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Medical Coding Market to Generate Revenue Worth $42.4 Billion by 2030

Published Date:   June 2020

Rising incidence of insurance frauds and growing demand to modernize hospital billing procedures are the key factors that positively impact the growth of the global medical coding market. Due to these factors, the market is expected to generate $42.4 billion revenue by 2030, advancing at a CAGR of 9.6% during the forecast period (2020–2030).

Hospitals Category to Hold the Largest Market Share

On the basis of end user, the medical coding market is classified into hospitals, diagnostic centers, and others. Among these, the hospitals category is expected to lead the market in coming years. Hospitals are the major end users, where medical coding procedure is followed as part of their revenue management process. Increasing number of hospitals, surging number of hospital visits, and rising prevalence of chronic diseases are some of the major factors propelling the growth the market in this category. Additionally, mandate procedure to provide a specific code to each procedure performed in hospitals is also supporting the demand for medical coding in hospitals.

Geographically, the medical coding market in Asia-Pacific (APAC) is expected to witness lucrative growth during the forecast period. It is mainly due to the growing digitization of patients’ records in countries, such as India and South Korea, and increasing number of people opting for health insurance services. Furthermore, a large number of hospitals and high patient population are further creating huge growth potential for the medical coding industry in the region.

Collaborations and Partnerships – the Strongest Strategic Measure Taken by Market Players

Players in the medical coding market are building partnerships and collaborating with others to enhance their market presence. For instance, in October 2019, Parexel International Corporation announced its strategic partnership with HealthVerity Inc., to expand Parexel’s network of real-world data (RWD) sources and allow access to HealthVerity’s diverse data sets, including those related to electronic medical records (EMRs), claims, social determinants of health, and lab data.

Browse report overview with detailed TOC on "Medical Coding Market Research Report: By Classification System (International Classification of Diseases, Healthcare Common Procedure Coding System, Current Procedural Terminology), End User (Hospitals, Diagnostic Centers) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/medical-coding-market

Similarly, in August 2018, Dolbey System Inc. announced a collaboration with Aprima Medical Software, a U.S.-based company, which provides electronic health records (EHRs) and practice management (PM) solutions mainly for medical practices. These make healthcare providers to became more process-efficient in carrying out coding and documentation.

Some of the major players operating in the global medical coding market are Maxim Healthcare Services Inc., Medical Record Associates LLC, Aviacode Inc., 3M Company, Parexel International Corporation, Optum Inc., Nuance Communications Inc., Precision Practice Management, and Dolbey Systems Inc.