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The market will advance at a CAGR of 9.6% between 2020 and 2030

·2-min read

Medical Coding Market Research Report: By Classification System (International Classification of Diseases, Healthcare Common Procedure Coding System, Current Procedural Terminology), End User (Hospitals, Diagnostic Centers) - Global Industry Analysis and Growth Forecast to 2030

New York, Nov. 05, 2020 (GLOBE NEWSWIRE) -- announces the release of the report "Medical Coding Market Research Report: By Classification System, End User - Global Industry Analysis and Growth Forecast to 2030" -

Medical coding is basically the process of translating healthcare and medical information and other important data into simple and easy to understand codes so that the healthcare records of patients can be easily documented and accurate medical billing can be produced in healthcare settings. This method originated in England over two millennia ago when medical practitioners used to collect statistical data and organize and store them in the form of numerical codes. Since then, the method has evolved considerably, with modern coding systems replacing the role of the book-keepers in the recent times.

The American Academy of Professional Coders (AAPC) defines medical coding as “the transformation of healthcare diagnosis, procedures, medical services and equipment into universal medical alphanumeric codes.” An important factor fueling the requirement for medical coding is the growing prevalence of insurance frauds across the world. These frauds are causing

Due to the aforementioned factors, the usage of medical coding is increasing at an explosive pace across the world, which is, in turn, driving the expansion of the global medical coding market. As a result, the value of the market will rise from $15.2 billion to $42.4 billion from 2019 to 2030. Further, the market will advance at a CAGR of 9.6% between 2020 and 2030. Diagnostic centers and hospitals are the two major end-users of medical coding.

Therefore, it can be said with certainty that the requirement for medical coding will surge all over the world in the forthcoming years, primarily because of the growing incidence of insurance frauds, rising need for faster and accurate hospital billing procedures, and the growing demand for healthcare documentation and medical record-keeping in healthcare facilities around the world.
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