Medical Coding Market size is forecast to reach $24.56 billion by 2025, growing at a CAGR of 10.2% during the forecast period 2020-2025. Technological development in medical fields and the rising need for a universal language are the major factors driving the growth of the market. Rising number of coders is set to rise in the career opportunities and growing interest in the Medical Coding by hospitals and healthcare institutions is set to further enhance the overall market demand of Medical Coding Market during the forecast period 2020-2025.Key Takeaways
North America dominates the medical coding market in 2019 owing to the rapid adoption of the technologically advanced IT procedures and the highly advanced healthcare IT structure. The medical coding market scope for different regions will be provided in the final report.
Escalating demand for coding services and the constant revisions in classification system is likely to aid in the market growth of medical coding market.
Detailed analysis on the Strength, Weakness and opportunities of the prominent players operating in the market will be provided in the medical coding market report.
Learning new codes create hurdles for the medical coding market.
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Geography - Segment Analysis
North America dominates the medical coding market in 2019 with a share of more than 33%, followed by Europe. North America dominates the medical coding market owing to the rapid adoption of the technologically advanced IT procedures in hospitals, growing availability of medical coders, and the highly advanced healthcare IT structure.
However, Asia-Pacific is estimated to grow at a higher CAGR during the forecast period 2020-2025. This is owing to the developing healthcare facilities among emerging economies in the countries of Asia Pacific. Rising number of medical coding outsourcing companies and increasing medical tourism is estimated to help in the growth of the region during the forecast period 2020-2025.
Drivers – Medical Coding Market
Technological developments in medical fields
Rising need for a universal language
Medical Coding Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the medical coding market. In 2019, Medical Coding Market share is consolidated by the top ten players present in the market. Medical coding market top 10 companies are STARTEK Health, Oracle Corporation, Verisk Analytics, Aviacode Inc., Parexel International Corporation, Maxim Health Information Services, Thrive Inc., Medical Record Associates LLC, 3M Company and Optum Inc. among others.
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