The global medical coding market size is expected to reach USD 25.4 billion by 2025, according to a new report by Grand View Research, Inc., registering a 10.0% CAGR during the forecast period. Rising need for a universal language to reduce fraud and misinterpretations associated with insurance claims is driving the market growth.
Presently,
medical coding is in its initial phase with frequent introduction of advanced
versions of classification systems. In addition, the number of coders is
constantly rising as a result of career opportunities in this field. Escalating
demand for coding services, coupled with the aforementioned factors, is driving
the market growth.
Constant
revisions in classification systems and their global acceptance are expected to
result in lucrative growth during the forecast years. Rising demand for
world-class healthcare services in developing regions is also anticipated to
boost the adoption of medical coding procedures.
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Further key
findings from the report suggest:
- The number of
professional coders is expected to rise significantly during the forecast
period, boosting the number of companies providing platforms for medical
coding professionals
- North America
is expected to dominate the market throughout the forecast period. High
demand for specialist coders and the presence of a favorable healthcare
system are key factors anticipated to drive market growth
- The Asia
Pacific is anticipated to exhibit lucrative growth during the forecast
period. The increasing number of trained coders and provider companies is
anticipated to fuel market growth in the region
- The market is
highly fragmented with the presence of many local providers offering a
wide array of services
- Some of the
major companies are Oracle Corporation; STARTEK Health, Aviacode, Inc.;
Verisk Analytics; Maxim Health Information Services; Parexel International
Corporation; Medical Record Associates LLC; and Precyse Solutions, LLC.
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Grand View Research has
segmented the global medical coding market on the basis of the classification
system, component, and region:
Medical Coding
Classification System Outlook (Revenue, USD Million, 2014 - 2025)
- International Classification of Diseases (ICD)
- Healthcare Common Procedure Code System (HCPCS)
Medical Coding
Component Outlook (Revenue, USD Million, 2014 - 2025)
- In-House
- Outsourced
Medical Coding
Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- The U.S.
- Canada
- Europe
- The U.K.
- Germany
- Asia Pacific
- China
- India
- Latin America
- Brazil
- Mexico
- MEA
- South Africa
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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