DUBLIN, January 21, 2022–(BUSINESS WIRE)–The "Medical Coding Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)" report has been added to ResearchAndMarkets.com's offering.
The medical coding market was valued at USD 15,259.67 million in 2020, and it is expected to reach USD 28,363.63 million by 2026, registering a CAGR of 10.93%, during the forecast period.
Companies Mentioned
3M Company
Aviacode Inc.
Dolbey Systems Inc.
Maxim Health Information Services
MRA Health Information Services
Nuance Communications Inc.
Optum Inc.
Oracle Corporation
Talix
nThrive (Precyse Solutions LLC)
The Coding Network LLC
Key Market Trends
International Classification of Diseases (ICD) is the Largest Segment and is Expected to Grow During the Forecast Period
The international classification of diseases (ICD) segment is expected to register a significant share, in terms of revenue, over the forecast period, owing to the increasing demand for trained medical coders. The need for ICD is increasing across the world, owing to a growing prevalence of diseases.
According to the World Health Organization (WHO), cardiovascular diseases is the number one cause of death globally, taking an anticipated 17.9 million lives each year. According to the British Heart Foundation (BHF), 17,06,213 cases of cardiovascular diseases are diagnosed in the United Kingdom alone. As per the statistics, the incidence of cardiovascular diseases is increasing, which is directly proportional to the market growth.
Moreover, with the improving versions of ICD, its usage is expected to rise, as the newer versions provide more information than the previous ones further. The version of ICD-11 was released in June 2018 to allow member states to prepare for implementation, including translating ICD into their national languages. The ICD-11 version is a substantial improvement of the ICD-10 version; it has 55,000 unique codes for injuries, diseases, and causes of death compared to that of 14,400 in ICD-10. This ICD-11 version may be effective from 2022.
This release is an advance preview that may allow countries to plan how to use the new version, prepare translations, and train health professionals all across the country. Hence, this segment is expected to grow in the future due to the rising growth of medical coding across the world.
North America is the Biggest Market and is Expected to Show a Similar Trend Over the Forecast Period
The North American market is estimated to hold the largest share, in terms of revenue, over the forecast period, owing to technological advancements 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 an increasing geriatric population and a growing number of chronic diseases in the country, which is anticipated to stimulate the demand in this region.
According to the American Heart Association Research Report 2018, heart diseases account for 1 in 7 deaths in the United States. In 2018, coronary heart disease was the leading cause (43.8%) of deaths attributable to 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%).
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Escalating Demand for Coding Services
4.2.2 Rising Need for a Universal Language to Reduce Frauds and Misinterpretations Associated with Insurance Claims
4.2.3 High Demand to Streamline Hospital Billing Procedures
4.3 Market Restraints
4.3.1 Changing Regulations Related to Medical Coding
4.3.2 Data Security Concerns
4.3.3 Lack of Adequately 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
View source version on businesswire.com: https://www.businesswire.com/news/home/20220121005334/en/
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