IMARC Group, a leading market research company, has recently releases report titled “Medical Coding Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global medical coding market growth, share, size and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Medical Coding Market?
The global medical coding market size reached a value of US$ 19.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 36.1 Billion by 2028 exhibiting a growth rate (CAGR) of 10.9% during 2023-2028.
What is Medical Coding?
Medical coding refers to the process of converting healthcare-related information, such as diagnoses, procedures, services, and medical equipment, into universal medical alphanumeric codes. It involves assigning the proper codes, extracting the relevant data from medical records, and preparing a claim for payment from insurance companies. It helps government entities at the federal and state levels plan for necessary resources to address prevalent health concerns and initiate programs for prevention and treatment by studying health patterns among patients and providing data on national health trends. As a result, medical coding finds extensive applications in hospitals and diagnostic centers across the globe.
Request Free Sample Copy of This Report: https://www.imarcgroup.com/medical-coding-market/requestsample
What are the growth prospects and trends in the medical coding industry?
The global medical coding market is primarily driven by rising demand for efficient and user-friendly coding and billing solutions for hospitals. Moreover, the surging use of medical coding to ensure uniform documentation in medical facilities globally is positively influencing the market growth.
Additionally, the escalating demand for a universal language to curb fraud and deceit in insurance claims has catalyzed market growth. Besides this, the increasing demand for the International Classification of Diseases (ICD) due to the rising incidences of chronic diseases worldwide represents another major growth-inducing factor. Furthermore, the escalating demand for medical coding to keep accurate patient records and speed up payments to healthcare professionals is contributing to the market growth.
Other factors, including rapid expansion in the healthcare industry, heavy investments in research and development (RD) activities, and technological advancements, are also anticipated to create a favorable market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
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
Market 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
Who are the key players operating in the industry?
The report covers the major market players including:
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.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same 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 Group’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.
Contact US
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
USA: +1-631-791-1145 | Asia: +91-120-433-0800
Email: sales@imarcgroup.com
Follow us on Twitter: @imarcglobal
LinkedIn: https://www.linkedin.com/company/imarc-group/mycompany/
