Medical Coding Market accounted for US$ 18,421.63 Mn in 2022 and is projected to register a CAGR of 9.6% during the forecast period 2022-2028 | 3M Company, nThrive (Precyse Solutions LLC), Talix, Oracle Corporation,

Medical Coding Market

At present, the Medical Coding Market is enjoying its presence over the globe. The Research report presents a complete judgment of the request which consists of unborn trends, growth factors, consumption, product volume, CAGR value, attentive opinions, profit periphery, price, and assiduity- validated request data. This report helps individualities and request challengers to prognosticate unborn profitability and to make critical opinions for business growth.

Applying universal alphanumeric codes to healthcare services, such as medical diagnoses, medical treatments, medical procedures, and delivered medical equipment, is known as medical coding. Medical coding is now being used more often to make accurate records of patient care, pinpoint healthcare areas that need attention, expedite the billing process, and quicken reimbursements to doctors. A patient’s condition, a doctor’s diagnosis, a prescription, and any procedures performed on the patient may all be included in a medical coder’s useful translation of a physician’s report into a meaningful medical code. Medical coders ensure that all pertinent information is coded correctly to ensure consistency and accuracy. Medical coding contributes to increased productivity, decreased mistake rates, and a simplification of the laborious administrative staff job.

Note – This report sample includes:

• Brief Introduction to the research report.

• Table of Contents (Scope covered as a part of the study)

• Top players in the market

• Research framework (structure of the report)

• Research methodology adopted by Coherent Market Insights

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Market Statistics

The market for medical coding was valued at US$ 16,885.09 Mn in 2021 and is anticipated to grow at a CAGR of 9.6% from 2022 to 2028 to reach US$ 31,870.82 Mn.

Market Restraints

The expansion of the international medical coding industry is anticipated to be constrained by worries about data security and expensive installation and maintenance costs. For instance, security vulnerabilities can be problematic for regulatory compliance, patient safety, and data security. Hospitals, healthcare IT departments, care facilities, coders, managers, and other staff members deal with a wide range of security challenges on a regular basis. Additionally, healthcare cyber-security has grown to be a particularly difficult problem because of the nature of medical data. This is thus anticipated to slow market expansion.

Market Opportunities

The worldwide medical coding industry is anticipated to present considerable potential prospects due to the rising desire to optimise hospital processes. For instance, M Modal and 3M Company Health Information Systems announced the release of the clinical documentation enhancing product in September 2019. Clinical documentation improvement experts, coding teams, and clinicians may receive real-time clinical insight from 3M M*Modal CDI Engage One thanks to artificial intelligence (AI) and natural language understanding technology.

Players in the global medical coding market may anticipate to benefit from attractive growth prospects due to the growing acceptance of CAC (computer aided coding) solutions. It was stated that CAC would boost coder precision and raise the standard of medical codes. For instance, the recent KLAS Research research states that hospitals and health systems are now reaping the rewards of computer-assisted coding solutions. Users of CAC solutions from four providers, including 3M, Optum, Dolbey, and ezDI, were surveyed by KLAS.

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Market Trends/Key Takeaways

The worldwide medical coding industry is anticipated to increase as digital technologies like electronic health records (EHR), mobile health, telehealth, etc. are increasingly used. For instance, the way consumers engage with healthcare providers, share medical data, and/or decide on treatments and results is changing as a result of healthcare digitalization. By greatly expanding access to health data and granting consumers more influence over their health, digital tools allow healthcare practitioners a comprehensive perspective of the patient’s health. As a result, digital technologies are now being adopted more quickly in healthcare.

The prevalence of chronic illnesses is predicted to increase globally, propelling the expansion of the medical coding industry. The main causes of mortality and disability globally are chronic illnesses. For instance, the World Health Organization (WHO) reports that cardiovascular diseases (CVDs) account for the majority (32% of all fatalities worldwide) of deaths worldwide and are the main cause of mortality worldwide.

Competitive Landscape

Includes The Coding Network, L.L.C, 3M Company, Talix nThrive (Precyse Solutions LLC), Aviacode Inc., Oracle Corporation, Dolbey Systems Inc., Optum Inc., Maxim Health Information Services, Nuance Communications Inc.,and MRA Health Information Services.

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Table of Contents:

1. Research Objectives and Assumptions
   • Research Objectives
   • Assumptions
   • Abbreviations
2. Market Purview
   • Report Description
     • Market Definition and Scope
   • Executive Summary
     • Market Medical Coding, By Classification System
     • Market Medical Coding, By component
     • Market Medical Coding, By End User
     • Market Medical Coding, By Geography
   • Coherent Opportunity Map (COM)
3. Market Dynamics, Regulations, and Trends Analysis
   • Market Dynamics
     • Increasing demand for coding services
     • Changing regulations related to medical coding
     • Increasing demand to streamline hospital procedures
   • Impact Analysis
   • Key Highlights
   • Regulatory Scenario
   • Product launch/Approvals
   • PEST Analysis
   • PORTER’s Analysis
   • Merger and Acquisition Scenario
4. Medical Coding Market – Impact of Coronavirus (COVID-19) Pandemic
   • COVID-19 Epidemiology
   • Supply Side and Demand Side Analysis
   • Economic Impact
5. Medical Coding Market, By Classification System, 2017-2028, (US$ Mn)
   • Introduction
     • Market Share Analysis, 2022 and 2028 (%)
     • Y-o-Y Growth Analysis, 2017 – 2028
     • Segment Trends
   • International Classification of Diseases (ICD)
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
   • Healthcare Common Procedure Code System (HCPCS)
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
6. Medical Coding Market, By Component, 2017-2028, (US$ Mn)
   • Introduction
     • Market Share Analysis, 2022 and 2028 (%)
     • Y-o-Y Growth Analysis, 2017 – 2028
     • Segment Trends
   • In-house
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
   • Outsourced
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
7. Medical Coding Market, By End User, 2017-2028, (US$ Mn)
   • Introduction
     • Market Share Analysis, 2022 and 2028 (%)
     • Y-o-Y Growth Analysis, 2017 – 2028
     • Segment Trends
   • Hospitals
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
   • Diagnostic Centers
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
   • Other End Users
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)

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