 |
| Global Medical Coding Market Size |
Medical coding is the transformation of healthcare diagnosis, procedures, medical services and equipment into universal medical alphanumeric codes which are used for insurance billing and research purposes. Adoption of electronic health records along with need for managing and keeping track of medical records have boosted demand for medical coding services.
The global
Medical Coding Market is estimated to be valued at US$ 20282.64 Mn in 2024 and
is expected to exhibit a CAGR of 4.6% over
the forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market key trends:
The demand for medical coding has increased substantially over the past few
years owing to rising insurance claims, growing geriatric population, and
increasing prevalence of chronic diseases. With the growing patient volume and
medical documentation, healthcare providers are understaffed and overloaded
with paperwork. As a result, medical coding outsourcing is gaining popularity
as it helps free up clinical staff time and reduces financial constraints for
healthcare providers. Outsourcing medical coding also ensures coding accuracy
and compliance with constantly changing regulatory guidelines which is crucial
in a complex healthcare environment.
Segment
Analysis
The global medical coding market is segmented based on system, component,
end-user and geography. Based on system, the diagnostic coding segment
dominated the market in 2023 and is expected to continue its dominance during
the forecast period. Diagnostic coding involves assigning a unique code for
every diagnosis and procedure which helps healthcare providers claim insurance
payments.
Key Takeaways
Global
Medical Coding Market Size is expected to witness high growth over the
forecast period.
Regional
analysis shows that North America held the largest share of the market in 2023
owing to well-established healthcare infrastructure and stringent regulations
regarding usage of medical codification systems. The Asia Pacific region is
expected emerge as the fastest growing market during the forecast period due to
rising healthcare expenditure and increasing demand for efficient medical
coding systems.
Key players operating in the medical coding market are Accora Ltd, Antano
Group, Bristol Maid, G & J Logistics Limited, Promotal, Roma Medical, and
Stryker Corporation. Accora Ltd leads the market having the largest share owing
to its comprehensive range of medical coding software and solutions. Antano
Group focuses on providing language specific medical coding services and holds
second largest market share.
Explore More Related Article On This
Topic: https://www.ukwebwire.com/medical-coding-market-size/