Computer Assisted Coding Market Share, Size, Trend, Forecast, Analysis and Growth from 2022 to 2028
Author : Mohit Joshi | Published On : 09 May 2023
According to a new report published by UnivDatos Markets Insights, the computer assisted coding market was valued at USD 450 million in 2021 & is expected to grow at a CAGR of 11.0% from 2022-2028. The analysis has been segmented into Product (Software [Standalone Software, Integrated Software], Services); By Mode of Delivery (Web-Based Solutions, On-Premises Solutions, Cloud-Based Solutions); By Application (Automated Computer-Assisted Encoding, Management Reporting & Analytics, Clinical Coding Auditing); By End User (Hospitals, Academic Medical Centers, Clinical Laboratories And Diagnostic Centers, Other); Region/Country.
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The computer assisted coding market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the computer assisted coding market. The computer assisted coding market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the computer assisted coding market at the global and regional levels.
Key Market Dynamics
At present, there is a growing trend of saving money on energy bills and natural resource conservation. Owing to this increasing regulatory requirements for patient data management have placed an increasing emphasis on the accuracy and integrity of patient data, resulting in the growth of computer-assisted coding (CAC) solutions. CAC solutions are used to automate the coding process aimed at protecting patient privacy and ensuring the security and accuracy of patient data, which is critical for regulatory compliance. For instance, the Health Insurance Portability and Accountability Act (HIPAA) establishes standards for privacy, security, and electronic transmission of protected health information (PHI). Approximately 97% (316,761) of the US population had their medical information complaints resolved between 2003 and 2023. Moreover, the healthcare industry is facing a shortage of qualified coders, which is driving the demand for CAC. In addition, CAC systems help providers reduce costs by improving coding accuracy and reducing the need for manual coding. This increases productivity and expedites redemption. This is essential in today's healthcare environment.
The COVID-19 pandemic has paralyzed industries and disrupted manufacturing. The pandemic has increased the demand for medical services and consequently increased the amount of medical coding required. This drives the need for more accurate and efficient coding, driving demand for computer assisted coding (CAC) solutions. The pandemic has put financial pressure on healthcare providers, driving a focus on cost savings and efficiency.
The global computer assisted coding market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· By product, the market is segmented into software and services. The software segment is sub-segmented into standalone software and integrated software. Among these, standalone software held a significant share of the computer assisted coding market in 2021.
· On the basis of mode of delivery, the market is segmented into web-based solutions, on-premises solutions, and cloud-based solutions. Among these, on-premises solutions are expected to grow with a significant CAGR during the forecast period.
· Based on application, the market is segmented into automated computer-assisted encoding, management reporting & analytics, and clinical coding auditing. As per our analysis, automated computer-assisted encoding held a major share of the market in 2021.
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Computer assisted coding Market Geographical Segmentation Includes:
· North America (U.S., Canada, and the Rest of North America)
· Europe (Germany, U.K., France, Spain, Italy, Rest of Europe)
· Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific)
· Rest of the World
North America dominated the computer-assisted coding market in 2021 due to the high investments in healthcare by the private sector and government. Considering the rapid growth prospects of the region in every aspect, growth is mainly attributed to the rising investment by governments and private sector organizations in the development and deployment of healthcare technologies. For instance, in April 2021, Cerner Corporation announced that it has acquired Kantar Health, for USD 375 million in cash which is subject to adjustment. Therefore, the growing demand for CAC solutions that can improve the accuracy and efficiency of clinical data coding in hospitals and compliance with regulatory requirements related to coding and billing.
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the computer assisted coding market. The major players have been analyzed by using research methodologies such as Porter’s Five Forces Analysis for getting insight views on global competition.
· In August 2022, Reveleer, announced the launch of Reveleer for Risk 2.0. (Risk 2.0), the innovative and only end-to-end cloud-based platform for clinical data collection and coding of national health plans.
· In March 2023, CodaMetrix, an AI-powered platform for healthcare revenue cycle management, secured USD 55 million in Series A funding led by SignalFire.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the computer assisted coding market?
• Which factors are influencing the computer assisted coding market over the forecast period?
• What are the global challenges, threats, and risks in the computer assisted coding market?
• Which factors are propelling and restraining the computer assisted coding market?
• What are the demanding global regions of the computer assisted coding market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
• What are the descriptive profiles of key companies along with their SWOT analysis?
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