What You Should Know:
– The medical coding market is estimated to secure a valuation of $ 6.7B in 2023 and is estimated to rise to $15.3B by 2033 at a CAGR of 8.6% during the 2023 to 2033 forecast period, according to a new Future Market Insights report.
– The increasing availability of a large number of medical coding service providers and the rising adoption rate of advanced healthcare solutions like electronic health records (EHRs), revenue cycle management (RCM) software, and mobile health apps in routine hospital operations and the is driving the market growth.
Factors Driving Medical Coding Market
The factors accelerating the demand for medical coding include:
· Increased demand for patient data management
· Technological advancement & improved healthcare infrastructure
· Increased demand for streamlining billing procedures in hospital
· The increased number of population suffering from chronic disease
· Increased use of automation technology in the healthcare sector
· Advancement in natural language processing technology
· Increased demand for a remote coding solution
· Increased use of Artificial Intelligence and cloud-based solutions in healthcare
· North America dominates the medical coding market during the forecast period.
North American, Europe, Asia Pacific Market Outlook
- North America is anticipated to dominate the medical coding market due to the increased prevalence of various diseases in the region and the presence of key market players in the region.
- Europe is expected to hold the largest share of the medical coding market owing to the increased burden of chronic diseases in countries like the United Kingdom is driving the growth of the market.
- Asia Pacific is expected to witness the fastest growth in the medical coding market. The increased healthcare digitalization in countries like India and China is projected to drive market growth in the region