Medical Coding Market is Estimated to Witness High Growth |...

Medical Coding Market is Estimated to Witness High Growth

Posted 2024-01-23 06:25:08

The global medical coding market is estimated to be valued at US$ 23365.61 Mn or Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength: The medical coding market has high growth potential due to increasing healthcare expenditure and growing demand for medical insurance reimbursement across the globe. Medical coding expertise simplifies insurance claims processing and ensures accurate payments. It also helps in seamless retrieval of medical records for future references.

Weakness: Heavy reliance on qualified medical coders is a challenge for healthcare facilities in many countries. Lack of standardized training programs and certification paths results in supply-demand gaps. High employee turnover increases costs for hospitals and clinics.

Opportunity: Rising focus on value-based care, population health management and automation presents opportunities for medical coding software. Cloud-based solutions are gaining traction due to better scalability and work from home flexibility amid pandemic. Blockchain can be explored to improve security and tracking of medical records.

Threats: Budget cuts impacting hiring at hospitals. Risk of errors and lawsuits due to faulty codes. Lack of coding expertise in emerging markets acts as a barrier for market players. Stiff competition from non-compliant operators offering coders at low costs impacts formal players.

Key Takeaways

Global Medical Coding Market Size was valued at US$ 23365.61 Mn in 2024 and is projected to reach US$ 40625.09 Mn by 2031, expanding at a CAGR of 4.6% during the forecast period. The rising need to curtail healthcare costs and insurance payment compliance is fueling market growth.

Regional analysis: North America dominates the global medical coding market currently and is expected to maintain its lead through 2031. Favorable regulations and extensive coverage under public and private insurance schemes drive significant coding needs. Asia Pacific is poised to emerge as the fastest growing regional market owing to expanding healthcare infrastructure and increasing medical tourism.

Key players: Key players operating in the medical coding market are Accora Ltd, Antano Group, Bristol Maid, G & J Logistics Limited, Promotal, Roma Medical, and Stryker Corporation. They are focusing on providing end-to-end coding solutions and services including automated platforms, outsourcing, education and training programs.