As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.

Global Medical Coding Market: By Classification System: International Classification of Diseases (ICD), Healthcare Common Procedure Code System (HCPCS); By Component; By End Use; Regional Analysis; Historical Market and Forecast (2016-2026); Market Dynamics; Competitive Landscape; Industry Events and Developments

Global Medical Coding Market Outlook

The global medical coding market stood at a value of around USD 15.3 billion in 2020. The market is further expected to grow at a CAGR of 10.9% in the forecast period of 2021-2026 to attain a value of around USD 28.4 billion by 2026.

 

International Classification of Diseases (ICD) System to Occupy a Significant Market Share of the Global Medical Coding Industry

Based on the classification system, the international classification of diseases (ICD) segment is predicted to account for a significant market share in the medical coding industry. This increase can be associated with the growing demand for a uniform medical coding system in order to streamline medical data storage and comprehension. Moreover, ICD, which is maintained by the WHO, is exceedingly utilised in many parts of the world owing to its vast range of codes, which allow for quality handling and management of data.

 

Global Medical Coding Market

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

 

Furthermore, ICD 11 is all set to come into effect in the year 2022, is an improved and completely electronic coding and reference tool, which also contains advanced understanding tools such as the Global Antimicrobial Resistance Surveillance System (GLASS).

 

North America to Dominate the Global Medical Coding Industry

North America is expected to dominate the medical coding industry in the forecast period. This growth can be attributed to the rapid adoption of IT in the medical sector and the presence of advanced healthcare infrastructure in the region. In addition, the availability of skilled medical coders in the region is also contributing to the growth. Another major factor propelling the market growth is the prevalence of chronic diseases in the region owing to the ageing population, which is susceptible to severe illnesses. These factors are expected to contribute to the industry growth significantly. Furthermore, in 2020, the American Medical Association announced the adoption of new codes for the Covid-19 infection, its variants, and codes for immunisations in the Current Procedural Terminology (CPT) code set.

 

Medical Coding: Industry Definition and Segmentation

Medical coding is the process of translating diagnosis, treatment procedures, medical services, and equipment into the universal medical alphanumeric codes. These codes are found in medical record documentation such as lab tests and physician's diagnoses. In this regard, a medical coder has to ensure the precise input of codes in the medical billing process, as the coding process is mainly done to keep medical data organised and for the purpose of accurate billing reimbursement while also charting the patient's health in case of any subsequent complaint or treatment required. Furthermore, while there are many coding systems available, the International Classification of Diseases (ICD) is one of the commonly used systems maintained by the WHO.

By classification system, the market is bifurcated into:

  • International Classification of Diseases (ICD)
  • Healthcare Common Procedure Code System (HCPCS)

On the basis of component, the industry can be categorised into:

  • In-house
  • Outsourced

Based on end use, the market can be divided into:

  • Hospitals 
  • Diagnostic Centres 
  • Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Rapid Technological Advancements to Augment the Growth of the Global Medical Coding Industry

Due to the rising demand for more convenient and streamlined operations in the medical sector, technological solutions are increasingly being adopted to improve efficiency. As a result, various computer-optimised coding tools are being created to enhance the coding and billing processes. Moreover, the medical coding process helps to integrate different clinical documentation. These advancements are expected to increase productivity, transparency, and accuracy with reduced costs and errors. In addition, developments such as the integration of AI technology in the medical coding procedures are expected to enhance the process of identification and valuation of required code, thus, catalysing the market growth of the medical coding industry.

 

Key Industry Players in the Global Medical Coding Market

The report gives a detailed analysis of the following key players in the global medical coding market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • 3M Co.
  • Nuance Communications Inc.
  • Precyse Coding Solutions LLC
  • Aviacode Inc.
  • Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.

 

REPORT FEATURES DETAILS
Base Year 2020
Historical Period 2016-2020
Forecast Period 2021-2026
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Classification System, Component, End Use, Region
Breakup by Classification System International Classification of Diseases (ICD), Healthcare Common Procedure Code System (HCPCS)
Breakup by Component In-house, Outsourced
Breakup by End Use Hospitals, Diagnostic Centres, Others
Breakup by Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Market Dynamics SWOT, Porter's Five Forces, EMR’s Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered 3M Co., Nuance Communications, Inc., Precyse Coding Solutions, LLC, Aviacode Inc., Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*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.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global Medical Coding Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Medical Coding Historical Market (2016-2020) 
    8.3    Global Medical Coding Market Forecast (2021-2026)
    8.4    Global Medical Coding Market by Classification System
        8.4.1    International Classification of Diseases (ICD)
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2016-2020)
            8.4.1.3    Forecast Trend (2021-2026)
        8.4.2    Healthcare Common Procedure Code System (HCPCS)
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2016-2020)
            8.4.2.3    Forecast Trend (2021-2026)
    8.5    Global Medical Coding Market by Component
        8.5.1    In-house
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2016-2020)
            8.5.1.3    Forecast Trend (2021-2026)
        8.5.2    Outsourced
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2016-2020)
            8.5.2.3    Forecast Trend (2021-2026)
    8.6    Global Medical Coding Market by End Use
        8.6.1    Hospitals
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2016-2020)
            8.6.1.3    Forecast Trend (2021-2026)
        8.6.2    Diagnostic Centres
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2016-2020)
            8.6.2.3    Forecast Trend (2021-2026)
        8.6.3    Others
    8.7    Global Medical Coding Market by Region
        8.7.1    Market Share
            8.7.1.1    North America
            8.7.1.2    Europe
            8.7.1.3    Asia Pacific
            8.7.1.4    Latin America
            8.7.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2016-2020)
        9.1.2    Forecast Trend (2021-2026)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2016-2020)
        9.2.2    Forecast Trend (2021-2026)
        9.2.3    Breakup by Country 
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2016-2020)
        9.3.2    Forecast Trend (2021-2026)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2016-2020)
        9.4.2    Forecast Trend (2021-2026)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2016-2020)
        9.5.2    Forecast Trend (2021-2026)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    EMR’s Key Indicators for Demand
    10.4    EMR’s Key Indicators for Price
11    Competitive Landscape
    11.1    Market Structure
    11.2    Company Profiles
        11.2.1    3M Co.
            11.2.1.1    Company Overview
            11.2.1.2    Product Portfolio
            11.2.1.3    Demographic Reach and Achievements
            11.2.1.4    Certifications
        11.2.2    Nuance Communications, Inc.
            11.2.2.1    Company Overview
            11.2.2.2    Product Portfolio
            11.2.2.3    Demographic Reach and Achievements
            11.2.2.4    Certifications
        11.2.3    Precyse Coding Solutions, LLC
            11.2.3.1    Company Overview
            11.2.3.2    Product Portfolio
            11.2.3.3    Demographic Reach and Achievements
            11.2.3.4    Certifications
        11.2.4    Aviacode Inc.
            11.2.4.1    Company Overview
            11.2.4.2    Product Portfolio
            11.2.4.3    Demographic Reach and Achievements
            11.2.4.4    Certifications
        11.2.5    Others
12    Industry Events and Developments

 

List of Figures and Tables

1.    Global Medical Coding Market: Key Industry Highlights, 2016 and 2026
2.    Global Medical Coding Historical Market: Breakup by Classification System (USD Billion), 2016-2020
3.    Global Medical Coding Market Forecast: Breakup by Classification System (USD Billion), 2021-2026
4.    Global Medical Coding Historical Market: Breakup by Component (USD Billion), 2016-2020
5.    Global Medical Coding Market Forecast: Breakup by Component (USD Billion), 2021-2026
6.    Global Medical Coding Historical Market: Breakup by End Use (USD Billion), 2016-2020
7.    Global Medical Coding Market Forecast: Breakup by End Use (USD Billion), 2021-2026
8.    Global Medical Coding Historical Market: Breakup by Region (USD Billion), 2016-2020
9.    Global Medical Coding Market Forecast: Breakup by Region (USD Billion), 2021-2026
10.    North America Medical Coding Historical Market: Breakup by Country (USD Billion), 2016-2020
11.    North America Medical Coding Market Forecast: Breakup by Country (USD Billion), 2021-2026
12.    Europe Medical Coding Historical Market: Breakup by Country (USD Billion), 2016-2020
13.    Europe Medical Coding Market Forecast: Breakup by Country (USD Billion), 2021-2026
14.    Asia Pacific Medical Coding Historical Market: Breakup by Country (USD Billion), 2016-2020
15.    Asia Pacific Medical Coding Market Forecast: Breakup by Country (USD Billion), 2021-2026
16.    Latin America Medical Coding Historical Market: Breakup by Country (USD Billion), 2016-2020
17.    Latin America Medical Coding Market Forecast: Breakup by Country (USD Billion), 2021-2026
18.    Middle East and Africa Medical Coding Historical Market: Breakup by Country (USD Billion), 2016-2020
19.    Middle East and Africa Medical Coding Market Forecast: Breakup by Country (USD Billion), 2021-2026
20.    Global Medical Coding Market Structure

Purchase Full Report

Mini Report

$1499
  • Selected Sections, One User
  • Printing Not Allowed
  • Email Delivery in PDF
  • Free Limited Customisation
  • Post Sales Analyst Support
  • 50% Discount on Next Update

Single User License

$2699
  • All Sections, One User
  • One Print Allowed
  • Email Delivery in PDF
  • Free Limited Customisation
  • Post Sales Analyst Support
  • 50% Discount on Next Update

Five User License

$3699
  • All Sections, Five Users
  • Five Prints Allowed
  • Email Delivery in PDF
  • Free Limited Customisation
  • Post Sales Analyst Support
  • 50% Discount on Next Update

Corporate License

$4699
  • All Sections, Unlimited Users
  • Unlimited Prints Allowed
  • Email Delivery in PDF + Excel
  • Free Limited Customisation
  • Post Sales Analyst Support
  • 50% Discount on Next Update

Any Question? Speak With An Analyst

Contact Analyst

View A Sample

Request Sample

Did You Miss Anything, Ask Now

Request Customisation
Why Expert Market Research?

RIGHT PEOPLE

We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.

RIGHT METHODOLOGY

We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.

RIGHT PRICE

We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.

RIGHT SUPPORT

Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.

Similar Reports





NEWSLETTER