Increasing Utilization of Computer Assisted Coding Solutions to Reduce Healthcare Costs has Propelled the Growth of the Computer Assisted Coding Market in the APAC Region!
- Vikas Kumar
- May 6, 2023
- HEALTHCARE, NEWS
- Computer Assisted Coding, Computer Assisted Coding Market, Computer Assisted Coding Market analysis, Computer Assisted Coding Market forecast, Computer Assisted Coding Market growth, Computer Assisted Coding Market share, Computer Assisted Coding Market size, Computer Assisted Coding Market trend
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The Asia-Pacific region has seen a significant increase in computer assisted coding (CAC) adoption due to the need to reduce healthcare costs. In addition, increasing demand for health services and a shortage of qualified health professionals are putting pressure on health care providers to provide low-cost, and high-quality care. CAC is widely used by healthcare organizations for getting consistent and accurate coding and CAC facilitates healthcare organizations to improve their financial stability and penalties. Further, the APAC Computer Assisted Coding Market is expected to grow at a strong CAGR of 11% during the forecast period (2022-2028). APAC is anticipated to emerge as the fastest-growing computer assisted coding market primarily owing to the spur in demand for computer assisted coding solutions in China, India, and Japan coupled with huge electronic health records (EHRs) penetration and rising demand for accurate and efficient coding processes. As per the National Institute of Health, in 2021, more than 16,000 hospitals in China have adopted EHRs, which is 3.3 times more than the 4,814 non-government hospitals in the United States. Meanwhile, China constitutes to be the largest market in the APAC region, accredited to the rising emphasis on quality reporting and value-based care, accurate and timely coding, while Japan is the second largest player.
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FIG. 1 APAC Computer Assisted Coding Market Revenue (2020-2028)- USD Mn
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Based on the mode of delivery, the market is segmented into web-based solutions, on-premises solutions, and cloud-based solutions. Among these, on-premises solutions are expected to grow with a significant CAGR during the forecast period. This is mainly due to increasing demand from healthcare suppliers for higher data security. it is also essential for some service providers that drive this market to be able to manage software updates and maintenance.
By end-users, the market is segmented into hospitals, academic medical centers, clinical laboratories & diagnostic centers, and others. The hospitals held a major share of the computer assisted coding market in 2021. This is mainly due to the rise in the number of hospitals increasing the pool of patients. In addition, the high demand for CAC solutions that can automate the coding process and reduce the workload of healthcare providers.
Global Computer Assisted Coding Market Segmentation
Market Insight, by Product
- Standalone Software
- Integrated Software
Market Insights, by Technology
- Web-Based Solutions
- On-Premises Solutions
- Cloud-Based Solutions
Market Insights, by Application
- Automated Computer-Assisted Encoding
- Management Reporting & Analytics
- Clinical Coding Auditing
Market Insights, by End-Users
- Academic Medical Centers
- Clinical Laboratories & Diagnostic Centers
Market Insight, by Region
- North America
- Rest of North America
- Rest of Europe
- Rest of APAC
- Rest of the World