United States Medical Coding Market Insights Forecasts to 2032
- The United States Medical Coding Market Size was valued at USD 18.36 Billion in 2022
- The Market Size is Growing at a CAGR of 8.09% from 2022 to 2032
- The United States Medical Coding Market Size is Expected to Reach USD 39.98 Billion by 2032
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The United States Medical Coding Market Size is Expected to Reach USD 39.98 Billion by 2032, at a CAGR of 8.09% during the forecast period 2022 to 2032.
The translation of medical equipment, healthcare diagnoses, medical services, and procedures into standard medical alphanumeric codes is known as medical coding. Medical record documentation, such as laboratory records, transcription of physician's notes, and radiologic results, is used to generate process and diagnosis codes. During the medical billing procedure, which includes creating a claim to be paid by insurance carriers, extracting information from documentation, and assigning the appropriate codes, medical coding experts assist in confirming the codes are written correctly. A certified medical coder is one of the most sought-after jobs in the United States, according to the staffing firm Randstad U.S. Implementing this universal coding system provides numerous benefits to the healthcare and insurance sectors, including more efficient research and analysis to track health trends, more seamless transfer of medical records, streamlined billing procedures, and easier disease diagnosis for patients.
This research report categorizes the market for the United States medical coding market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the United States medical coding market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the United States medical coding market.
United States Medical Coding Market Report Coverage
|Market Size in 2022:
|USD 18.36 Billion
|Forecast Period 2022-2032 CAGR:
|2032 Value Projection:
|USD 39.98 Billion
|Historical Data for:
|No. of Pages:
|Tables, Charts & Figures:
|By Components, By Classification Systems
|Oracle Corp., Verisk Analytics, Inc., Parexel International Corp., Medical Record Associates LLC, Startek Health, Maxim Health Information Services, Aviacode, Inc., Precyse Solutions LLC and Other Key Players.
|Pitfalls & Challenges:
|COVID-19 Empact,Challenges, Future, Growth, & Analysis
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One of the key factors driving market growth is the increasing use of medical coding and billing procedures in revenue cycle management. Rising demand for computer-assisted medical coding, as it improves accuracy, transparency, productivity, traceability, cost reduction, and compliance, is expected to drive the market during the forecast period. Furthermore, the growing impact of social media on the healthcare sector, as well as the development of new technologies such as artificial intelligence-assisted medical coding, are expected to create significant growth opportunities for the market.
The shortage of information technology professionals in the healthcare sector is expected to hinder market growth over the forecast period. Changing regulations and concerns about data security pose a significant challenge that could limit market growth in the coming years.
- In 2022, the outsourced segment accounted for the largest revenue share over the forecast period.
Based on the components, the United States medical coding market is segmented into outsourced and in-house. Among these, the outsourced segment has the largest revenue share over the forecast period. Since a major spike in the number of healthcare organizations outsourcing revenue cycle management, including medical coding, to save time and streamline workflow. Furthermore, outsourcing medical coding services provides numerous benefits to the organization, such as reduced claim denials, improved scalability, and lower operational costs, which propel the segment forward.
- In 2022, the international classification of diseases (ICD) segment accounted for the largest revenue share over the forecast period.
Based on classification systems, the United States medical coding market is segmented into healthcare common procedure coding systems, current procedural terminology, and international classification of diseases. Among these, the international classification of diseases segment accounted for the largest revenue share over the forecast period. The ICD (International Classification of diseases) code has been revised numerous times, which is a major driver of the segment. The healthcare common procedure coding system segment, on the other hand, is expected to grow at an impressive compound annual rate during the forecast period because the US government has made the use of these codes mandatory under the Health Insurance Portability and Accountability Act.
The report offers the appropriate analysis of the key organizations/companies involved within the United States medical coding market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Oracle Corp.
- Verisk Analytics, Inc.
- Parexel International Corp.
- Medical Record Associates LLC
- Startek Health
- Maxim Health Information Services
- Aviacode, Inc.
- Precyse Solutions LLC
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In January 2023, AQuity launched the QCode AI Autonomous Coding solution, expanding the company's coding solution portfolio.
This study forecasts revenue at regional, and country levels from 2021 to 2032. Spherical Insights has segmented the United States Medical Coding Market based on the below-mentioned segments:
United States Medical Coding Market, By Components
United States Medical Coding Market, By Classification Systems
- Healthcare Common Procedure Coding System
- Current Procedural Terminology
- International Classification of Diseases
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