DUBLIN--(BUSINESS WIRE)--The "Global Medical Coding Market - Segmented by Classification System, by Component, by End-User, and Geography - Growth, Trends, and Forecast (2018-2023)" report has been added to ResearchAndMarkets.com's offering.
The global medical coding market is expected to register a CAGR of 9.9% during the forecast period, 2018 to 2023.
Rising occurrence of insurance frauds and insurance issues associated with misinterpretation of medical documents is responsible for driving the demand of medical coding services, especially in developed countries.
Medical Coding is being increasingly used nowadays to create a proper record of patient care, streamline the medical billing process, accelerate payments to physicians and identify healthcare areas that require focus. There is high demand for medical billers and coders in today's job market. The good news is coding-related jobs are expanding due to the growing landscape of the business side of healthcare.
The Bureau of Labor Statistics (BLS) projects that the number of positions in the field of medical records and health information technicians which includes medical billers and coders will increase 13% between 2016 and 2026. This industry's growth rate is faster than the national average for all occupations, and approximately 27,800 new positions will be added by 2026. Hence this escalating demand for coding jobs drives the medical coding market across the globe.
Other factors driving the market growth are rising need for a universal language to reduce frauds and misinterpretations associated with insurance claims and high demand to streamline hospital billing procedures.
Data security is a major concern for healthcare organizations. The other factors restraining the market are lack of skilled IT professionals and changing regulations related to medical coding.
North America is expected to dominate the market throughout the forecast period. High demand for specialist coders and presence of a favorable healthcare system are key factors anticipated to drive market growth.
Also, Asia Pacific is anticipated to exhibit lucrative growth during the forecast period. Increasing number of trained coders and provider companies is anticipated to fuel market growth in the region.
Major Developments in the Market
- Aviacode, announced an international expansion through the acquisition of a Hyderabad, India-based medical coding company.
Key Topics Covered
1. Introduction
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Medical Coding Market Overview
6. Medical Coding Market Dynamics
7. Medical Coding Market Segmentation
8. Company Profiles and Competitive Landscape
- 3M Company
- Aviacode Inc.
- Dolbey Systems Inc.
- Maxim Health Information Services
- Medical Record Associates LLC
- Oracle Corporation
- Parexel International Corporation
- Precyse Solutions LLC
- Startek Health
- Verisk Analytics
9. Future of the Medical Coding Market
For more information about this report visit https://www.researchandmarkets.com/research/7b9wdk/medical_coding?w=4
