According to a report,”U.S. Medical Coding Market Size, Share & Trends Analysis Report By Classification System (ICD, HCPCS, CPT), By Component (In-house, Outsourced), And Segment Forecasts, 2019 – 2025“, published by Grand View Research, Inc., The U.S. medical coding market size is expected to reach USD 7.0 billion by 2025 expanding at a CAGR of 9.3%. There is a high demand for coding services in countries, which have high healthcare coverage and/or mandatory health insurance, as they are used in settling health insurance claims. Every individual has a unique combination of human genome. Although most of the time this variation does not affect the normal dosage regimen, it has an impact in the long term. Availability of several data enrichment tools, such as Electronic Health Records (EHRs) and m-Health, has reduced the communication gap between healthcare professionals and patients. These tools generate tremendous amount of data, which can be used for personalized treatment after translating them into coded language.
Key Takeaways from the report:
Outsourced services are anticipated to witness the fastest CAGR over the forecast period due to their low costs and better quality than in-house services
By classification system, the ICD segment is expected to lead the market due first-line use of these systems in classification of medical coding data
Some of the major companies in the U.S. medical coding market are STARTEK Health; Oracle Corporation; Verisk Analytics; Aviacode, Inc.; Parexel International Corporation; Maxim Health Information Services; Precyse Solutions, LLC.; and Medical Record Associates LLC.
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It can also be used for increasing the efficiency of various procedures including insurance claims, healthcare analytics, and medical billing. Many developed economies, such as U.S., are extensively using social media for increasing awareness about advanced healthcare. Thus, the advent of social media analytics is also anticipated to help enhance the efficiency in healthcare analytics. U.S. spends almost double the average of the global healthcare spending, which is expected to propel the market further.Major companies incorporate various strategies to gain competitive edge over others. For instance, recently Verisk Insurance Solutions started a joint venture with Guidewire to launch its ISO ClaimSearch accelerator. This initiative has provided Guidewire’s customers instant access to essential analytics of ISO ClaimSearch.
Grand View Research has segmented the U.S. medical coding market on the basis of classification system and component:
U.S. Medical Coding Classification System Outlook (Revenue, USD Million, 2014 – 2025)
ICD
HCPCS
CPT
U.S. Medical Coding Component Outlook (Revenue, USD Million, 2014 – 2025)
In-house
Outsourced
Explore the Healthcare IT market research database, Navigate with Grand View Compass, by Grand View Research, Inc.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
For more information: www.grandviewresearch.com
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