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Global Medical Coding Market to Grow at a CAGR of 10.9% During 2022-2027, Aided by the Rapid Technological Advancements

According to a new report by EMR titled, ‘Global Medical Coding Market Report and Forecast 2022-2027’, the global market for medical coding attained a value of about USD 15.3 billion in 2020 . The industry is further expected to grow at a CAGR of 10.9% between 2022 and 2027.

The global medical coding industry is being driven by the heightened demand for efficient and streamlined coding systems and rapid technological advancements in the healthcare industry. The medical coding process is detrimental to the revenue cycle of the healthcare sector and, therefore, requires accuracy for facilitating precise billing reimbursement. Moreover, technological advancements such as the integration of artificial intelligence technology in the medical coding process are expected to enhance productivity and transparency while decreasing operational costs. These factors are expected to positively impact the market growth.

The growing focus of the leading players in the development of medical coding systems by applying advanced technological solutions in order to amplify their distribution channel is expected to positively stimulate the industry growth in the forecast period. In November 2020, 3M Co. (NYSE: MMM) announced that the US Department of Defense is all set to implement 3M’s computer-assisted coding technology, 360 Encompass™ System platform in the country. Furthermore, another leading vendor of medical coding system Nuance Communications Inc. (NASDAQ: NUAN), in January 2020, announced the implementation of Nuance® Dragon Ambient eXperience™ (DAX™) system in 14 clinical specialties by the Rush University Medical Centre to help manage the clinical documentation, while also enhancing the patient’s experience. Such developments are expected to drive the market growth of the medical coding industry.

Market Breakup by Classification System, Component, End Use, and Region:

  • The market is bifurcated based on classification system into international classification of diseases (ICD) and healthcare common procedure code system (HCPCS).
  • On the basis of component, the market can be categorised into in-house and outsourced.
  • The industry is segmented, on the basis of end-use, into hospitals, and diagnostic centres among others.
  • Region-wise, the global market for medical coding can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for medical coding is being driven by the growing demand for streamlined and convenient coding processes.
  • The prevalence of chronic illnesses with the growing geriatric population has significantly contributed to the market expansion.
  • The rising investments by governments towards the development of the healthcare infrastructure are also aiding the industry growth.
  • The growing technological advancements are further propelling market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for medical coding for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the classification systems, components, end uses, and major regions of medical coding.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global medical coding market are 3M Co., Nuance Communications Inc., Precyse Coding Solutions LLC, and Aviacode Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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