The global medical
coding market size is expected to reach USD 25.4 billion by 2025, according to
a new report by Grand View Research, Inc., registering a 10.0% CAGR during the
forecast period. Rising need for a universal language to reduce frauds and misinterpretations
associated with insurance claims is driving market growth.
Presently, medical
coding is in its initial phase with frequent introduction of advanced versions
of classification systems. In addition, number of coders is constantly rising
as a result of career opportunities in this field. Escalating demand for coding
services, coupled with the aforementioned factors, is driving market growth.
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Constant revisions
in classification systems and its global acceptance is expected to result in
lucrative growth during the forecast years. Rising demand for world-class
healthcare services in developing regions is also anticipated to boost adoption
of medical coding procedures.
Further key findings from the report suggest:
• The number of
professional coders is expected to rise significantly during the forecast
period, boosting the number of companies providing platforms for medical coding
professionals
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• 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
• 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
• The market is
highly fragmented with presence of many local providers offering a wide array
of services
• Some of the major
companies are Oracle Corporation; STARTEK Health, Aviacode, Inc.; Verisk Analytics;
Maxim Health Information Services; Parexel International Corporation; Medical
Record Associates LLC; and Precyse Solutions, LLC.
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