What Has Been The Evolution of the Computer Assisted Coding Market in Recent Years?
The computer assisted coding market has seen considerable growth due to a variety of factors.
• The market for computer assisted coding has seen swift expansion in the past few years. It is forecasted to go from a worth of $5.77 billion in 2024, escalating up to $6.5 billion in 2025, showcasing a compound annual growth rate (CAGR) of 12.5%.
Factors such as an explosion of data, the need for regulatory compliance, demand for business intelligence, enhancing customer experience, cost cutting and efficiency measures, as well as heightened awareness and education have all contributed to the historical period growth.
How Will the Computer Assisted Coding Market?
The computer assisted coding market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size of computer assisted coding is projected to witness swift expansion. The sector is set to inflate up to $10.45 billion by 2029, experiencing a compound annual growth rate (CAGR) of 12.6%.
The anticipated growth in this period can be credited to the integration of artificial intelligence and machine learning, the rising demand for predictive analytics, adoption across various industries, increased security precautions, and real-time analytical capabilities. Some prominent trends for the forecast period comprise advancements in technology and natural language processing (NLP), automation powered by AI, processing of multimodal content, and real-time analytics.
Which Factors Are Boosting Growth In The Computer Assisted Coding Market?
The computer-assisted coding market is projected to expand due to the rising usage of electronic health records (EHR). EHRs, which are digitalized patient files that systematically gather health data, are becoming more prevalent. Computer-assisted coding (CAC) improves the efficacy and precision of EHRs by automating the process of extracting and assigning medical codes from clinical documents. For example, a report by the European Commission in July 2024 revealed that almost half of its Member States (48%) offer both online portals and mobile applications for citizens to access EHRs and 74% reported that 80-100% of their population have the technical ability to access health data online. In total, 16 Member States have made progress in accessibility technology and coverage. Therefore, the surge in EHR adoption is propelling the growth of the CAC market.
What Key Areas Define The Segmentation Of The Global Computer Assisted Coding Market?
The computer assisted coding market covered in this report is segmented –
1) By Product: Software, Services
2) By Mode Of Delivery: Web And Cloud Based, On-Premises
3) By Application: Automated Computer-Assisted Encoding, Management Reporting And Analytics, Clinical Coding Auditing
4) By End User: Hospitals, Physicians, Academic Medical Centers, Clinical Labs And Diagnosis Centers, Other Healthcare Providers
Subsegments:
1) By Software: Computer-Assisted Coding (CAC) Software, Natural Language Processing (NLP) Solutions, Electronic Health Record (EHR) Integration Tools, Audit And Compliance Software, Reporting And Analytics Tools
2) By Services: Implementation Services, Training And Support Services, Auditing And Consulting Services, Maintenance And Upgrades, Outsourcing Services For Coding And Billing
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What Trends Are Shaping The Computer Assisted Coding Market?
Leading corporations within the computer-assisted coding sector are honing their efforts towards creating cutting-edge products underpinned by advanced technologies like Natural Language Processing (NLP) integration for providing dependable services to their clientele. The integration of NLP in computer-assisted coding aids in analyzing medical documentation and extracting pertinent details, facilitating efficient and precise medical coding. Take for instance, in September 2022, AGS Health, a healthcare analytics tech firm from the U.S., rolled out the AGS AI platform. This platform brings about a significant transformation in the healthcare revenue cycle management by automating various functions such as medical billing, insurance authorization, and claim denials through revenue cycle automation. It uses smart robotic process automation (RPA) to smoothen workflows, thereby boosting productivity and quality. Natural Language Processing and Understanding (NLP/NLU) is integrated within the platform for effective data navigation and it comes with intelligent authorization for expedited service access. Furthermore, it comprises computer-assisted coding and clinical documentation improvement capabilities which leverage RPA, machine learning, and NLP to enhance productivity.
Who Are the Key Players In The Computer Assisted Coding Market?
Major companies operating in the computer assisted coding market report are:
• UnitedHealth Group Inc.
• McKesson Corporation
• Microsoft Corporation
• Oracle Corporation
• 3M Company
• GE HealthCare Technologies Inc.
• Epic Systems Corporation
• Athenahealth Inc.
• Cerner Corporation
• FinThrive Revenue Systems LLC
• eClinicalWorks
• NextGen Healthcare Inc.
• Medical Information Technology Inc.
• Computer Programs and Systems Inc.
• Availity LLC
• Craneware PLC
• AGS Health
• CareCloud Inc.
• ezDI Inc.
• Streamline Health Solutions Inc.
• ZyDoc Corporation
• Codifyd Inc.
• Dolbey Systems Inc.
• Alpha II LLC
• M-Scribe Technologies LLC
• ChartWise Medical Systems Inc.
• Saince Inc.
• Talix Inc.
• Apervita Inc.
• Artificial Medical Intelligence Inc.
What Is The Most Dominant Region In The Computer Assisted Coding Market?
North America was the largest region in the computer assisted coding market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the computer assisted coding market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
