US), Dolbey Systems Inc. (US), Semantic Health (Canada), MRA Health Information Services (US), Nuance Communications Inc. (US), Optum Inc. (US), Talix (US), Thrive (Precyse Solutions LLC) (US), and The Coding Network LLC (US) among others.
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