Medical coding provides a uniform language that accurately describes medical diagnoses and procedures performed by healthcare providers globally. It facilitates billing, reimbursement, data analysis, and medical research. Unlike other industries, the healthcare sector uses medical coding to process claims, provide data for research, calculate risk adjustments, assess quality and performance, and conduct many other administrative and analytical functions.
The global Medical Coding Market is estimated to be valued at US$ 23365.61 million in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for medical billing and reimbursement services has accelerated the growth of the medical coding market over the forecast period. Medical coding plays a crucial role in the billing and reimbursement process by accurately assigning codes to medical procedures and diagnoses so that healthcare providers receive proper and timely reimbursement from insurance companies. As healthcare costs continue to rise globally and insurance coverage expands to more individuals, the requirement of efficient and accurate medical coding has increased exponentially. Coding is vital to demonstrate medical necessity for procedures and demonstrate the level of acuity of patient's needs to insurance providers. Precise coding allows healthcare providers to bill appropriately and ensures their financial sustainability. This key trend will continue to drive substantial growth of the medical coding industry.
Segment Analysis
The global medical coding market size is segmented by type, components, end-user, and geography. The type segment is further divided into procedure coding and diagnosis coding. The procedure coding segment is dominating the market as it helps in reporting medical procedures performed on patients accurately for insurance claim purposes. By components, the market is segmented into in-house and outsourced. The outsourced segment holds the largest market share due to cost-effective solutions and specialists dealing with coding procedures. Based on end-user, the market is divided into hospitals, diagnostic centers, and others. Hospitals hold the largest share due to the large volume of patients and procedures undertaken.
Key Takeaways
The global Medical Coding Market is estimated to be valued at US$ 23365.61 million in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2031.
Regional analysis
The medical coding market in North America is expected to witness high growth. With the presence of major players, high healthcare expenditure, and favorable government initiatives, North America dominates the global medical coding market. The United States holds the major market share in the region due to the presence of leading companies and advanced healthcare facilities.
Key players
The key players operating in the medical coding market are Accora Ltd, Antano Group, Bristol Maid, G & J Logistics Limited, Promotal, Roma Medical, and Stryker Corporation. Accora Ltd specializes in healthcare analytics and coding services. Antano Group offers end-to-end revenue cycle management and coding solutions.
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