Apr 08, 2021, 08:57 EST
Shibuya-ku, Tokyo, Japan, Japan, Apr 08, 2021, 08:57 /Comserve / -- The report analyze market size, share, growth, trends, segmentation, top key players, strategies, demand, statistics, competitive landscape and forecast.
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.
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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. According to the World Health Organization (WHO) cardiovascular diseases is the number one cause of death globally, taking an anticipated 17.9 million lives each year. According to the British Heart Foundation (BHF), 17,06,213 cases of cardiovascular diseases are diagnosed in the United Kingdom alone. As per the statistics, the incidence of cardiovascular diseases is increasing which is directly proportional to the market growth. Hence this segment is expected to grow in the future, due to the rising growth of medical coding across the world.
North America is Biggest Market and is Expected to Show Similar 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. In the North America region, the United States holds the largest market share due to factors such as an increasing number of geriatric populations, along with a growing number of chronic diseases in the country, which is anticipated to stimulate the demand in this region. According to the American College of Cardiology (2017), Cardiovascular disease accounts for 800,000 deaths in the United States. 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 over 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.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Escalating Demand for Coding Services
4.2.2 Rising Need for a Universal Language to Reduce Frauds and Misinterpretations Associated with Insurance Claims
4.2.3 High Demand to Streamline Hospital Billing Procedures
4.3 Market Restraints
4.3.1 Changing Regulations Related to Medical Coding
4.3.2 Data Security Concerns
4.3.3 Lack of Adequately Equipped IT Professionals
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Classification System
5.1.1 International Classification of Diseases (ICD)
5.1.2 Healthcare Common Procedure Code System (HCPCS)
5.2 By Component
5.3 By End User
5.3.2 Diagnostic Centers
5.3.3 Other End Users
5.4.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.4.4 Middle-East & Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle-East & Africa
5.4.5 South America
220.127.116.11 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 3M Company
6.1.2 Aviacode Inc.
6.1.3 Dolbey Systems Inc.
6.1.4 Maxim Health Information Services
6.1.5 Medical Record Associates LLC
6.1.6 Nuance Communications Inc.
6.1.7 Optum Inc.
6.1.8 Oracle Corporation
6.1.9 Parexel International Corporation
6.1.10 Precyse Solutions LLC
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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The research report analyze market size, share, growth, trends, segmentation, top key players, strat