Market Segmentation
With the unceasing prevalence of numerous diseases and health intricacies in the population across the region, the growing number of hospital facilities has become a necessity. The number of coding procedures being performed in hospitals is also growing simultaneously to engage with a huge number of customers who are patients every single day. There were approximately 6,396 and 6,601 hospitals in the U.S. in 2018 and 2019, respectively, which is expected to increase at a CAGR of 4.6% by 2025. Similarly, there has been an increase in the number of oncology specialty clinics and cancer centers over the past few years. The U.S. accounted for the highest number of oncology specialty clinics in 2018, estimated at 1,493. In addition, as per the latest “2022 Snapshot: State of the Oncology Workforce in America” by ASCO, the number of oncology practices in the U.S. was 1,602. These factors are expected to drive the growth of the medical coding market in the United States.
With an increasing number of people facing health issues, the need to cater to their healthcare needs increases every day. However, unprecedented demand owing to increased accessibility has resulted in growing costs and prices for the healthcare sector in recent years. Also, owing to the impact of a pandemic on various businesses, the healthcare industry has now started experiencing the negative impacts of increased costs in terms of the perspective of the patients towards facilities and opting for many other alternatives than directly indulging in hospitalized treatments and more. In addition, cutting-edge technology provides a huge amount of assistance in aspects such as diagnostics, treatments, surgery, and minimally invasive procedures, customers do expect a fall in prices which can be achieved mainly through curbing the costs. This is expected to encourage the use of medical coding and help the market with growth patterns in the region.
Healthcare analytics involves significant data collection; thus, breach of data security and privacy is a major issue. Hospitals and clinics accumulate information regarding a patient’s vital statistics, using electronic devices and wireless & cloud connectivity. The upsurge in the number of cybercrimes and hacking incidents is one of the major constraints in market growth. To combat this challenge, the Health Insurance Portability and Accountability Act (HIPAA) was incorporated in 1996, which protects the rights of patients in terms of the confidentiality of information. To increase security, the U.S. government introduced the Health Information Technology for Economic and Clinical Health Act (HITECH Act) in 2009. The violation of this act may lead to monetary fines of up to USD 4.0 million.
This section will provide insights into the contents included in this U.S. medical coding market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Industry overview
Industry trends
Market drivers and restraints
Market size
Growth prospects
Porter’s analysis
PESTEL analysis
Key market opportunities prioritized
Competitive landscape
Company overview
Financial performance
Product benchmarking
Latest strategic developments
Market size, estimates, and forecast from 2018 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance