Medical Coding Market

Medical Coding Market by Components (Outsourced and In-house), Classification Systems (Healthcare Common Procedure Coding System, Current Procedural Terminology, and International Classification Of Diseases), and Country - U.S. Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: HC-3734
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 2
  • No. Of Pages: 165
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The U.S. medical coding market size was valued at USD 16.38 billion in 2020 and is projected to reach USD 31.37 billion by 2028, expanding at a CAGR of 8.2% during the forecast period, 2021-2028. The growth of the market is attributed to the rising insurance frauds and issues due to misinterpretations of medical documents.

Medical Coding Market key takeaways

Medical coding is the translation of medical equipments, healthcare diagnosis, medical services, and procedures into standard medical alphanumeric codes. The process and diagnoses codes are taken from medical record documentation, such as laboratory records, transcription of physician's notes, and radiologic results. Medical coding expert’s help in confirming the codes are written properly during the medical billing procedure, which includes creating a claim to be paid by insurance carriers, extracting the information from documentation, and assigning the appropriate codes. According to the staffing firm Randstad U.S., certified medical coder is one of the much hunted job in the US. Implementing this universal coding system offer various benefits to the healthcare and insurance sector, such as more efficient research and analysis to track health trends, more seamless transfer of medical records, streamlined billing procedure, and easy patient’s disease diagnosis.

The COVID-19 pandemic outbreak had positive impact on the market. During the pandemic, healthcare sector shifted its focus to importance of documentation during any medical service transaction. Additionally, surging COVID cases, changing reimbursement policies, and growing development of new codes for COVID – 19 increased the demand for medical coding services.

Market Trends, Drivers, Restraints, and Opportunities

  • Growing use of medical coding and billing procedure in revenue cycle management is one of the key factors driving the market growth.
  • Rising demand of computer assisted medical coding as it offers more accuracy, transparency, enhances productivity, provides traceability, reduces cost, and compliance is projected to boost the market during the forecast period.
  • Changing regulations and concern over data security acts as a major challenge that can restrict the market growth in the coming years.
  • Lack of information technology professionals in healthcare sector is expected to hamper the market growth during the projected timeline.
  • Surging impact of social media on healthcare sector and development of new technologies, such as Artificial Intelligence assisted medical coding is anticipated to create significant growth opportunities for the market.

Scope of the Report

The report on the U.S. medical coding market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

The U.S. Medical Coding Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Components (Outsourced and In-house) and Classification Systems (Healthcare Common Procedure Coding System, Current Procedural Terminology, and International Classification Of Diseases)

Country

The U.S.

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Oracle Corp.; Verisk Analytics, Inc.; Parexel International Corp.; Medical Record Associates LLC; Startek Health; Maxim Health Information Services; Aviacode, Inc.; and Precyse Solutions LLC

 

Market Segment Insights

Outsourced segment to grow at high CAGR

In terms of components, the market is bifurcated into outsourced and in-house. The outsourced segment is estimated to grow at high CAGR during the forecast period owing to the significant rise in the number of healthcare organizations outsourcing their revenue cycle management, including medical coding, to save time and streamline workflow. Moreover, outsourcing of medical coding services offers a various benefits to the organization, such as minimized claim denials, improved scalability, and reduced operational cost, which is driving the segment growth further. On the other hand, the in-house segment is anticipated to register significant growth during the projected period attributed to the advantage of retaining control on the entire coding process and in case of any errors, accessing in-house medical coders is easier.

Medical Coding Market by components

High usage drives the ICD segment

Based on classification systems, the U.S. medical coding market is divided into healthcare common procedure coding system (HCPCS), current procedural terminology (CPT), and international classification of diseases (ICD). The international classification of diseases segment is anticipated to expand at robust growth rate during the forecast period attributed to the high usage of this codes by healthcare organization. Furthermore, ICD code has undergone many revisions, which is major driver of the segment. However, the healthcare common procedure coding system segment is projected to expand a considerable CAGR during the forecast period owing to the US government has made the mandatory use of these code under the under the Health Insurance Portability and Accountability Act. Additionally, the segment growth is further accelerated as HCPCS is used by third-party insurance providers, Medicaid, and Medicare.

Medical Coding Market by classifications

Segments

Segments Covered in the Report
The U.S. medical coding market has been segmented on the basis of

Components

  • Outsourced
  • In-house
Classification Systems
  • Healthcare Common Procedure Coding System
  • Current Procedural Terminology
  • International Classification Of Diseases
Country
  • The U.S.
Key Players
  • Oracle Corp.
  • Verisk Analytics, Inc.
  • Parexel International Corp.
  • Medical Record Associates LLC
  • Startek Health
  • Maxim Health Information Services
  • Aviacode, Inc.
  • Precyse Solutions LLC

Competitive Landscape

Key players competing in the U.S. medical coding market are Oracle Corp.; Verisk Analytics, Inc.; Parexel International Corp.; Medical Record Associates LLC; Startek Health; Maxim Health Information Services; Aviacode, Inc.; and Precyse Solutions LLC. Companies are focusing on providing technologically advanced medical coding systems for healthcare sector to maintain their competitive position in the market. Companies have been widely engaged in strategic partnership, merger & acquisition, new product launch, and collaborations to boost their market share and acquiring new buyers.

For instance, in February 2020, Verisk Analytics, Inc. a data analytics and risk assessment firm headquartered in New Jersey, collaborated with SCOR, a reinsurance company to launch an Artificial Intelligence based analytical platform for computerized underwriting of life insurances. In March 2020, the US Department of Health and Human Services includes a federal agency Centers for Medicare & Medicaid Services, which developed a Healthcare Common Procedure Coding System (HCPCS) code for COVID-19 laboratory tests. With the development of this code laboratories can use the HCPCS code to bill for COVID-19 diagnostic tests as well as the code will help in tracking of new cases and in increasing testing.

Medical Coding Market by key players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Medical Coding Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Medical Coding Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Medical Coding Market - Supply Chain
  4.5. Global Medical Coding Market Forecast
     4.5.1. Medical Coding Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Medical Coding Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Medical Coding Market Absolute $ Opportunity
5. Global Medical Coding Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Medical Coding Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Medical Coding Demand Share Forecast, 2019-2026
6. North America Medical Coding Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Medical Coding Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Medical Coding Demand Share Forecast, 2019-2026
7. Latin America Medical Coding Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Medical Coding Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Medical Coding Demand Share Forecast, 2019-2026
8. Europe Medical Coding Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Medical Coding Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Medical Coding Demand Share Forecast, 2019-2026
9. Asia Pacific Medical Coding Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Medical Coding Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Medical Coding Demand Share Forecast, 2019-2026
10. Middle East & Africa Medical Coding Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Medical Coding Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Medical Coding Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Medical Coding Market: Market Share Analysis
  11.2. Medical Coding Distributors and Customers
  11.3. Medical Coding Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Oracle Corp.
     11.4.2. Verisk Analytics, Inc.
     11.4.3. Parexel International Corp.
     11.4.4. Medical Record Associates LLC
     11.4.5. Startek Health
     11.4.6. Maxim Health Information Services
     11.4.7. Aviacode, Inc.

Segments Covered in the Report
The U.S. medical coding market has been segmented on the basis of

Components

  • Outsourced
  • In-house
Classification Systems
  • Healthcare Common Procedure Coding System
  • Current Procedural Terminology
  • International Classification Of Diseases
Country
  • The U.S.
Key Players
  • Oracle Corp.
  • Verisk Analytics, Inc.
  • Parexel International Corp.
  • Medical Record Associates LLC
  • Startek Health
  • Maxim Health Information Services
  • Aviacode, Inc.
  • Precyse Solutions LLC

Key players competing in the U.S. medical coding market are Oracle Corp.; Verisk Analytics, Inc.; Parexel International Corp.; Medical Record Associates LLC; Startek Health; Maxim Health Information Services; Aviacode, Inc.; and Precyse Solutions LLC. Companies are focusing on providing technologically advanced medical coding systems for healthcare sector to maintain their competitive position in the market. Companies have been widely engaged in strategic partnership, merger & acquisition, new product launch, and collaborations to boost their market share and acquiring new buyers.

For instance, in February 2020, Verisk Analytics, Inc. a data analytics and risk assessment firm headquartered in New Jersey, collaborated with SCOR, a reinsurance company to launch an Artificial Intelligence based analytical platform for computerized underwriting of life insurances. In March 2020, the US Department of Health and Human Services includes a federal agency Centers for Medicare & Medicaid Services, which developed a Healthcare Common Procedure Coding System (HCPCS) code for COVID-19 laboratory tests. With the development of this code laboratories can use the HCPCS code to bill for COVID-19 diagnostic tests as well as the code will help in tracking of new cases and in increasing testing.

Medical Coding Market by key players

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