“Global medical coding market is anticipated to reach USD 32.75 Bn by 2030”, says Visiongain

29 November 2019
Pharma

Visiongain has launched a new pharma report of ‘’Medical Coding Market Report’’ by Classification System {Healthcare Common Procedure Code System (HCPCS), International Classification of Diseases (ICD)}, Component (In-house, Outsourced), End Users (Diagnostic Centers, Hospitals, Other End Users), and Geography.

The global medical coding market is anticipated to grow at a lucrative CAGR of 9.8% and anticipated to reach USD 32.75 Billion by 2030.

The global medical coding market is anticipated to grow on account of growing insurance fraud and problems associated with misinterpretation of medical documents, especially in developed countries of North American and European regions. Also, increasing adoption of coding and billing procedures in hospital revenue cycle management, regular revision of classification systems is projected to generate significant growth opportunities over the forecast period.

As for the market supply situation, in countries with universal healthcare systems and/or mandatory health insurance, demand for medical coding services is much higher. As the main use of such programs is in claims of health insurance, a large number of frauds have been identified in the insurance industry. Hope Pharmacy, Tenet Healthcare, and Fiango Home Healthcare are some of the recognized healthcare frauds in 2016.

In the current labor market, there is a high demand for medical billers and coders. As a result, coding-related jobs are expanding, along with their efficiency to automate large amounts of work, due to the growing business side landscape of healthcare. Therefore, the increasing demand for coding employment is likely to drive the worldwide market studied.

The technological advances in the healthcare industry and the ever-changing classification systems are expected to create potential revenue opportunities over the forecast period for players operating in the target market.

However, data security is a major concern for healthcare organizations, and offshore coding firms are also becoming aware of these data security issues, thus recognizing that misuse of data from a company is likely to result in business loss. Therefore, leading offshore coding companies are building a secure environment in which coders can work.

Healthcare professionals are switching from ICD-9 to ICD-10. The latter version incorporates more information and codes and has a more comprehensive framework that is easier to use for health organizations, insurers, and insurance companies. As a result of this transition to a new system, healthcare professionals should be able to work with ICD-9 and ICD-10 to move data and documents effectively.

The combination of old and new systems in the sector is referred to as "crosstalking." At the time of the change, demand for clinical billers and coders grew as health care facilities tried to hire more workers to compensate for lost revenue as the industry adjusted to ICD-10.

In the year 2018, North America dominated the global medical coding market. The high rate of adoption of advanced healthcare technologies in daily hospital operations and the availability of a growing number of providers of medical coding solutions are factors that are anticipated to help sustain the region's dominance over the forecast period.

Asia Pacific region is anticipated to grow with the highest CAGR over the forecast period from 2020 to 2030 on account of growing penetration of private health insurance companies, growing awareness of the availability of advanced hospital solutions, & rising numbers of medical coding outsourcing companies in the region. Also, the Asia Pacific medical coding market is anticipated to grow further owing to development in health care facilities and growing medical tourism in countries such as Malaysia, Thailand, India, and China.

Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations and launching new products to strengthen their position in the global medical coding market. Companies are also expanding their R&D, distribution, and management facilities to expand their business and to hold a competitive edge in the Medical Coding market.

The comprehensive market report features companies such as STARTEK Health, Aviacode, Inc., Maxim Health Information Services, Medical Record Associates LLC., nThrive, Inc., Oracle Corporation, Parexel International Corporation, Verisk Analytics, 3M, Dolbey Systems Inc., Nuance Communications Inc., Optum Inc., Precyse Solutions LLC, Genpact, Outsource Strategies International, IMedX, Inc., MGSI, LLC, Company18, Company19, Company20 among other prominent players. Also the research study offers market estimation and forecast for the period ranging 2020-2030 for global markets such as North America, Latin America, Europe, Asia Pacific and MEA along with regional sub-markets as U.S., Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Russia, India, Japan, China, Australia, ASEAN, GCC and South Africa.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 207 336 6100.

About Visiongain
Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.

Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.

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