Research Nester assesses the growth and market size of the global medical coding market which is anticipated to be on account of the increasing adoption of electronic health record (EHR) systems and rising digital transformation.
New York –March 15, 2024- Research Nester’s recent market research analysis on “Medical Coding Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global medical coding market in terms of market segmentation by component, classification type, end user and by region.
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Surging Need for Universal Language in Healthcare to Promote Global Market Share of Medical Coding Market
The global medical coding market is estimated to grow majorly on account of the increased need for a universal language to eradicate misinterpretations and frauds related to insurance claims. Other than this, the rising prevalence of diseases, there is a rise in patient visits and admissions in hospitals. It has been estimated that almost 1 in 3 of all adults suffer from multiple chronic conditions. This will eventually lead to the widespread adoption of digital technologies to accomplish a smooth workflow in healthcare settings. Medical coding is the transformation of healthcare procedures, diagnoses, medical services, and equipment into universal medical alphanumeric codes. Medical coding helps increase revenue and eliminate errors. The demand for coding services is also growing remarkably. For instance, in the year 2022, as per the American Hospital Association, there were almost 33,356,852 admissions in all the hospitals in the United States. Thus, there is an increased demand for medical coders and billers in the market is projected to fuel the growth of the medical coding market during the forecasted period. Furthermore, there is a rising demand to divert to more convenient and streamlined billing and coding solutions. On the back of this, the global medical coding market is anticipated to garner significant revenue during the forecast period.
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Some of the major growth factors and challenges that are associated with the growth of the global medical coding market are:
Growth Drivers:
• Rising Need for Medical Coding and Billing Software in Healthcare Infrastructures
• Increasing Number of Patients with Chronic Diseases
Challenges:
Data security & privacy concerns associated with the market, lack of standardization, and lack of skilled professionals are some of the major factors anticipated to hamper the global market size of the global medical coding market.
By classification type, the global medical coding market is segmented into the international classification of diseases (ICD), healthcare common procedure code system (HCPCS), current procedural terminology. Out of these, the international classification of diseases (ICD) segment is projected to garner remarkable revenue on the back of widespread utilization by clinical coders across the world for clinical coding in health databases.
By region, the Europe medical coding market is to generate the highest revenue by the end of 2036. The reason for the high growth in the region for the market is due to high patient visits and mandates of medical coding in healthcare settings.
This report also provides the existing competitive scenario of some of the key players of the global medical coding market which includes company profiling of 3M, Aviacode Inc., Maxim Healthcare Services, MRA Health Information Services, Oracle, Verisk Analytics, Inc. , Nuance Communications, Inc., Optum Inc., Outsource Strategies International, VertMarkets, Inc., S&P Global , AltuMED, Coding Network, PAREXEL International Corporation, Startek, GeBBS Healthcare Solutions, Fujitsu Limited, NTT and others.
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