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Global Medical Coding Market By Classification System (International Classification of Diseases (ICD) and Healthcare Common Procedure Code System (HCPCS)), Component (In-house, Outsourced), End-User (Hospitals, Diagnostic Centers, Others), Geography (North America, South America, Europe, Asia-Pacific, and Middle East & Africa) – Industry Trends & Forecast to 2026
Market Analysis: Global Medical Coding Market
Global medical coding market is expected to rise from its initial estimated value of USD 12.29 billion to an estimated value of USD 26.63 billion by 2026, registering a CAGR of 10.15% in the forecast period of 2019-2026. This rise in market value can be attributed to the increasing insurance frauds and misunderstandings related to medical documents.
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Key Market Competitors:
Few of the major competitors currently working in the medical coding market are 3M, Aviacode Inc., Dolbey, Maxim Healthcare Services Inc, MRA Health Information Services, Oracle Corporation, PAREXEL International Corporation, Precyse Solutions LLC, STARTEK, Verisk Analytics, Inc., nThrive Inc, Nuance Communications, Inc., Optum Inc.
The credible Global Medical Coding Market report provides company profiling of key players in the industry, carefully analyzing their core competencies, and drawing a competitive landscape for the market. The data involved in this market report can be very necessary when it comes to dominating the market or making a mark in the market as a new emergent. To generate the best market research report, a range of objectives of the marketing research are required to be kept in mind. Market research analysis and data lend a hand to businesses for the planning of production, product launches, costing, inventory, purchasing and marketing strategies.
Market Definition: Global Medical Coding Market
In medical coding the medical records and documentation such as physician’s notes, laboratory and radiologic results are taken and transcribed into codes. The task of the medical coding professionals is to ensure whether the codes are applied correctly or not. The steps involve abstracting the information from documentation, assigning the appropriate codes, and creating a claim to be paid by insurance carriers. Medical coding is transforming healthcare diagnosis, procedures, medical services, and equipment into universal medical alphanumeric codes.
Global medical coding market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of medical coding market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
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- Growth in prevalence for medical coding services in hospitals is driving the market
- Increasing demand for standardized billing procedures is driving market
- Increasing consumer concerns related to the data security is restraining the growth of this market.
- Unavailability of the trained and skilled professionals is restraining the market.
Segmentation: Global Medical Coding Market
- By Classification System
- International Classification of Diseases (ICD)
- Healthcare Common Procedure Code System (HCPCS)
- By Component
- By End-User
- Diagnostic Centers
Key Developments in the Market:
- In November 2017, Aviacode announced there acquisition of a Hyderabad, India- based medical coding company so that they can get access to AAPC and AHIMA certified medical coders. This acquisition will help them to improve their business as they will generate more revenue. This will provide the players to have coding service delivery to meet their requirement with proven US-based coding management
- In December 2018, Optum Bank announced that they have enhanced their data and analytics tools which will which help the accountholder to understand how to use their health savings account (HSA) savings so that they can pay for their healthcare costs. The main aim is to help people to save more so that they can use it for future.
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Reasons to Purchase this Report
- Current and future of global medical coding market outlook in the developed and emerging markets
- The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period
- Regions/Countries that are expected to witness the fastest growth rates during the forecast period
- The latest developments, market shares, and strategies that are employed by the major market players
Customization of the Report:
- All segmentation provided above in this report is represented at country level
- All products covered in the market, product volume and average selling prices will be included as customizable options which may incur no or minimal additional cost (depends on customization)
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