The global computer-assisted coding market is projected to reach USD 4.75 Billion by 2022.
The growth of the market can be attributed to the transition to ICD-10 coding standards from ICD-9 in North America, the rising demand for CAC solutions, the growing need within the global healthcare system to curtail increasing healthcare costs, improve coding accuracy, and streamline the revenue cycle management procedures. However, high implementation and maintenance expenses for computer-assisted coding and lack of IT professionals in the healthcare industry are likely to hinder the growth of the market to some extent.
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The major end users of computer-assisted coding are healthcare providers and healthcare payers. The providers are further segmented into hospitals, physicians’ practices, clinical laboratories, academic medical centers, and other healthcare institutions. In 2016, the providers dominated the global computer-assisted coding market. This is primarily attributed to the significant demand for CAC solutions among hospitals and physicians/clinics for improving data accuracy and productivity, maximize hospital revenue by minimizing coding errors, and shortening the claims reimbursement cycle.
In 2016, 3M Company (U.S.) and Optum, Inc. (U.S.) dominated the global computer-assisted coding market. Some of the prominent players in the market are Nuance Communications, Inc. (U.S.), Cerner Corporation (U.S.) and Artificial Medical Intelligence, Inc. (U.S.). Some of the other leading players in this market are Dolbey Systems, Inc. (U.S.), Precyse Solutions, LLC (U.S.), Craneware plc (U.K.), McKesson Corporation (U.S.), athenahealth, Inc. (U.S.), Streamline Health Solutions, Inc. (U.S.), MMODAL IP LLC (M*Modal) (U.S.), TruCode (U.S.), Quest Diagnostics Inc. (U.S.), and Epic Systems Corporation(U.S.).
Geographically, the global computer-assisted coding market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. In 2016, North America dominated the global market. The rising need to minimizing operational errors, thereby reducing healthcare costs, increasing government efforts toward strengthening the healthcare infrastructure through the implementation of healthcare IT solutions and improving the quality of care are driving the growth of the market in this region. Asia-Pacific is the fastest-growing market for computer-assisted coding. The growth of the global market across the Asia-Pacific region is primarily driven by the escalating demand to reduce the burden of the healthcare systems, curtail healthcare delivery costs, increasing implementation of healthcare IT solutions, and the various government initiatives for enabling efficient, affordable, and on-time delivery of quality care.