With nearly a 10% expected growth rate throughout the medical coding market, there will be a high demand for medical coders within the industry. Coding related jobs are expanding among the business side of healthcare. Are you prepared?
The “Medical Coding Market – Growth, Trends, and Forecast (2019 – 2024)” report has been added to ResearchAndMarkets.com’s offering.
The global medical coding market is expected to register a CAGR of nearly 9.9% during the forecast period, 2019-2024.
The major factors found propelling the growth of the market include the escalating demand for coding services, rising need for a universal language to reduce frauds and misinterpretations associated with insurance claims, and high demand to streamline hospital billing procedures.
There is a high demand for medical billers and coders in the current job market. Thus, coding-related jobs are expanding, due to the growing landscape of the business side of healthcare, along with their efficiency to automate large amounts of work. Hence, the escalating demand for coding jobs is likely to drive the market studied across the world.
The technological advancements in the healthcare industry and constantly changing classification systems are expected to create potential revenue opportunities for players operating in the target market over the forecast period.
In addition, data security is a major concern for healthcare organizations, and offshore coding companies are also becoming aware of these data security concerns, while understanding that breach in a client’s data is likely to result in the loss of business. Thus, leading offshore coding firms are building a secure environment for the coders to work in.
Key Market Trends
International Classification of Diseases (ICD) is the Largest Segment by Classification System that is Expected to Grow During the Forecast Period
The international classification of diseases (ICD) segment is expected to register a significant share, in terms of revenue, over the forecast period, owing to the increasing demand for trained medical coders. The need for ICD is increasing across the world, owing to a growing prevalence of diseases. Hence this segment is expected to grow in the future, due to the rising growth of medical coding across the world.
North America Reported the Largest Growth and is Expected to Follow the Same Trend Over the Forecast Period
The North American market is estimated to hold the largest share, in terms of revenue, over the forecast period, owing to technological advancements and improved healthcare infrastructure in various countries in this region. Therefore, the high demand for specialist coders and the presence of a favorable healthcare system are the key factors that are anticipated to drive the market growth.
The number of professional coders is expected to rise significantly during the forecast period, thus boosting the number of companies providing platforms for medical coding professionals. Thus, the market seems to be highly fragmented, due to the presence of many local providers offering a wide array of services.