The Medical Coding market is estimated to be valued at US$ 20282.64 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Medical coding refers to transforming healthcare diagnosis, procedures, medical services, and equipment into universal medical alphanumeric codes. These codes aim to help healthcare professionals and other professionals communicate clearly and consistently when reporting diseases, injuries, medical services, and procedures for administrative, financial, and clinical purposes. Medical coding is done mainly for insurance purpose, billing purposes, data analysis, medical research etc. The medical coding field is in big demand due to issues like fraud, errors in filing insurance claims for patients.

Market Dynamics:
One of the major drivers for the Medical Coding market is increasing adoption of Electronic Health Records (EHR). Electronic health records (EHR) help healthcare professionals easily access and manage a patient's complete medical history from one place through a secured digital patient record. EHRs have made storing, updating and managing patient data much easier. However, with the increase in EHR adoption, there is a rise in the number of medical codes required to document patient care for billing and other administrative purposes. This has fueled the demand for medical coders tremendously. Another driver is the rising healthcare industry. With increasing health awareness, healthcare spending, aging population prone to chronic diseases, has led to increase in number of clinics, hospitals, research centers thereby contributing to growth of medical coding market.

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