Medical Coding Market Overview

According to the latest research by Future Market Insights, the medical coding market is set to witness significant growth during 2021-2031. Medical coding has always been in demand and is expected to remain at a steady growth in the forecasted period. Medical coding has been in demand in the U.S. as is designed to support Electronic Health Records (EHRs).

US and Canada Medical coding Market Outlook

The US is one of the largest markets for medical coding globally. The US medical coding market is set to tread on the historic pattern of bust and boom during the assessment period 2021-2031. The need for standard billing systems in hospitals and healthcare systems will lead the medical coding market growth.

The high adoption rate of advanced healthcare solutions in routine hospital operations and the availability of a large number of medical coding solution providers are factors expected to aid in maintaining the dominance of the region throughout the forecast period. Frequent revisions in the medical codes is one of the major parameter driving the market growth. Moreover, new codes were developed for coding and billing of the COVID-19 disease. For instance, new ICD codes were launched by the World Health Organization, such as U07.1, B34.2, and B97.29. Moreover, CPT published new codes for COVID-19 testing. The Centers for Medicare & Medicaid Services (CMS) also developed new codes for lab testing.

With the growing landscape of healthcare and technical advancements in the U.S. and Canada medical coding will be in high demand in the region.

Europe Demand Outlook for Medical coding

Europe is seeing growth in advancement in the healthcare sector and an increase in demand for better healthcare providing opportunities will lead the medical coding market in Europe.  There has been a rise in inpatient visits to hospitals in Europe which have given the need to incur medical coding system in their medical billing system. This has significantly given rise to the medical coding in the European healthcare system. Rising awareness for the better medical billing system and increasing insurance frauds has created opportunities to enable medical coding in the European healthcare system. The outbreak of COVID 19 has enhanced the requirement which has given an opportunity to better track the patients’ medical bills and provide better medical care.

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Who are the Key Manufacturers and Suppliers of Medical coding?

Some of the leading companies in medical coding include

• STARTEK Health
• Aviacode, Inc.
• Parexel International Corporation
• Maxim Health Information Services
• Precyse Solutions, LLC
• Medical Record Associates LLC.
• Dolbey
• MRA Health Information Services
• Oracle Corporation
• Precyse Solutions LLC
• Verisk Analytics, Inc.
• Thrive Inc
• Nuance Communications, Inc.
• Optum Inc.
• Medical Record Associates LLC.
• Velan Business Solutions, Inc
• Meditwitt India Pvt Ltd.

Key players are involving partnerships and collaborations as key solutions to expand their global presence and provide better solutions to the end-user. For instance, In June 2019, Paraxel International Corporation announced its strategic partnership with Clariness GmbH, a patient recruitment company, to enhance its clinical trial recruitment and channels for engagement with patients in China.

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

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Medical coding Market Report Highlights:

• Detailed overview of the parent market
• Changing market dynamics in the industry
• In-depth market segmentation
• Historical, current, and projected market size in terms of volume and value
• Recent industry trends and developments
• Competitive landscape
• Strategies of key players and products offered
• Potential and niche segments, geographical regions exhibiting promising growth
• A neutral perspective on market performance
• Must-have information for market players to sustain and enhance their market footprint

NOTE – All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.

Key Segments of Medical coding Market

By Classification System:

• International Classification of Diseases (ICD)
• Healthcare Common Procedure Coding System (HCPCS)
• Current Procedural Terminology (CPT)
• Others

By Mode:

• Out-sourced
• In-house

By End User:

• Hospitals
• Insurance companies
• Others