The increase in regulatory requirements for patient data management and high EHR implementation is driving the market.
Market Size – USD 3.45 Billion in 2019, Market Growth – CAGR of 12.1%, Market Trends –Increase in cloud-based solutions.
The global Computer Assisted Coding Market is forecast to reach USD 8.18 Billion by 2027, according to a new report by Reports and Data. The market is witnessing an increase in demand owing to its growing adoption of the electronic health record (EHR) in the healthcare sectors. They are used for insurance claims reimbursement and the implementation of the ICD-10 coding in the industry. ICD-10 includes a number of codes for abnormal findings, complaints, diseases, causes of injury, symptoms, and social circumstances. The computer-assisted software maintains this coding database, which may positively enhance the computer-assisted coding market in the future.
A computer-assisted coding system is a software that analyzes all the healthcare documents and produces a suitable medical code for specific phrases and terms within the document. Implementation of electronic health records has helped improve the system by making it less error-prone and generating more accurate results. These factors have helped the market growth in recent times. However, the lack of skilled professionals and the high cost of maintenance for system support has been restraining market growth.
Europe is the major contributor to the growth of the economy, with Germany contributing the major share in the next 5-6 years. The focus of the European government to advance healthcare will propel the region’s demand for computer-assisted coding.
The COVID-19 impact:
The market is deeply affected by the growing pandemic of COVID-19. The sales of the software will witness a slight dent in the coming months, but as the economy restores itself, the market is expected to invigorate as a lot of healthcare companies and organizations will invest in software to track its records and reduce errors. The investment in the healthcare sector by private firms will also encourage the sales of the market product.
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Key participants include 3M, Cerner Corporation, Optum, Inc., Mckesson Corporation, Nuance Communications, Inc., Artificial Medical Intelligence, Inc., Athenahealth, Inc., Craneware PLC, Dolbey Systems, Inc., and Streamline Health Solutions, Inc., among others.
Further key findings from the report suggest
- Clinical coding auditing decreases the risk of regulatory compliance by identifying potential patterns for fraud and permitting healthcare organizations to provide maximum reimbursement by enhancing accuracy in coding. Clinical coding audits include a percentage audit, subset audit, statistical audit, and a complete audit. The complete clinical code audit uses all relevant data available to ensure a thorough audit.
- Cloud-based solutions are witnessing a significant increase as it offers easy storage of a vast amount of data, and most cloud nowadays does not require any technical skills as opposed to the traditional ones. Moreover, a drop in the price of these services and its 24/7 availability is making it a popular mode of delivery for the market.
- Natural language processing improves quality and reduces costs for healthcare providers. Where other technological applications usually require healthcare workers to change their existing, proven methods to accommodate the technology, NLP permits applications to work with the most valuable form of clinical communication, the clinical narrative.
- Hospitals held the largest market share owing to the drive to curtail the high cost of expenses in the healthcare sector. Moreover, the increase in the number of hospitals across the globe with emerging nations focusing on better healthcare infrastructure is propelling the demand of the market.
- North American region held the largest market share in the global computer-assisted coding market. The U.S. is the major contributor owing to the improvement in healthcare infrastructure and a reduction in healthcare costs. Advancement in technology in the sector will also propel market demand.
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For the purpose of this report, Reports and Data have segmented the global Computer Assisted Coding Market on the basis of component, mode of delivery, application, end-users, and region:
Component Outlook (Revenue, USD Billion; 2017-2027)
- Software
- Stand-alone Software
- Natural Language Processing Software
- Structured Input Software
- Integrated Software
- Stand-alone Software
- Services
- Support and Maintenance
- Education and Training
Mode of Delivery Outlook (Revenue, USD Billion; 2017-2027)
- Web-Based Solutions
- Cloud-Based Solutions
- On-Premises Solutions
Application Outlook (Revenue, USD Billion; 2017-2027)
- Automated Computer-Assisted Encoding
- Clinical Coding Auditing
- Management Reporting and Analytics
End Users Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals
- Academic Medical Centers
- Physician Practices
- Clinical Laboratories and Diagnostic Centers
- Others
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
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Frequently asked questions addressed in the report:
- What is the forecast size and revenue CAGR of the global Computer-Assisted Coding market?
- What are the major factors driving the growth of the global Computer-Assisted Coding market?
- What are the latest trends influencing market growth?
- What are the imminent risks and challenges expected to hamper industry growth?
- Which are the top companies operating in the global Computer-Assisted Coding market?
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