The global medical coding market is projected to reach USD 28.5 million by 2028, growing at a CAGR of 9.8%. Mounting happening of insurance scams and growing requirement for a universal language in medical documents are some of the factors driving the growth of the global medical coding market.
Adroit Market Research report on global Medical coding market gives a holistic view of the market from 2018 to 2028, which includes factors such as market drivers, restraints, opportunities and challenges. The market has been studied for historic years from 2018 to 2019, with the base year of estimation as 2020 and forecast from 2021 to 2028. The report covers the current status and future traits of the market at global as well as country level. In addition, the study also assesses the key players based on their product portfolio, geographic footprint, strategic initiatives and overall revenue. Prominent players operating in the global medical coding market have been studied in detail.
The global medical coding market is categorized based on classification system and component. On the basis of classification system, the market is segmented into International Classification of Diseases (ICD) and The Healthcare Common Procedure Coding System (HCPCS). The ICD dominated the market in 2020. On the basis of component, the market is segmented into outsourced and in-house. The outsourced medical coding was the largest market in 2020.
North America dominated the market for medical coding in 2020, while Asia-Pacific is set to grow at the highest CAGR due to flourishing medical travel. Key players of the global medical coding market include STARTEK Health, Verisk Analytics, Oracle Corporation, Aviacode, Inc., Maxim Health Information Services, Parexel International Corporation, Medical Record Associates LLC., nThrive, Inc among others.
Key segments of the global medical coding market
Classification System Overview, 2018-2028 (USD Million)
- International Classification of Diseases (ICD)
- The Healthcare Common Procedure Coding System (HCPCS)
Component 2018-2028 (USD Million)
Regional Overview, 2018-2028 (USD Million)
- North America
- United Kingdom
- Asia Pacific
- South America
- Middle East & Africa