Medical Coding Market - Forecast(2024 - 2030)

Report Code: HCR 33488 Report Format: PDF + Excel
Medical Coding Market Overview
Medical Coding Market size is forecast to reach $24.56 billion by 2025, growing at a CAGR of 10.2% during the forecast period 2020-2025. Technological development in medical fields and the rising need for a universal language are the major factors driving the growth of the market. Rising number of coders is set to rise in the career opportunities and growing interest in the Medical Coding by hospitals and healthcare institutions is set to further enhance the overall market demand of medical coding market during the forecast period 2020-2025. 

Key Takeaways
  • North America dominates the medical coding market in 2019 owing to the rapid adoption of the technologically advanced IT procedures and the highly advanced healthcare IT structure. The medical coding market scope for different regions will be provided in the final report.
  • Escalating demand for coding services and the constant revisions in classification system is likely to aid in the market growth of medical coding market.
  • Detailed analysis on the Strength, Weakness and opportunities of the prominent players operating in the market will be provided in the medical coding market report.
  • Learning new codes create hurdles for the medical coding market.

Classification System- Segment Analysis
The International Classification of Diseases (ICD) segment held the largest share in the Medical Coding Market in 2019 and is estimated to grow at a CAGR of 5.8% during the forecast period 2020-2025. ICD is designed as a health care classification system that provides healthcare diagnosis codes for identifying various diseases signs, symptoms, abnormal findings, complaints, social circumstances and external cause of injury or disease. Medical coding is the transformation of healthcare procedures, diagnosis, equipment, and medical services into universal medical alphanumeric codes. The International Classification of Diseases is designed to map health conditions to corresponding generic categories together with specific variations, assigning for these a designated code, up to six characters long. International Classification of Diseases include a section classifying mental and behavioral disorders. It is estimated that the International Classification of Diseases segment to be the fastest growing segment and set to register a highest CAGR during the forecast period 2020-2025. 

End User - Segment Analysis
Hospitals dominated the global medical coding market in 2019. Increasing number of patients visiting hospitals and rising need to store patient data efficiently stimulates growth of this segment. The growing number of healthcare institutions in developing countries is also fueling the growth of medical coding market. 

Geography - Segment Analysis
North America dominates the medical coding market in 2019 with a share of more than 33%, followed by Europe. North America dominates the medical coding market owing to the rapid adoption of the technologically advanced IT procedures in hospitals, growing availability of medical coders, and the highly advanced healthcare IT structure.  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 favorable healthcare system are driving the medical coding market in the North America region.

However, Asia-Pacific is estimated to grow at a higher CAGR during the forecast period 2020-2025. This is owing to the developing healthcare facilities among emerging economies in the countries of Asia Pacific. Rising number of medical coding outsourcing companies and increasing medical tourism is estimated to help in the growth of the region during the forecast period 2020-2025. 

Drivers – Medical Coding Market

  • Technological developments in medical fields
Medical technology has been rising in various fields of medicine. Companies are feeding machines with various information to enhance the conclusions of the decoding program .Medical coding professionals help to ensure 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. Artificial intelligence technology are used to decode alphanumeric codes representing every diagnosis and procedure.

  • Rising need  for a universal language
The Healthcare industry have been pitching in for a universal language to identify and classify disease symptoms and signs. A universal language also reduces frauds, misinterpretations associated with insurance claims, and provides streamline hospital billing procedures. Rising need for a universal language is to reduce frauds and misinterpretations associated with the insurance claims and also the escalating demand for coding services is increasing the growth of the medical coding market.

Challenges – Medical Coding Market

  • Learning new codes
Some of the factors that impede the growth of the medical coding market are the learning of new codes. As the medical sector is growing and gains new information every day, so it becomes difficult for medical coders to learn new language.

Medical Coding Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the medical coding market. In 2019, Medical Coding Market share is consolidated by the top ten players present in the market. Medical coding market top 10 companies are STARTEK Health, Oracle Corporation, Verisk Analytics, Aviacode Inc., Parexel International Corporation, Maxim Health Information Services, Thrive Inc., Medical Record Associates LLC, 3M Company and Optum Inc. among others.

Acquisitions/Product Launches
  • In November 2017, Aviacode announced there acquisition of a Hyderabad, India- based medical coding company so that they can get access to AAPC and AHIMA certified medical coders which  will help them to improve their business as they will generate more revenue. 
  • In December 2018, Optum Bank announced that they have enhanced their data and analytics tools which will which help the accountholder to understand how to use their health savings account (HSA) savings so that they can pay for their healthcare costs. 

1. Medical Coding Market Overview
    1.1 Definitions and Scope
2. Medical Coding Market- Executive Summary
    2.1 Market Revenue and Key Trends by Company
    2.2 Key trends by Classification System
    2.3 Key trends by End User
    2.4 Key trends by Geography
3. Medical Coding Market– Comparative Analysis
    3.1 Product Benchmarking – Key Companies
    3.2 Financial Analysis – Key Companies
    3.3 Market Value Split by Key Companies
    3.4 Patent Analysis – Key Companies
    3.5 Pricing Analysis
4. Medical Coding Market- Startup Companies Scenario (Premium)
    4.1 Key Startup Company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Venture Capital and Funding Scenario
5. Medical Coding Market – Industry Market Entry Scenario Premium (Premium)
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case Studies of Successful Ventures
6. Medical Coding Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes 
7. Medical Coding Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Market/Product Life Cycle
8. Medical Coding Market – By Classification System (Market Size –$Million/$Billion)
    8.1 International Classification of Diseases(ICD)
    8.2 Healthcare Common Procedure Code System(HCPCS) 
9. Medical Coding Market – By Component (Market Size –$Million/$Billion)
    9.1 In House
    9.2 Outsourced
10. Medical Coding Market – By End User (Market Size –$Million/$Billion)
    10.1 Hospitals
    10.2 Diagnostic Centers
    10.3 Others
11. Medical Coding Market – By Geography (Market Size –$Million/$Billion)
    11.1 North America
        11.1.1 U.S.
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 U.K.
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Spain
        11.2.6 Rest of Europe
    11.3 APAC
        11.3.1 China
        11.3.2 Australia & New Zealand
        11.3.3 Japan
    11.3.4 South Korea
        11.3.5 India
        11.3.6 Rest of APAC
    11.4 RoW
        11.4.1 Middle East
        11.4.2 Africa
        11.4.3 South America
12. Medical Coding Market - Entropy
13. Medical Coding Market – Industry/Segment Competition Landscap  (Premium) 
    13.1 Market Share Analysis
        13.1.1 Global Market Share – Key Companies
        13.1.2 Market Share by Region – Key companies
        13.1.3 Market Share by Countries – Key Companies
        13.1.4 Best Practices for Companies
14. Medical Coding Market– Key Company List by Country Premium (Premium)
15. Medical Coding Market - Company Analysis
    15.1 Company Revenue, Products, M&A, Developments
    15.2 STARTEK Health
    15.3 Oracle Corporation
    15.4 Verisk Analytics
    15.5 Aviacode Inc.
    15.6 Parexel International Corporation
    15.7 Maxim Health Information Service
    15.8 Thrive Inc.
    15.9 Medical Record Associates LLC.
    15.10 3M Company
    15.11 Optum Inc.
"*Financials for private companies would be provided on a best efforts basis”.

LIST OF TABLES

1.Global Titanium Dioxide Market:Application Estimate Trend Analysis Market 2023-2030 ($M)
1.1 Paint Coating Market 2023-2030 ($M) - Global Industry Research
1.2 Plastic Market 2023-2030 ($M) - Global Industry Research
1.3 Pulp Paper Market 2023-2030 ($M) - Global Industry Research
1.4 Cosmetic Market 2023-2030 ($M) - Global Industry Research
2.Global Medical Coding:Classification System Estimate Trend Analysis Market 2023-2030 ($M)
2.1 International Classification Of Disease Market 2023-2030 ($M) - Global Industry Research
2.1.1 Icdmarket Market 2023-2030 ($M)
2.2 Healthcare Common Procedure Coding System Market 2023-2030 ($M) - Global Industry Research
2.2.1 Hcpcs Market Market 2023-2030 ($M)
3.Global Medical Coding Market:Component Estimate Trend Analysis Market 2023-2030 ($M)
3.1 In-House Market 2023-2030 ($M) - Global Industry Research
3.1.1 In-House Market Market 2023-2030 ($M)
3.2 Outsourced Market 2023-2030 ($M) - Global Industry Research
3.2.1 Outsourced Market Market 2023-2030 ($M)
4.Global Competitive Landscape Market 2023-2030 ($M)
4.1 Startek Health Market 2023-2030 ($M) - Global Industry Research
4.2 Oracle Corporation Market 2023-2030 ($M) - Global Industry Research
4.3 Verisk Analytics Market 2023-2030 ($M) - Global Industry Research
4.4 Aviacode, Inc Market 2023-2030 ($M) - Global Industry Research
4.5 Parexel International Corporation Market 2023-2030 ($M) - Global Industry Research
4.6 Maxim Health Information Service Market 2023-2030 ($M) - Global Industry Research
4.7 Nthrive, Inc Market 2023-2030 ($M) - Global Industry Research
4.8 Medical Record Associate Llc Market 2023-2030 ($M) - Global Industry Research
5.Global Titanium Dioxide Market:Application Estimate Trend Analysis Market 2023-2030 (Volume/Units)
5.1 Paint Coating Market 2023-2030 (Volume/Units) - Global Industry Research
5.2 Plastic Market 2023-2030 (Volume/Units) - Global Industry Research
5.3 Pulp Paper Market 2023-2030 (Volume/Units) - Global Industry Research
5.4 Cosmetic Market 2023-2030 (Volume/Units) - Global Industry Research
6.Global Medical Coding:Classification System Estimate Trend Analysis Market 2023-2030 (Volume/Units)
6.1 International Classification Of Disease Market 2023-2030 (Volume/Units) - Global Industry Research
6.1.1 Icdmarket Market 2023-2030 (Volume/Units)
6.2 Healthcare Common Procedure Coding System Market 2023-2030 (Volume/Units) - Global Industry Research
6.2.1 Hcpcs Market Market 2023-2030 (Volume/Units)
7.Global Medical Coding Market:Component Estimate Trend Analysis Market 2023-2030 (Volume/Units)
7.1 In-House Market 2023-2030 (Volume/Units) - Global Industry Research
7.1.1 In-House Market Market 2023-2030 (Volume/Units)
7.2 Outsourced Market 2023-2030 (Volume/Units) - Global Industry Research
7.2.1 Outsourced Market Market 2023-2030 (Volume/Units)
8.Global Competitive Landscape Market 2023-2030 (Volume/Units)
8.1 Startek Health Market 2023-2030 (Volume/Units) - Global Industry Research
8.2 Oracle Corporation Market 2023-2030 (Volume/Units) - Global Industry Research
8.3 Verisk Analytics Market 2023-2030 (Volume/Units) - Global Industry Research
8.4 Aviacode, Inc Market 2023-2030 (Volume/Units) - Global Industry Research
8.5 Parexel International Corporation Market 2023-2030 (Volume/Units) - Global Industry Research
8.6 Maxim Health Information Service Market 2023-2030 (Volume/Units) - Global Industry Research
8.7 Nthrive, Inc Market 2023-2030 (Volume/Units) - Global Industry Research
8.8 Medical Record Associate Llc Market 2023-2030 (Volume/Units) - Global Industry Research
9.North America Titanium Dioxide Market:Application Estimate Trend Analysis Market 2023-2030 ($M)
9.1 Paint Coating Market 2023-2030 ($M) - Regional Industry Research
9.2 Plastic Market 2023-2030 ($M) - Regional Industry Research
9.3 Pulp Paper Market 2023-2030 ($M) - Regional Industry Research
9.4 Cosmetic Market 2023-2030 ($M) - Regional Industry Research
10.North America Medical Coding:Classification System Estimate Trend Analysis Market 2023-2030 ($M)
10.1 International Classification Of Disease Market 2023-2030 ($M) - Regional Industry Research
10.1.1 Icdmarket Market 2023-2030 ($M)
10.2 Healthcare Common Procedure Coding System Market 2023-2030 ($M) - Regional Industry Research
10.2.1 Hcpcs Market Market 2023-2030 ($M)
11.North America Medical Coding Market:Component Estimate Trend Analysis Market 2023-2030 ($M)
11.1 In-House Market 2023-2030 ($M) - Regional Industry Research
11.1.1 In-House Market Market 2023-2030 ($M)
11.2 Outsourced Market 2023-2030 ($M) - Regional Industry Research
11.2.1 Outsourced Market Market 2023-2030 ($M)
12.North America Competitive Landscape Market 2023-2030 ($M)
12.1 Startek Health Market 2023-2030 ($M) - Regional Industry Research
12.2 Oracle Corporation Market 2023-2030 ($M) - Regional Industry Research
12.3 Verisk Analytics Market 2023-2030 ($M) - Regional Industry Research
12.4 Aviacode, Inc Market 2023-2030 ($M) - Regional Industry Research
12.5 Parexel International Corporation Market 2023-2030 ($M) - Regional Industry Research
12.6 Maxim Health Information Service Market 2023-2030 ($M) - Regional Industry Research
12.7 Nthrive, Inc Market 2023-2030 ($M) - Regional Industry Research
12.8 Medical Record Associate Llc Market 2023-2030 ($M) - Regional Industry Research
13.South America Titanium Dioxide Market:Application Estimate Trend Analysis Market 2023-2030 ($M)
13.1 Paint Coating Market 2023-2030 ($M) - Regional Industry Research
13.2 Plastic Market 2023-2030 ($M) - Regional Industry Research
13.3 Pulp Paper Market 2023-2030 ($M) - Regional Industry Research
13.4 Cosmetic Market 2023-2030 ($M) - Regional Industry Research
14.South America Medical Coding:Classification System Estimate Trend Analysis Market 2023-2030 ($M)
14.1 International Classification Of Disease Market 2023-2030 ($M) - Regional Industry Research
14.1.1 Icdmarket Market 2023-2030 ($M)
14.2 Healthcare Common Procedure Coding System Market 2023-2030 ($M) - Regional Industry Research
14.2.1 Hcpcs Market Market 2023-2030 ($M)
15.South America Medical Coding Market:Component Estimate Trend Analysis Market 2023-2030 ($M)
15.1 In-House Market 2023-2030 ($M) - Regional Industry Research
15.1.1 In-House Market Market 2023-2030 ($M)
15.2 Outsourced Market 2023-2030 ($M) - Regional Industry Research
15.2.1 Outsourced Market Market 2023-2030 ($M)
16.South America Competitive Landscape Market 2023-2030 ($M)
16.1 Startek Health Market 2023-2030 ($M) - Regional Industry Research
16.2 Oracle Corporation Market 2023-2030 ($M) - Regional Industry Research
16.3 Verisk Analytics Market 2023-2030 ($M) - Regional Industry Research
16.4 Aviacode, Inc Market 2023-2030 ($M) - Regional Industry Research
16.5 Parexel International Corporation Market 2023-2030 ($M) - Regional Industry Research
16.6 Maxim Health Information Service Market 2023-2030 ($M) - Regional Industry Research
16.7 Nthrive, Inc Market 2023-2030 ($M) - Regional Industry Research
16.8 Medical Record Associate Llc Market 2023-2030 ($M) - Regional Industry Research
17.Europe Titanium Dioxide Market:Application Estimate Trend Analysis Market 2023-2030 ($M)
17.1 Paint Coating Market 2023-2030 ($M) - Regional Industry Research
17.2 Plastic Market 2023-2030 ($M) - Regional Industry Research
17.3 Pulp Paper Market 2023-2030 ($M) - Regional Industry Research
17.4 Cosmetic Market 2023-2030 ($M) - Regional Industry Research
18.Europe Medical Coding:Classification System Estimate Trend Analysis Market 2023-2030 ($M)
18.1 International Classification Of Disease Market 2023-2030 ($M) - Regional Industry Research
18.1.1 Icdmarket Market 2023-2030 ($M)
18.2 Healthcare Common Procedure Coding System Market 2023-2030 ($M) - Regional Industry Research
18.2.1 Hcpcs Market Market 2023-2030 ($M)
19.Europe Medical Coding Market:Component Estimate Trend Analysis Market 2023-2030 ($M)
19.1 In-House Market 2023-2030 ($M) - Regional Industry Research
19.1.1 In-House Market Market 2023-2030 ($M)
19.2 Outsourced Market 2023-2030 ($M) - Regional Industry Research
19.2.1 Outsourced Market Market 2023-2030 ($M)
20.Europe Competitive Landscape Market 2023-2030 ($M)
20.1 Startek Health Market 2023-2030 ($M) - Regional Industry Research
20.2 Oracle Corporation Market 2023-2030 ($M) - Regional Industry Research
20.3 Verisk Analytics Market 2023-2030 ($M) - Regional Industry Research
20.4 Aviacode, Inc Market 2023-2030 ($M) - Regional Industry Research
20.5 Parexel International Corporation Market 2023-2030 ($M) - Regional Industry Research
20.6 Maxim Health Information Service Market 2023-2030 ($M) - Regional Industry Research
20.7 Nthrive, Inc Market 2023-2030 ($M) - Regional Industry Research
20.8 Medical Record Associate Llc Market 2023-2030 ($M) - Regional Industry Research
21.APAC Titanium Dioxide Market:Application Estimate Trend Analysis Market 2023-2030 ($M)
21.1 Paint Coating Market 2023-2030 ($M) - Regional Industry Research
21.2 Plastic Market 2023-2030 ($M) - Regional Industry Research
21.3 Pulp Paper Market 2023-2030 ($M) - Regional Industry Research
21.4 Cosmetic Market 2023-2030 ($M) - Regional Industry Research
22.APAC Medical Coding:Classification System Estimate Trend Analysis Market 2023-2030 ($M)
22.1 International Classification Of Disease Market 2023-2030 ($M) - Regional Industry Research
22.1.1 Icdmarket Market 2023-2030 ($M)
22.2 Healthcare Common Procedure Coding System Market 2023-2030 ($M) - Regional Industry Research
22.2.1 Hcpcs Market Market 2023-2030 ($M)
23.APAC Medical Coding Market:Component Estimate Trend Analysis Market 2023-2030 ($M)
23.1 In-House Market 2023-2030 ($M) - Regional Industry Research
23.1.1 In-House Market Market 2023-2030 ($M)
23.2 Outsourced Market 2023-2030 ($M) - Regional Industry Research
23.2.1 Outsourced Market Market 2023-2030 ($M)
24.APAC Competitive Landscape Market 2023-2030 ($M)
24.1 Startek Health Market 2023-2030 ($M) - Regional Industry Research
24.2 Oracle Corporation Market 2023-2030 ($M) - Regional Industry Research
24.3 Verisk Analytics Market 2023-2030 ($M) - Regional Industry Research
24.4 Aviacode, Inc Market 2023-2030 ($M) - Regional Industry Research
24.5 Parexel International Corporation Market 2023-2030 ($M) - Regional Industry Research
24.6 Maxim Health Information Service Market 2023-2030 ($M) - Regional Industry Research
24.7 Nthrive, Inc Market 2023-2030 ($M) - Regional Industry Research
24.8 Medical Record Associate Llc Market 2023-2030 ($M) - Regional Industry Research
25.MENA Titanium Dioxide Market:Application Estimate Trend Analysis Market 2023-2030 ($M)
25.1 Paint Coating Market 2023-2030 ($M) - Regional Industry Research
25.2 Plastic Market 2023-2030 ($M) - Regional Industry Research
25.3 Pulp Paper Market 2023-2030 ($M) - Regional Industry Research
25.4 Cosmetic Market 2023-2030 ($M) - Regional Industry Research
26.MENA Medical Coding:Classification System Estimate Trend Analysis Market 2023-2030 ($M)
26.1 International Classification Of Disease Market 2023-2030 ($M) - Regional Industry Research
26.1.1 Icdmarket Market 2023-2030 ($M)
26.2 Healthcare Common Procedure Coding System Market 2023-2030 ($M) - Regional Industry Research
26.2.1 Hcpcs Market Market 2023-2030 ($M)
27.MENA Medical Coding Market:Component Estimate Trend Analysis Market 2023-2030 ($M)
27.1 In-House Market 2023-2030 ($M) - Regional Industry Research
27.1.1 In-House Market Market 2023-2030 ($M)
27.2 Outsourced Market 2023-2030 ($M) - Regional Industry Research
27.2.1 Outsourced Market Market 2023-2030 ($M)
28.MENA Competitive Landscape Market 2023-2030 ($M)
28.1 Startek Health Market 2023-2030 ($M) - Regional Industry Research
28.2 Oracle Corporation Market 2023-2030 ($M) - Regional Industry Research
28.3 Verisk Analytics Market 2023-2030 ($M) - Regional Industry Research
28.4 Aviacode, Inc Market 2023-2030 ($M) - Regional Industry Research
28.5 Parexel International Corporation Market 2023-2030 ($M) - Regional Industry Research
28.6 Maxim Health Information Service Market 2023-2030 ($M) - Regional Industry Research
28.7 Nthrive, Inc Market 2023-2030 ($M) - Regional Industry Research
28.8 Medical Record Associate Llc Market 2023-2030 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Medical Coding Market Revenue, 2023-2030 ($M)
2.Canada Medical Coding Market Revenue, 2023-2030 ($M)
3.Mexico Medical Coding Market Revenue, 2023-2030 ($M)
4.Brazil Medical Coding Market Revenue, 2023-2030 ($M)
5.Argentina Medical Coding Market Revenue, 2023-2030 ($M)
6.Peru Medical Coding Market Revenue, 2023-2030 ($M)
7.Colombia Medical Coding Market Revenue, 2023-2030 ($M)
8.Chile Medical Coding Market Revenue, 2023-2030 ($M)
9.Rest of South America Medical Coding Market Revenue, 2023-2030 ($M)
10.UK Medical Coding Market Revenue, 2023-2030 ($M)
11.Germany Medical Coding Market Revenue, 2023-2030 ($M)
12.France Medical Coding Market Revenue, 2023-2030 ($M)
13.Italy Medical Coding Market Revenue, 2023-2030 ($M)
14.Spain Medical Coding Market Revenue, 2023-2030 ($M)
15.Rest of Europe Medical Coding Market Revenue, 2023-2030 ($M)
16.China Medical Coding Market Revenue, 2023-2030 ($M)
17.India Medical Coding Market Revenue, 2023-2030 ($M)
18.Japan Medical Coding Market Revenue, 2023-2030 ($M)
19.South Korea Medical Coding Market Revenue, 2023-2030 ($M)
20.South Africa Medical Coding Market Revenue, 2023-2030 ($M)
21.North America Medical Coding By Application
22.South America Medical Coding By Application
23.Europe Medical Coding By Application
24.APAC Medical Coding By Application
25.MENA Medical Coding By Application
26.Dupont, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Tronox Limited, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Cristal, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.The Chemours Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Nl Industries, Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Argex Titanium Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Huntsman Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Evonik, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Tayca Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Kish Company, Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)