Pune, India, February 20, 2019 -- /360iResearch/ -- The report "Global Medical Coding Market - Premium Insight, Industry Trends, FPNV Positioning Matrix, Competitive News Feed Analysis, Company Usability Profiles, Market Sizing & Forecasts to 2024 (Q4 2018 Update)", published by 360iResearch, states that the global market was valued at USD 7.92 billion in 2017 and is projected to reach USD 18.93 billion by 2024, growing at a CAGR of 13.26% from 2017 to 2024.
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The major forces driving the growth of the medical coding market include the rising need for a universal language in medical documents in order to streamline hospital billing procedures and rising occurrence of insurance frauds and insurance issues associated with misinterpretation of medical documents. Moreover, regulation enforcement by hipaa and eu healthcare policy is also one of the factors that is driving the market growth. However concern related to data security, and limited technology expertise may hinder the market growth. In the middle of difficulty lies opportunity such as the integration of coding and billing procedures in hospital revenue cycle management and ehr, growing penetration of private healthcare insurance companies in asia pacific, and booming medical tourism in countries such as china, india, malaysia, and thailand. The possible challenges for the market growth is third party vendor lock-in. But key players in the market are overcoming the challenges with continual improvement and innovation.
Based on classification system, the global medical coding market is studied across Healthcare Common Procedure Code System, and International Classification of Diseases. Based on component, the global medical coding market is studied across In-house, and Outsourced. Based on end user, the global medical coding market is studied across Diagnostic Centers, and Hospitals & Care Providers. Based on geography, the global medical coding market is studied across Americas, Europe, Middle East & Africa, and Asia-Pacific.
The report features a competitive scenario of the medical coding market and provides inclusive analysis of key growth strategies adopted by major players. Key company profiled in the study are 3M Company, Aviacode Inc., Dolbey, Maxim Health Information Services, Medical Record Associates LLC, Nuance Communications, Inc., Optum, Inc., Oracle Corporation, Parexel International Corporation, Precyse Solutions LLC, STARTEK Health, Verisk Analytics, and nThrive, Inc..
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