San Francisco, 18 March 2019 - “U.S. Medical Coding Market Size, Share & Trends Analysis Report By Classification System (ICD, HCPCS, CPT), By Component (In-house, Outsourced), And Segment Forecasts, 2019 - 2025” - The U.S. medical coding market size is expected to reach USD 7.0 billion by 2025 expanding at a CAGR of 9.3%, according to a new report by Grand View Research, Inc. There is a high demand for coding services in countries, which have high healthcare coverage and/or mandatory health insurance, as they are used in settling health insurance claims. Every individual has a unique combination of human genome. Although most of the time this variation does not affect the normal dosage regimen, it has an impact in the long term. Availability of several data enrichment tools, such as Electronic Health Records (EHRs) and m-Health, has reduced the communication gap between healthcare professionals and patients. These tools generate tremendous amount of data, which can be used for personalized treatment after translating them into coded language.
It can also be used for increasing the efficiency of various procedures including insurance claims, healthcare analytics, and medical billing. Many developed economies, such as U.S., are extensively using social media for increasing awareness about advanced healthcare. Thus, the advent of social media analytics is also anticipated to help enhance the efficiency in healthcare analytics. U.S. spends almost double the average of the global healthcare spending, which is expected to propel the market further.Major companies incorporate various strategies to gain competitive edge over others. For instance, recently Verisk Insurance Solutions started a joint venture with Guidewire to launch its ISO ClaimSearch accelerator. This initiative has provided Guidewire’s customers instant access to essential analytics of ISO ClaimSearch.
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Further key findings from the study suggest:
- Outsourced services are anticipated to witness the fastest CAGR over the forecast period due to their low costs and better quality than in-house services
- By classification system, the ICD segment is expected to lead the market due first-line use of these systems in classification of medical coding data
- Some of the major companies in the U.S. medical coding market are STARTEK Health; Oracle Corporation; Verisk Analytics; Aviacode, Inc.; Parexel International Corporation; Maxim Health Information Services; Precyse Solutions, LLC.; and Medical Record Associates LLC.
Grand View Research has segmented the U.S. medical coding market on the basis of classification system and component:
U.S. Medical Coding Classification System Outlook (Revenue, USD Million, 2014 - 2025)
- ICD
- HCPCS
- CPT
U.S. Medical Coding Component Outlook (Revenue, USD Million, 2014 - 2025)
- In-house
- Outsourced
Browse Press Release of this Report: www.grandviewresearch.com/press-release/us-medical-coding-market-analysis
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
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