Computer Assisted Coding Market: Current Analysis and Forecast (2022-2028)

Report Description

The computer assisted coding market is expected to grow at a strong CAGR of around 11% during the forecast period owing to the increasing adoption to comply with regulatory requirements, such as ICD-10 coding standards. Moreover, with increasing awareness about the need and benefits of computer assisted coding (CAC) technology, the growing implementation of electronic health records (EHR) systems has increased globally. In addition, the adoption of EHRs has increased the amount of data to be processed, stored, and managed, which has increased the demand for CAC solutions. CAC solutions can help healthcare providers manage the large amounts of data generated by EHRs more efficiently and accurately. Additionally, the rising investments and product launches to develop in the computer assisted coding market are further contributing to the growth of the market. For instance, in April 2021, 3M introduced a new technology platform that enables healthcare providers and payers to prioritize care and allocate resources to high-risk individuals and patient groups.

Some of the major players operating in the market include 3M, Optum Inc., Nuance Communications Inc., Oracle, Dolbey Systems, Inc., The Craneware Group, Artificial Medical Intelligence, TruCode LLC, Streamline Healthcare Solutions, PCS. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst mode of delivery, web-based solutions segment held a dominating share of the market in 2021”

Based on the mode of delivery, the market is segmented into web-based solutions, on-premises solutions, and cloud-based solutions. Amongst these, the web-based solutions segment held a dominating share of the market in 2021. This is mainly due to the increasing adoption of cloud-based technologies and the need for greater flexibility and scalability. In addition, this can be accessed from any place which makes them supreme for healthcare providers with multiple locations or remote staff.

“Amongst application, the management reporting & analytics is expected to grow with a significant CAGR during the forecast period”

By application, the market is segmented into automated computer-assisted encoding, management reporting & analytics, and clinical coding auditing. Among these, management reporting & analytics are expected to grow with a significant CAGR during the forecast period. This is mainly attributed to the growing demand for real-time insights and visibility into coding data, and the need to comply with regulatory requirements related to coding and billing for management reporting and analytics purposes.

Computer Assisted Coding Market Report Coverage

“North America dominated the computer assisted coding market in 2021”

North America dominated the computer-assisted coding market in 2021 due to the high investments in healthcare by the private sector and government. Considering the rapid growth prospects of the region in every aspect, growth is mainly attributed to the rising investment by governments and private sector organizations in the development and deployment of healthcare technologies. For instance, in April 2021, Cerner Corporation announced that it has acquired Kantar Health, for USD 375 million in cash, subject to adjustment. Therefore, the growing demand for CAC solutions that can improve the accuracy and efficiency of clinical data coding in hospitals and compliance with regulatory requirements related to coding and billing.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global computer assisted coding market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Computer Assisted Coding Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global computer assisted coding market were the three major steps undertaken to create and analyze the adoption of computer assisted coding in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global computer assisted coding market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the computer assisted coding market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the computer assisted coding market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, mode of delivery, application, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the computer assisted coding market. Further, we conducted factor analysis using dependent and independent variables such as product, mode of delivery, application, and end-user of the computer assisted coding market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the computer assisted coding market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global computer assisted coding market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the computer assisted coding market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global computer assisted coding market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global computer assisted coding market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, mode of delivery, application, and end-user in the global computer assisted coding market.

The main objective of the Global Computer assisted coding Market Study

The current & future market trends of the global computer assisted coding market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the computer assisted coding market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the product, mode of delivery, application, and end-user
• Define and analysis of the regulatory framework for the computer assisted coding industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the computer assisted coding market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the computer assisted coding market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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