According to the new market research report “Computer Assisted Coding Market by Software (Natural Language Processing, Structured Input, Integrated Systems), Service (Support, Education & Training), Application (Automated Encoding, Clinical Coding Audit, Management Reporting) – Global Forecast to 2022“, published by MarketsandMarkets™, The global computer-assisted coding market is valued at USD 2.76 Billion in 2017 and is expected to register a CAGR of 11.5% to reach to USD 4.75 Billion by 2022.
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The global computer-assisted coding market is valued at USD 2.76 billion in 2017 and is expected to register a CAGR of 11.5% to reach to 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 growing 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. The computer-assisted coding market is expanding with the emergence of new products and applications. These computer assisted coding solutions being used in many applications such as automated computer-assisted encoding, management reporting & analytics, and clinical coding auditing. The base year considered for the study is 2016, and the forecast has been provided for the period between 2017 and 2022.
Market Dynamics
Drivers
- Growing adoption of CAC solutions in North America due to the implementation of ICD-10 standards
- Increasing implementation of EHR systems
- Increasing utilization of CAC solutions to curtail the rising healthcare costs
- Growing regulatory requirements for patient data management
- Growing focus on physician computer-assisted coding in outpatient settings
Restraints
- High implementation and maintenance costs
- Lack of on-site CAC support and in-house CAC domain knowledge
Opportunities
- Untapped emerging markets
- Natural language processing-enabled CAC solutions
- Growing adoption of cloud-based solutions
Challenge
- Reluctance to adopt CAC solutions among healthcare providers in emerging markets
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Market Key Players:
The computer assisted coding market comprises a network of players involved in the research and product development; raw material supply; component manufacturing; distribution and sale; and post-sales services. Key players considered in the analysis of the computer assisted coding market are 3M Health Information Systems (US), Optum (US), McKesson Corporation (US), Nuance Communications (US), Cerner Corporation (US), Dolbey Systems (US), Precyse Solutions (nThrive) (US), Craneware (UK), Artificial Medical Intelligence (US), and TruCode (US). Other players include Quest Diagnostics (US), Streamline Health Solutions (US), M-scribe Technologies (US), eZDI Inc. (US), Alpha II LLC. (US), ID GmbH & Co. KGaA (Germany), ZyDoc (US), Coding Strategies (US), Patient Code Software (US), and Flash Code (US) among others.
Major Market Developments
- 3M Company (US) launched the 3M 360 Encompass System – Professional computer assisted coding software in 2016.
- 3M Company (US) acquired Semfinder (Switzerland), a medical coding technology company, provided 3M with important new coding technology to help accelerate the availability of the 3M 360 Encompass System in countries adopting electronic medical records in 2016.
- In 2016, Optum (US) collaborated with Quest Diagnostics (US), a provider of diagnostic information services, to deliver improved health systems solutions to all segments of the healthcare marketplace.
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