Why will Medical Coding Market Boom in Asia-Pacific in Future?

 One of the major factors boosting the demand for medical coding is the increasing prevalence of insurance frauds in the healthcare industry across the globe. These frauds cause huge financial losses to businesses, so much so, that companies record losses amounting to billions of dollars every year, as reported by the National Health Care Anti-Fraud Association (NHCAA). In the U.S., almost $3.6 trillion was spent on the healthcare industry in 2018, which included the expenditure on public health activities and healthcare services, representing billions of insurance claims. It was later found that some of those claims were fraudulent. 

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The other important factor responsible for the mushrooming adoption of medical coding in the healthcare facilities is the increasing requirement of modernized hospital billing procedures throughout the world. In addition to this, the incorporation of medical coding systems, particularly the current procedural technology (CPT) medical code, that has been created by the American Medical Association (AMA) for assisting in the standardization and facilitation of medical billing procedures, has enhanced the effectiveness of the medical billing procedure.

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Due to the above-mentioned factors, the global medical coding market will observe a huge jump in its valuation, from $15.2 billion to $42.4 billion from 2019 to 2030. The market is predicted to grow at a CAGR of 9.6% during 2020—2030. Hospitals and diagnostic centers are the main end users of medical coding solutions. Between the two, the hospitals are predicted to record higher adoption of medical coding procedure in the future years. This is ascribed to the increasing incidence of chronic diseases, increasing setting up of hospitals, and soaring number of patient visits all over the world.

Hence, it can be safely said that the adoption of medical coding will increase tremendously in the healthcare settings throughout the world over the next several years, mainly because of the increasing prevalence of insurance frauds across the globe.