Global Medical Coding Market : Industry Analysis and Forecast (2020-2026)

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Global Medical Coding Market is expected to reach $XX Mn by 2026 from $XX Mn in 2019, at a CAGR of 10.11% during a forecast period.

Global Medical Coding Market Overview:

Medical coding is an administrative process to transform medical records documents such as laboratory, healthcare diagnosis, medical services, into universal medical alphanumeric codes. Medical coding professionals help to ensure that the codes are applied correctly during the medical billing process, which includes abstracting the information from documentation, assigning the appropriate codes, and creating a claim to be paid by insurance carriers.
Global Medical Coding Market Dynamics:

Technological advances in the medical field and increasing usage of computer-aided coding systems (CACS) are the major factors driving the market.

Rising adoption of technologies, such as artificial intelligence, natural language processing (NLP) and Internet of Medical Things (IoMT) raise the demand for CACS in healthcare sector.It offers numerous advantages over manual coding, including higher coding productivity and efficiency, and consistent implementation of coding rules. In addition to this, rising incidences of insurance fraud in healthcare sector is playing major role in propelling medical coding market. This situation is resulting in the incursion of excessive financial losses, which amount to billions of dollars every year, as estimated by the National Heath Care Anti-Fraud Association (NHCAA).

The report has profiled twelve key players in the market from different regions. However, the report has considered all market leaders, followers, and new entrants with investors while analyzing the market and estimation the size of the same. Increasing R&D activities in each region are different and focus is given on the regional impact on the cost, availability of advanced technology is analyzed.
Global Medical Coding Market Segment Analysis:

The global Medical Coding Market is segmented on the basis of classification system and end-users.

Based on Classification System, the International Classification of Diseases (ICD) is expected to dominate the market as it held a share of XX% in 2019.It has 55,000 codes for classifying diseases, disorders, deaths, and injuries. The need for ICD is increasing across the world, owing to a growing prevalence of diseases. According to WHO, cardiovascular disorders is the most prevailing cause of death worldwide.

Global Medical Coding Market

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Global Medical Coding Market Regional Insights:

Regional Insights

North America is expected to hold larger market share during the forecast period.

Technological advancements in the sector of healthcare in the region and improved medical infrastructure are the major factors boosting the market growth. Also, increasing geriatric population and prevalence of chronic diseases like cancer and cardiovascular diseases stimulate the market growth.Developments in medical technology witnessed in the hospitals and healthcare institutions to secure patient data along with the high demand for specialist coders and presence of a favourable healthcare system are driving the medical coding market in the North America region.

The report also helps in understanding the Global Medical Coding Market dynamics, structure by analyzing the market segments and project the Global Medical Coding Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Medical Coding Market make the report investor’s guide.
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Global Medical Coding Market1
Global Medical Coding Market, by Region:

• North America
• Europe
• South America
• MEA
• APAC
Global Medical Coding Market Key Players
• STARTEK Health
• Aviacode, Inc.
• Parexel International Corporation
• Maxim Health Information Services
• Precyse Solutions, LLC
• Medical Record Associates LLC.
• Verisk Analytics
• nThrive, Inc
• Medical Record Associates LLC
• Oracle Corporation
• 3M
• Optum

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