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Medical Coding Market - Global Industry Analysis

Medical Coding Market by Classification System (Healthcare Common Procedure Coding System and International Classification of Diseases), by Mode (In-House and Outsourced), and by End-User (Hospitals, Insurance Companies, Private Healthcare Organizations, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025

Published Date: 29-Mar-2019 Category: Healthcare Report Format : PDF Pages: 110 Report Code: ZMR-3973 Status : Published

Global medical coding market expected to generate around USD 24.72 billion by 2025, at a CAGR of around 10.1% between 2019 and 2025. Medical coding is the transformation of healthcare services, procedures, diagnosis, and equipment to universal alphanumeric codes.

Description

The report covers a forecast and an analysis of the medical coding market on a global and regional level. The study provides historical data for 2016, 2017, and 2018 along with a forecast from 2019 to 2025 based on revenue (USD Billion). The study includes drivers and restraints of the medical coding market along with their impact on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the medical coding market on a global level.

In order to give the users of this report a comprehensive view of the medical coding market, we have included a competitive landscape and an analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

Global Medical Coding Market

The report provides company market share analysis to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the market.

The study provides a decisive view of the medical coding market on the basis of the classification system, mode, end-user, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2019 to 2025. The regional segment includes North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Some key players of the medical coding market are Maxim Health Information Services, Optum, nThrive, Inc., STARTEK Health, Parexel International Corporation, Oracle Corporation, Aviacode, Inc., Verisk Analytics, Medical Record Associates LLC, Precyse Solutions, LLC, and Nuance Communications.

This report segments the global medical coding market into:

Global Medical Coding Market: Classification System Analysis

  • Healthcare Common Procedure Coding System (HCPCS)
  • International Classification of Diseases (ICD)

Global Medical Coding Market: Mode Analysis

  • In-House
  • Outsourced

Global Medical Coding Market: End-User Analysis

  • Hospitals
  • Insurance Companies
  • Private Healthcare Organizations
  • Others

Global Medical Coding Market: Regional Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • Middle East and Africa

Table Of Content

  • Chapter 1. Introduction
    • 1.1. Report description and scope
    • 1.2. Research scope
    • 1.3. Research methodology
      • 1.3.1. Market research process
      • 1.3.2. Market research methodology
  •  
  • Chapter 2. Executive Summary
    • 2.1. Global medical coding market, 2016-2025 (USD Billion)
    • 2.2. Global medical coding market: Snapshot
  •  
  • Chapter 3. Medical Coding Market - Industry Dynamics
    • 3.1. Introduction
    • 3.2. Market drivers
      • 3.2.1. Global medical coding market drivers: Impact analysis
      • 3.2.2. Escalating demand for coding services
      • 3.2.3. Rising need for a universal language to reduce frauds and misinterpretations associated with insurance claims
      • 3.2.4. High Demand to streamline hospital billing procedures
    • 3.3. Market Restraints
      • 3.3.1. Global medical coding market restraints: Impact analysis
      • 3.3.2. Lack of adequately equipped IT professionals
      • 3.3.3. Data security concerns
    • 3.4. Opportunities
      • 3.4.1. Recent Technological Developments in Medical Coding
    • 3.5. Porter's Five Forces analysis
    • 3.6. Market attractiveness analysis
      • 3.6.1. Market attractiveness analysis, by classification system
      • 3.6.2. Market attractiveness analysis, by mode
      • 3.6.3. Market attractiveness analysis, by end-user
      • 3.6.4. Market attractiveness analysis, by region
  •  
  • Chapter 4. Global Medical Coding Market - Competitive Landscape
    • 4.1. Company market share analysis
      • 4.1.1. Global medical coding market: company market share, 2018
    • 4.2. Strategic development
      • 4.2.1. Acquisitions & mergers
      • 4.2.2. New Product launch
      • 4.2.3. Agreements, partnerships, collaborations, and joint ventures
      • 4.2.4. Research and development and regional expansion
  •  
  • Chapter 5. Global Medical Coding Market - Classification System Analysis
    • 5.1. Global medical coding market: Classification System overview
      • 5.1.1. Global medical coding market revenue share, by classification system, 2018 and 2025
    • 5.2. Healthcare Common Procedure Coding System (HCPCS)
      • 5.2.1. Global medical coding market for HCPCS, 2016-2025 (USD Billion)
    • 5.3. International Classification of Diseases (ICD)
      • 5.3.1. Global medical coding market for ICD, 2016-2025 (USD Billion)
  •  
  • Chapter 6. Global Medical Coding Market - Mode Analysis
    • 6.1. Global medical coding market: Mode overview
      • 6.1.1. Global medical coding market revenue share, by mode, 2018 and 2025
    • 6.2. In-house
      • 6.2.1. Global medical coding market for in-house, 2016-2025 (USD Billion)
    • 6.3. Outsourced
      • 6.3.1. Global medical coding market for outsourced, 2016-2025 (USD Billion)
  •  
  • Chapter 7. Global Medical Coding Market - End-User Analysis
    • 7.1. Global medical coding market: End-User overview
      • 7.1.1. Global medical coding market revenue share, by End-User, 2018 and 2025
    • 7.2. Hospitals
      • 7.2.1. Global medical coding market for hospitals, 2016-2025 (USD Billion)
    • 7.3. Insurance Company
      • 7.3.1. Global medical coding market for insurance companies, 2016-2025 (USD Billion)
    • 7.4. Private Healthcare Organizations
      • 7.4.1. Global medical coding market for private healthcare organizations, 2016-2025 (USD Billion)
    • 7.5. Others
      • 7.5.1. Global medical coding market for others, 2016-2025 (USD Billion)
  •  
  • Chapter 8. Global Medical Coding Market - Regional Analysis
    • 8.1. Global medical coding market: Regional overview
      • 8.1.1. Global medical coding market revenue share, by region, 2018 and 2025
    • 8.2. North America
      • 8.2.1. North America medical coding market, 2016-2025 (USD Billion)
      • 8.2.2. North America medical coding market revenue, by classification system, 2016-2025 (USD Billion)
      • 8.2.3. North America medical coding market revenue, by mode, 2016-2025 (USD Billion)
      • 8.2.4. North America medical coding market revenue, by End-User, 2016-2025 (USD Billion)
      • 8.2.5. The U.S.
        • 8.2.5.1. The U.S. medical coding market revenue, by classification system, 2016-2025 (USD Billion)
        • 8.2.5.2. The U.S. medical coding market revenue, by mode, 2016-2025 (USD Billion)
        • 8.2.5.3. The U.S. medical coding market revenue, by End-User, 2016-2025 (USD Billion)
      • 8.2.6. Canada
        • 8.2.6.1. Canada medical coding market revenue, by classification system, 2016-2025 (USD Billion)
        • 8.2.6.2. Canada medical coding market revenue, by mode, 2016-2025 (USD Billion)
        • 8.2.6.3. Canada medical coding market revenue, by End-User, 2016-2025 (USD Billion)
    • 8.3. Europe
      • 8.3.1. Europe medical coding market, 2016-2025 (USD Billion)
      • 8.3.2. Europe medical coding market revenue, by classification system, 2016-2025 (USD Billion)
      • 8.3.3. Europe medical coding market revenue, by mode, 2016-2025 (USD Billion)
      • 8.3.4. Europe medical coding market revenue, by End-User, 2016-2025 (USD Billion)
      • 8.3.5. UK
        • 8.3.5.1. UK medical coding market revenue, by classification system, 2016-2025 (USD Billion)
        • 8.3.5.2. UK medical coding market revenue, by mode, 2016-2025 (USD Billion)
        • 8.3.5.3. UK medical coding market revenue, by End-User, 2016-2025 (USD Billion)
      • 8.3.6. Germany
        • 8.3.6.1. Germany medical coding market revenue, by classification system, 2016-2025 (USD Billion)
        • 8.3.6.2. Germany medical coding market revenue, by mode, 2016-2025 (USD Billion)
        • 8.3.6.3. Germany medical coding market revenue, by End-User, 2016-2025 (USD Billion)
      • 8.3.7. France
        • 8.3.7.1. France medical coding market revenue, by classification system, 2016-2025 (USD Billion)
        • 8.3.7.2. France medical coding market revenue, by mode, 2016-2025 (USD Billion)
        • 8.3.7.3. France medical coding market revenue, by End-User, 2016-2025 (USD Billion)
      • 8.3.8. Rest of Europe
        • 8.3.8.1. Rest of Europe medical coding market revenue, by classification system, 2016-2025 (USD Billion)
        • 8.3.8.2. Rest of Europe medical coding market revenue, by mode, 2016-2025 (USD Billion)
        • 8.3.8.3. Rest of Europe medical coding market revenue, by End-User, 2016-2025 (USD Billion)
    • 8.4. Asia Pacific
      • 8.4.1. Asia Pacific medical coding market, 2016-2025 (USD Billion)
      • 8.4.2. Asia Pacific medical coding market revenue, by classification system, 2016-2025 (USD Billion)
      • 8.4.3. Asia Pacific medical coding market revenue, by mode, 2016-2025 (USD Billion)
      • 8.4.4. Asia Pacific medical coding market revenue, by End-User, 2016-2025 (USD Billion)
      • 8.4.5. China
        • 8.4.5.1. China medical coding market revenue, by classification system, 2016-2025 (USD Billion)
        • 8.4.5.2. China medical coding market revenue, by mode, 2016-2025 (USD Billion)
        • 8.4.5.3. China medical coding market revenue, by End-User, 2016-2025 (USD Billion)
      • 8.4.6. Japan
        • 8.4.6.1. Japan medical coding market revenue, by classification system, 2016-2025 (USD Billion)
        • 8.4.6.2. Japan medical coding market revenue, by mode, 2016-2025 (USD Billion)
        • 8.4.6.3. Japan medical coding market revenue, by End-User, 2016-2025 (USD Billion)
      • 8.4.7. India
        • 8.4.7.1. India medical coding market revenue, by classification system, 2016-2025 (USD Billion)
        • 8.4.7.2. India medical coding market revenue, by mode, 2016-2025 (USD Billion)
        • 8.4.7.3. India medical coding market revenue, by End-User, 2016-2025 (USD Billion)
      • 8.4.8. Rest of Asia Pacific
        • 8.4.8.1. Rest of Asia Pacific medical coding market revenue, by classification system, 2016-2025 (USD Billion)
        • 8.4.8.2. Rest of Asia Pacific medical coding market revenue, by mode, 2016-2025 (USD Billion)
        • 8.4.8.3. Rest of Asia Pacific medical coding market revenue, by End-User, 2016-2025 (USD Billion)
    • 8.5. Latin America
      • 8.5.1. Latin America medical coding market, 2016-2025 (USD Billion)
      • 8.5.2. Latin America medical coding market revenue, by classification system, 2016-2025 (USD Billion)
      • 8.5.3. Latin America medical coding market revenue, by mode, 2016-2025 (USD Billion)
      • 8.5.4. Latin America medical coding market revenue, by End-User, 2016-2025 (USD Billion)
      • 8.5.5. Brazil
        • 8.5.5.1. Brazil medical coding market revenue, by classification system, 2016-2025 (USD Billion)
        • 8.5.5.2. Brazil medical coding market revenue, by mode, 2016-2025 (USD Billion)
        • 8.5.5.3. Brazil medical coding market revenue, by End-User, 2016-2025 (USD Billion)
      • 8.5.6. Rest of Latin America
        • 8.5.6.1. Rest of Latin America medical coding market revenue, by classification system, 2016-2025 (USD Billion)
        • 8.5.6.2. Rest of Latin America medical coding market revenue, by mode, 2016-2025 (USD Billion)
        • 8.5.6.3. Rest of Latin America medical coding market revenue, by End-User, 2016-2025 (USD Billion)
    • 8.6. The Middle East and Africa
      • 8.6.1. The Middle East and Africa medical coding market, 2016-2025 (USD Billion)
      • 8.6.2. The Middle East and Africa medical coding market revenue, by classification system, 2016-2025 (USD Billion)
      • 8.6.3. The Middle East and Africa medical coding market revenue, by mode, 2016-2025 (USD Billion)
      • 8.6.4. The Middle East and Africa medical coding market revenue, by End-User, 2016-2025 (USD Billion)
  •  
  • Chapter 9. Company Profile
    • 9.1. Oracle Corporation
      • 9.1.1. Overview
      • 9.1.2. Financials
      • 9.1.3. Product Portfolio
      • 9.1.4. Business Strategy
      • 9.1.5. Recent Developments
    • 9.2. STARTEK Health
      • 9.2.1. Overview
      • 9.2.2. Financials
      • 9.2.3. Product Portfolio
      • 9.2.4. Business Strategy
      • 9.2.5. Recent Developments
    • 9.3. Verisk Analytics
      • 9.3.1. Overview
      • 9.3.2. Financials
      • 9.3.3. Product Portfolio
      • 9.3.4. Business Strategy
      • 9.3.5. Recent Developments
    • 9.4. Aviacode, Inc.
      • 9.4.1. Overview
      • 9.4.2. Financials
      • 9.4.3. Product Portfolio
      • 9.4.4. Business Strategy
      • 9.4.5. Recent Developments
    • 9.5. Parexel International Corporation
      • 9.5.1. Overview
      • 9.5.2. Financials
      • 9.5.3. Product Portfolio
      • 9.5.4. Business Strategy
      • 9.5.5. Recent Developments
    • 9.6. Maxim Health Information Services
      • 9.6.1. Overview
      • 9.6.2. Financials
      • 9.6.3. Product Portfolio
      • 9.6.4. Business Strategy
      • 9.6.5. Recent Developments
    • 9.7. nThrive, Inc.
      • 9.7.1. Overview
      • 9.7.2. Financials
      • 9.7.3. Product Portfolio
      • 9.7.4. Business Strategy
      • 9.7.5. Recent Developments
    • 9.8. Medical Record Associates LLC
      • 9.8.1. Overview
      • 9.8.2. Financials
      • 9.8.3. Product Portfolio
      • 9.8.4. Business Strategy
      • 9.8.5. Recent Developments
    • 9.9. Optum
      • 9.9.1. Overview
      • 9.9.2. Financials
      • 9.9.3. Product Portfolio
      • 9.9.4. Business Strategy
      • 9.9.5. Recent Developments
    • 9.10. Nuance Communications
      • 9.10.1. Overview
      • 9.10.2. Financials
      • 9.10.3. Product Portfolio
      • 9.10.4. Business Strategy
      • 9.10.5. Recent Developments
    • 9.11. Precyse Solutions, LLC
      • 9.11.1. Overview
      • 9.11.2. Financials
      • 9.11.3. Product Portfolio
      • 9.11.4. Business Strategy
      • 9.11.5. Recent Developments

List of Figures

1. Market research process
2. Market research methodology
3. Global medical coding market revenue, 2016–2025 (USD Billion)
4. Porter’s Five Forces analysis
5. Medical Coding market attractiveness analysis, by classification system
6. Medical Coding market attractiveness analysis, by mode
7. Medical Coding market attractiveness analysis, by End-User
8. Medical Coding market: market attractiveness analysis, by region
9. Company market share analysis, 2018
10. Global medical coding market revenue share by classification system, 2018 and 2025
11. Global medical coding market for HCPCS, 2016–2025 (USD Billion)
12. Global medical coding market for ICD, 2016–2025 (USD Billion)
13. Global medical coding market revenue share by mode, 2018 and 2025
14. Global medical coding market for in-house, 2016–2025 (USD Billion)
15. Global medical coding market for outsourced, 2016–2025 (USD Billion)
16. Global medical coding market revenue share by End-User, 2018 and 2025
17. Global medical coding market for hospitals, 2016–2025 (USD Billion)
18. Global medical coding market for insurance companies, 2016–2025 (USD Billion)
19. Global medical coding market for private healthcare organizations, 2016–2025 (USD Billion)
20. Global medical coding market for others, 2016–2025 (USD Billion)
21. North America medical coding market, 2016–2025 (USD Billion)
22. Europe medical coding market, 2016–2025 (USD Billion)
23. Asia Pacific medical coding market, 2016–2025 (USD Billion)
24. Latin America medical coding market,2016–2025 (USD Billion)
25. The Middle East and Africa medical coding market, 2016–2025 (USD Billion)


List of Tables

1. Global medical coding market: Market Snapshot                                                                                                                        
2. Drivers of the global medical coding market: Impact analysis 
3. Restraints of the global medical coding market: Impact analysis  
4. North America medical coding market revenue, by classification system, 2016–2025 (USD Billion)
5. North America medical coding market revenue, by mode, 2016–2025 (USD Billion)
6. North America medical coding market revenue, by End-User, 2016–2025 (USD Billion)
7. The U.S. medical coding market revenue, by classification system, 2016–2025 (USD Billion)
8. The U.S. medical coding market revenue, by mode, 2016–2025 (USD Billion)
9. The U.S. medical coding market revenue, by End-User, 2016–2025 (USD Billion)
10. Canada medical coding market revenue, by classification system, 2016–2025 (USD Billion)
11. Canada medical coding market revenue, by mode, 2016–2025 (USD Billion)
12. Canada medical coding market revenue, by End-User, 2016–2025 (USD Billion)
13. Europe medical coding market revenue, by classification system, 2016–2025 (USD Billion)
14. Europe medical coding market revenue, by mode, 2016–2025 (USD Billion)
15. Europe medical coding market revenue, by End-User, 2016–2025 (USD Billion)
16. UK medical coding market revenue, by classification system, 2016–2025 (USD Billion)
17. UK medical coding market revenue, by mode, 2016–2025 (USD Billion)
18. UK medical coding market revenue, by End-User, 2016–2025 (USD Billion)
19. Germany medical coding market revenue, by classification system, 2016–2025 (USD Billion)
20. Germany medical coding market revenue, by mode, 2016–2025 (USD Billion)
21. Germany medical coding market revenue, by End-User, 2016–2025 (USD Billion)
22. France medical coding market revenue, by classification system, 2016–2025 (USD Billion)
23. France medical coding market revenue, by mode, 2016–2025 (USD Billion)
24. France medical coding market revenue, by End-User, 2016–2025 (USD Billion)
25. Rest of Europe medical coding market revenue, by classification system, 2016–2025 (USD Billion)
26. Rest of Europe medical coding market revenue, by mode, 2016–2025 (USD Billion)
27. Rest of Europe medical coding market revenue, by End-User, 2016–2025 (USD Billion)
28. Asia Pacific medical coding market revenue, by classification system, 2016–2025 (USD Billion)
29. Asia Pacific medical coding market revenue, by mode, 2016–2025 (USD Billion)
30. Asia Pacific medical coding market revenue, by End-User, 2016–2025 (USD Billion)
31. China medical coding market revenue, by classification system, 2016–2025 (USD Billion)
32. China medical coding market revenue, by mode, 2016–2025 (USD Billion)
33. China medical coding market revenue, by End-User, 2016–2025 (USD Billion)
34. Japan medical coding market revenue, by classification system, 2016–2025 (USD Billion)
35. Japan medical coding market revenue, by mode, 2016–2025 (USD Billion)
36. Japan medical coding market revenue, by End-User, 2016–2025 (USD Billion)
37. India medical coding market revenue, by classification system, 2016–2025 (USD Billion)
38. India medical coding market revenue, by mode, 2016–2025 (USD Billion)
39. India medical coding market revenue, by End-User, 2016–2025 (USD Billion)
40. Rest of Asia Pacific medical coding market revenue, by classification system, 2016–2025 (USD Billion)
41. Rest of Asia Pacific medical coding market revenue, by mode, 2016–2025 (USD Billion)
42. Rest of Asia Pacific medical coding market revenue, by End-User, 2016–2025 (USD Billion)
43. Latin America medical coding market revenue, by classification system, 2016–2025 (USD Billion)
44. Latin America medical coding market revenue, by mode, 2016–2025 (USD Billion)
45. Latin America medical coding market revenue, by End-User, 2016–2025 (USD Billion)
46. Brazil medical coding market revenue, by classification system, 2016–2025 (USD Billion)
47. Brazil medical coding market revenue, by mode, 2016–2025 (USD Billion)
48. Brazil medical coding market revenue, by End-User, 2016–2025 (USD Billion)
49. Rest of Latin America medical coding market revenue, by classification system, 2016–2025 (USD Billion)
50. Rest of Latin America medical coding market revenue, by mode, 2016–2025 (USD Billion)
51. Rest of Latin America medical coding market revenue, by End-User, 2016–2025 (USD Billion)
52. The Middle East and Africa medical coding market revenue, by classification system, 2016–2025 (USD Billion)
53. The Middle East and Africa medical coding market revenue, by mode, 2016–2025 (USD Billion)
54. The Middle East and Africa medical coding market revenue, by End-User, 2016–2025 (USD Billion)

Methodology

Free Analysis

Medical coding is the transformation of healthcare services, procedures, diagnosis, and equipment to universal alphanumeric codes. These codes are taken from the medical records, such as transcription of laboratory results, physician's notes, etc. The reports generated by the medical coder are used during the billing process or for claiming medical insurance.

The frequent revision of codes set by the classification system and rapid addition of new codes in them is fueling the demand for medical coding market. The growing frauds in the insurance companies have generated the need for a safer method. This is driving the use of medical coding in insurance companies, especially in developed countries. According to the Bureau of Labor Statistics (BLS), there will be about a 13% increase, between 2016 and 2026, in the number of medical coders and billers. This rise in the jobs is related to the medical coding due to the growing awareness about medical coding and its use in hospitals and insurance companies, which is fueling the global medical coding market. However, security concerns and the lack of skilled IT professionals may hinder the growth of the global medical coding market in the future.

Global Medical Coding Market

The global medical coding market is divided into the product, mode, and end-user. By product, the medical coding market includes Healthcare Common Procedure Coding System (HCPCS) and International Classification of Diseases (ICD). The rapid addition of codes in the ICD and the availability of special training programs are fueling the ICD classification system segment. By mode, the market is divided into in-house and outsourced modes. The outsourcing mode is anticipated to show the highest growth rate in the future, owing to its cost-effective nature, growing demand for part-time coders, and a rising number of companies providing outsourcing services. By end-user, the market includes insurance companies, private healthcare organization, hospitals, and others. Hospitals dominated the global medical coding market in 2018, due to the increasing number of patients visiting hospitals and rising need to store patient data efficiently.

By region, North America dominated the global medical coding market in 2018, due to the rapid adoption of the technologically advanced IT procedures in hospitals, growing availability of medical coders, and the region’s highly advanced healthcare IT structure. The Asia Pacific medical coding market is anticipated to show the highest growth in the upcoming years, owing to the growing government investments for the development of the healthcare sector, the presence of a large patient population pool, and rapid technological witnessed in the healthcare sector in China, Japan, India, Singapore, etc., and the growing awareness about the advantages of medical coding.

Some key players of the global medical coding market are Maxim Health Information Services, Optum, nThrive, Inc., STARTEK Health, Parexel International Corporation, Oracle Corporation, Aviacode, Inc., Verisk Analytics, Medical Record Associates LLC, Precyse Solutions, LLC, and Nuance Communications.

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