Sarasota, FL -- (SBWire) -- 04/04/2019 --Zion Market Research has published a new report titled "Medical Coding Market by Classification System (Healthcare Common Procedure Coding System and International Classification of Diseases), by Mode (In-House and Outsourced), and by End-User (Hospitals, Insurance Companies, Private Healthcare Organizations, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025". According to the report, the global medical coding market was valued at approximately USD 12.61 billion in 2018 and is expected to generate around USD 24.72 billion by 2025, at a CAGR of around 10.1% between 2019 and 2025.
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Medical coding is the transformation of healthcare services, procedures, diagnosis, and equipment to universal alphanumeric codes. These codes are taken from the medical records, such as transcription of laboratory results, physician's notes, etc. The frequent revision of codes set by the classification system and rapid addition of new codes in them is fueling the demand for medical coding market. The growing frauds in the insurance companies have generated the need for a safer method. This is driving the use of medical coding in insurance companies, especially in developed countries.
The global medical coding market is divided into the product, mode, and end-user. By product, the medical coding market includes Healthcare Common Procedure Coding System (HCPCS) and International Classification of Diseases (ICD). ICD is a medical classification that is listed by the WHO (World Health Organization), whereas the HCPCS is a medical classification that is listed by the American Medical Association. The ICD segment dominated the classification system segment of the global medical coding market in 2018, due to the rapid addition of codes in the ICD and the availability of special training programs.
By mode, the market is divided into in-house and outsourced modes. The outsourcing mode is anticipated to show the highest growth rate in the future, owing to its cost-effective nature, growing demand for part-time coders, and the rising number of companies providing outsourcing services. The in-house mode dominated the medical coding market in 2018. By end-user, the market includes insurance companies, private healthcare organization, hospitals, and others. Hospitals dominated the global medical coding market in 2018, due to the increasing number of patients visiting hospitals and rising need to store patient data efficiently. Furthermore, the growing number of hospitals in developing countries is also fueling the growth of the hospital segment globally.
By region, North America dominated the global medical coding market in 2018, due to the rapid adoption of the technologically advanced IT procedures in hospitals, growing availability of medical coders, and the region's highly advanced healthcare IT structure. The Asia Pacific medical coding market is anticipated to show the highest growth in the upcoming years, owing to the growing government investments for the development of the healthcare sector, the presence of a large patient population pool, and rapid technological witnessed in the healthcare sector in China, Japan, India, Singapore, etc., and the growing awareness about the advantages of medical coding.
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Some key players of the global medical coding market are Maxim Health Information Services, Optum, nThrive, Inc., STARTEK Health, Parexel International Corporation, Oracle Corporation, Aviacode, Inc., Verisk Analytics, Medical Record Associates LLC, Precyse Solutions, LLC, and Nuance Communications.
This report segments the global medical coding market into:
Global Medical Coding Market: Classification System Analysis
Healthcare Common Procedure Coding System (HCPCS)
International Classification of Diseases (ICD)
Global Medical Coding Market: Mode Analysis
In-House
Outsourced
Global Medical Coding Market: End-User Analysis
Hospitals
Insurance Companies
Private Healthcare Organizations
Others
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Global Medical Coding Market: Regional Analysis
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
Global Medical Coding Market Is Expected to Reach Around USD 24.72 Billion by 2025
Global medical coding market expected to generate around USD 24.72 billion by 2025, at a CAGR of around 10.1% between 2019 and 2025. Medical coding is the transformation of healthcare services, procedures, diagnosis, and equipment to universal alphanumeric codes.