Medical Coding Market is expected to reach US$ 15.3 billion by 2033, at a CAGR of 8.6%

The Medical Coding Market is expected to be valued at US$ 6.7 billion in 2023, rising to US$ 15.3 billion by 2033, according to Future industry Insights. During the projection period of 2023 to 2033, the market is expected to grow at an 8.6% CAGR.

The Medical Coding market is predicted to develop as the prevalence of chronic diseases rises, resulting in an increase in hospitalisation, medical expenditures, prescription supply, and medical claims.

The increasing availability of a large number of Medical Coding service providers, as well as the rising adoption rate of advanced healthcare solutions such as electronic health records, revenue cycle management software, and mhealth applications, is driving market growth.

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Advent of Telehealth and Virtual Care to Create Tailwind for the Medical Coding Market Growth

Digitization is making deeper inroads across diverse industries, such as healthcare, owing to the increasing penetration of the internet and smartphones across the world.

During the COVID-19 outbreak, healthcare practitioners and patients realized the importance of digitization and encouraged them to adopt virtual methods of patient examination and consultation to counter the regulations concerning social distancing. This gave rise to a new medical domain, Telehealth.

Since the outbreak, telehealth has gained immense popularity, especially among the geriatric population, owing to the convenience associated with it. Hence, increasing adoption of telehealth across radiology, behavioral health, cardiology, and online consultation is expected to create lucrative opportunities for growth in the Medical Coding market.

Key Medical Coding Market Takeaways and Projections

• The US is estimated to continue dominating the North America market, projecting fastest growth in the region through 2033.
• Germany Medical Coding market is forecast to register robust growth in Europe, accounting for a significant share in the region between 2023 to 2033.
• China is expected to account for the maximum revenue share in the East Asia market, exhibiting the fastest sales growth during the assessment period.
• India is forecast to emerge as a highly remunerative market in South Asia, contributing for the largest sales in the region over the coming 10-years.

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Report Benefits & Key Questions Answered

• Medical Coding Historical Market Outlook: Future Market Insight’s analysis examines vital dynamics, such as drivers, opportunities, and challenges in the Medical Coding market. It also studies the impact of these dynamics on the market for the previous assessment period 2018 to 2022 to forecast the scope of market growth over the coming forecast period 2023 to 2033.
• Medical Coding Demand-Supply Assessment: The latest study published by FMI offers in-depth insights into governing factors facilitating the demand outlook of the Medical Coding market. As per the survey, Medical Coding sales will project steady growth over the forecast period.
• Medical Coding Market Structure Analysis: The report provides detailed information about market the concentration of key players and tier analysis in the Medical Coding market. It also categories market players as per Tier 1, Tier 2, and Tier 3 in terms of their percentage share and product portfolio.
• Medical Coding Market Trend Analysis: FMI’s market trend analysis provide compelling insights into current and upcoming trends in the healthcare industries. It also assists the industry players to identify potential trends to formulate a strategy to take advantage of these existing trends.

Competitive Landscape Analysis

The latest study conducted by FMI provides in-depth insights into the global Medical Coding market to assist management level decision-makers in constructing a strategy to capitalize on the critical trends & opportunities. It also discloses competitive trends and profiles a list of leading players operating in the global Medical Coding market.

Some of the prominent market players are profiled by FMI are:

• STARTEK Health
• Aviacode, Inc.
• Parexel International Corporation
• Maxim Health Information Services
• Precyse Solutions, LLC
• Medical Record Associates LLC.
• Dolbey
• Others

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Key Segments of Medical Coding Market

By Classification System:

• International Classification of Diseases (ICD)
• Healthcare Common Procedure Coding System (HCPCS)
• Current Procedural Terminology (CPT)
• Others

By Mode:

• Out-sourced
• In-house

By End User:

• Hospitals
• Insurance companies
• Others

Region

• North America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East and Africa