Computer-assisted Coding Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Computer-assisted Coding Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The computer-assisted coding market is expected to register a CAGR of 11.2% during the forecast period (2022-2027).

The COVID-19 pandemic had a potential economic impact and implications on most sectors, including the healthcare IT market. The impact of the COVID-19 pandemic on the global computer-assisted coding market is positive due to increasing adoption of advanced solutions to reduce operational costs and the growing focus on patient care management. Many healthcare organizations worldwide are implementing computer-assisted coding (CAC), and the growth in adoption of these systems can be seen in the post-COVID-19 impact. During the COVID-19 pandemic, the code providers used to document COVID-19 was an International Classification of Disease (ICD), Tenth Revision, Clinical Modification (ICD-10-CM) emergency code created by the World Health Organization in March 2020 for confirmed cases of COVID-19. Moreover, there have been new International Classification of Disease (ICD) procedure codes related to COVID-19 and many more changes to the Current Procedural Terminology (CPT), and Healthcare Common Procedural Coding System (HCPCS) code sets to account for COVID-19 and related conditions and procedures.

Some of the factors driving the market growth include increasing implementation of electronic health record (EHR) systems, increasing utilization of computer-assisted coding (CAC) solutions to curtail the rising healthcare costs, and increasing regulatory requirements for patient data management. Furthermore, increasing improvement in the healthcare infrastructure and growing insurance reimbursement policies are rolled down by public and private organizations. Additionally, the growing adoption of CAC solutions to reduce increasing healthcare expenditure by population is boosting the growth of the computer-assisted coding systems market. In addition, several initiatives pertaining to the management of health data are being adopted. For instance, in November 2021, a partnership between global interoperability firm Enovacom and Nordic nursing application specialist Medanets will enable nursing staff to access patient data through their mobile devices. Medical device data will be automatically gathered using Enovacom’s Patient Connect interoperability platform and fed through to the hospital’s electronic health record (EHR) and to the Medanets’ mobile nursing app in real time. Sweden recently updated its national e-Health vision, according to which, by 2020, all residents aged 16 and above, should have access to all health-related information documented in county-funded health and dental care. Consequently, Sweden has some of the best EHR implementation rates in Europe. Similarly, in April 2021, Cerner Corporation completed the acquisition of Kantar Health, a division of Kantar Group, for USD 375 million in cash, subject to adjustment. Thus, the abovementioned factors are expected to increase the market growth.

However, the high cost of maintenance and lack of skilled professionals for system support have restrained market growth.

Key Market TrendsWeb and Cloud Based Segment is Expected to Hold Significant Market Share Over the Forecast Period.

Web-based delivery is a network that runs on different server computers and communicates by internet, virtual private network, and the wireless network, using hypertext transfer protocol (HTTP), transmission control protocol (TCP), and internet protocol (IP) or other protocols. A web-based computer-assisted coding system is entirely accessed through a web browser, and no software is installed or required on the device at all. All data and software are hosted remotely and accessed through the internet. This is one of the main advantages of the web-based computer-assisted coding system. The factors such as increasing initiatives taken by the government for the adoption of computer-assisted coding, coupled with advancements in technology and developments in healthcare organizations drive the growth of the market. The government in various countries are taking initiatives to support the growth of information technology in healthcare. For Instance, in February 2021, as a part of the United Kingdom government launched an initiative to adopt a fully connected cloud-driven health service, over two million National Health Services (NHS) mail mailboxes were moved to Exchange Online, which is a part of Microsoft’s Azure Cloud. This will enable smoother and more efficient communication between staff across NHS organizations and departments and provide improved access to information. This will increase the usage of (Health Information technology) HCIT Change Management services in the United Kingdom and boosts the growth of the market. Additionally, the joint initiatives taken by government bodies and market players in the region are also driving the growth of the market. For instance, in September 2021, Deutsche Telekom’s T-Systems partnered with Google Cloud to build and deliver sovereign cloud services to German enterprises, healthcare firms, and the public. The companies will jointly innovate to develop a large spectrum of next-generation sovereign cloud solutions and infrastructure. The company is considering building a similar sovereign cloud for Austria and Switzerland.

Thus, the abovementioned factors are likely to increase the market growth.

North America Dominates the Market and Expected to do Same in the Forecast Period

Some of the factors driving the market growth in the North American region include many investments in modernizing its digital healthcare infrastructure, high investments in healthcare by the government and private sector, and the presence of key market players. Since the Health Information Technology for Economic and Clinical Health (HITECH) Act came into being in 2009, the use of computer-assisted coding in the United States has been increasing, along with EHR. The HITECH Act has introduced an EHR incentive program for United States healthcare providers to facilitate the efficient and meaningful use of health IT software. The United States government plans to use electronic health records to cut costs and improve the quality of healthcare over the next decade. Initiatives by key market players are another factor in market growth. For instance, Piedmont Healthcare System, an Atlanta-based healthcare organization, successfully implemented Epic EHR at its five newest hospitals. Piedmont Macon Medical Center, Piedmont Macon North Hospital, Piedmont Cartersville Medical Center, Piedmont Eastside Medical Center, and Piedmont Eastside South Campus all joined the Piedmont system in August 2021. Moreover, The burden of the senior population will fuel the demand for patient-centered healthcare apps in the nation since chronic ailments like heart disorders are more likely to influence and are more prevalent among the older population. In Canada, around, 6,835,866 persons were 65 years of age or older in 2020, according to a Statistics Canada report titled "Older Adults and Population Aging Statistics" that was published in July 2020. Thus, increasing patient centric apps will increase the demand for computer assisted coding market in the region.

Thus, the above mentioned factors are expected to increase the market growth.

Competitive Landscape

The computer-assisted coding market is fragmented and competitive. Not only established players in the information technology industry have been intrigued by the market, but many new players have also established their presence. Market players in developed countries have more resources and funding, hence, mainly dominate the global market. However, technological advancements and sharing of knowledge across borders have helped companies in developing countries to enter the race. Some market players include Oracle, TruCode LLC, Optum Inc., Artificial Medical Intelligence Inc., and 3M Company, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.