International Demand

Global Medical Coding Industry to 2026 – Rising Demand for Coding Services Drives Growth

DUBLIN, January 21, 2022–(BUSINESS WIRE)–The report “Medical Coding Market – Growth, Trends, Impact of COVID-19, and Forecast (2021 – 2026)” has been added to from ResearchAndMarkets.com offer.

Medical Coding Market was valued at USD 15,259.67 Million in 2020, and it is projected to reach USD 28,363.63 Million by 2026, registering a CAGR of 10.93%, during the forecast period.

Companies cited

  • 3M Company

  • Aviacode Inc.

  • Dolbey Systems Inc.

  • Maxim Health Information Services

  • ARM Health Information Services

  • Nuance Communications Inc.

  • Optum Inc.

  • Oracle Corporation

  • tallix

  • nThrive (Precyse Solutions LLC)

  • The LLC Coding Network

Main market trends

International Classification of Diseases (ICD) is the largest segment and is expected to grow over the forecast period

The International Classification of Diseases (ICD) segment is expected to register a major share, in terms of revenue, over the forecast period owing to the growing demand for trained medical coders. The need for ICDs is increasing across the world, due to an increasing prevalence of diseases.

According to the World Health Organization (WHO), cardiovascular disease is the leading cause of death worldwide, claiming 17.9 million lives each year. According to the British Heart Foundation (BHF), 17,06,213 cases of cardiovascular disease are diagnosed in the UK alone. According to statistics, the incidence of cardiovascular diseases is increasing, which is directly proportional to the growth of the market.

Also, with improved versions of the ICD, its use is expected to increase, as newer versions provide more information than previous ones. The version of ICD-11 was released in June 2018 to allow Member States to prepare for implementation, including translating the ICD into their national languages. The ICD-11 version is a substantial improvement over the ICD-10 version; it has 55,000 unique codes for injuries, illnesses and causes of death, compared to 14,400 in the ICD-10. This version of ICD-11 could be effective from 2022.

This version is a preliminary version that can allow countries to plan the use of the new version, prepare translations and train health professionals throughout the country. Hence, this segment is expected to grow in the future owing to the growing growth of medical coding across the globe.

North America is the largest market and is expected to show a similar trend during the forecast period

The North America market is estimated to hold the largest share, in terms of revenue, over the forecast period owing to advancements in technology and improved healthcare infrastructure in various countries in this region. In the North American region, the United States holds the largest market share due to factors such as a growing geriatric population and an increasing number of chronic diseases in the country, which is expected to drive the demand in this region.

According to the American Heart Association’s 2018 research report, heart disease accounts for 1 in 7 deaths in the United States. In 2018, coronary heart disease was the leading cause (43.8%) of deaths from cardiovascular disease in the United States, followed by stroke (16.8%), heart failure (9.0%) , high blood pressure (9.4%), diseases of the arteries (3.1%) and other cardiovascular diseases (17.9%).

Main topics covered:

1. INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.2.1 Growing Demand for Coding Services

4.2.2 Growing Need for Universal Language to Reduce Fraud and Misinterpretation Associated with Insurance Claims

4.2.3 Strong Demand to Streamline Hospital Billing Procedures

4.3 Market Constraints

4.3.1 Changing medical coding regulations

4.3.2 Data security issues

4.3.3 Lack of properly equipped IT professionals

4.4 Porter’s Five Forces Analysis

5 MARKET SEGMENTATION

5.1 By classification system

5.2 By component

5.3 By end user

5.4 By geography

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/t9ejy0

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220121005334/en/

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