Computer-Assisted Coding Systems Market, By Type, By Application, By Country, and By Region - Industry Analysis, Market Size, Market Share & Forecast from 2023-2030
Computer-Assisted Coding Systems Market size was valued at USD 5,003.5 Million in 2022, expanding at a CAGR of 12.3% from 2023 to 2030.
Computer-assisted coding (CAC) is a software tool that utilizes natural language processing (NLP) and machine learning to examine clinical documentation and propose suitable medical codes for patient records. CAC has historically played a significant role in the healthcare industry, aiding healthcare providers and coders in enhancing productivity. CAC assists providers and coders in assigning codes to patient records, which are crucial for billing, reimbursement, quality reporting, and other vital health information system functions. The primary advantage offered by CAC is the heightened productivity and efficiency in medical coding workflows. By automating certain aspects of the coding process, CAC systems can analyze straightforward documentation more rapidly than human coders alone. As per the American Health Information Management Association (AHIMA), CACS provides numerous benefits compared to manual coding, including increased productivity, efficiency, and consistent application of coding rules.
Computer-Assisted Coding Systems Market- Market Dynamics
Growing adoption of Electronic Health Records (EHRs) is expected to drive the growth of the Computer-Assisted Coding Systems market
In various countries, there has been a recent surge in the implementation of electronic health records (EHRs). These systems have enabled numerous healthcare organizations to efficiently store, manage, and process their data. Moreover, hospitals in the Asia-Pacific region are now actively seeking CAC solutions that can enhance productivity by leveraging their existing platforms, Owing to the increasing adoption of EMRs. The benefits of CAC extend beyond improved coding accuracy and productivity, as evidenced by its positive effects. According to the National Center for Health Statistics (NCHS), as of 2021, a significant majority of office-based physicians (78%) and nearly all non-federal acute care hospitals (96%) have adopted a certified EHR, marking substantial progress over the past decade. Additionally, the incorporation of AI and machine learning technologies into CAC systems presents an opportunity for the Computer-Assisted Coding Systems Market. However, the growth of this market is hindered by the legal and ethical implications associated with automated coding.
Computer-Assisted Coding Systems Market- Key Insights
As per the analysis shared by our research analyst, the global Computer-Assisted Coding Systems market is estimated to grow annually at a CAGR of around 12.3% over the forecast period (2023-2030)
The adoption of CAC systems by hospitals, medical centers, physicians, and other clinics is expected to drive substantial growth in the Computer-Assisted Coding Systems industry
Based on Application segmentation, Hospital was predicted to show maximum market share in the year 2022
On the basis of region, North America was the leading revenue generator in 2022
Computer-Assisted Coding Systems Market- Segmentation Analysis:
The Global Computer-Assisted Coding Systems Market is segmented on the basis of Type, Application, and Region.
The market is categorized into two categories based on type, namely Software and Services. CAC systems are software applications that employ natural language processing (NLP) and machine learning algorithms to examine clinical documentation, including electronic health records (EHRs), and propose suitable medical codes. These systems can be utilized for both International Classification of Diseases (ICD) coding for diagnoses and Current Procedural Terminology (CPT) coding for procedures. Additionally, a range of software and tools are employed alongside CAC systems to aid in medical coding and coding-related activities.
The market is divided into two categories based on application: Hospitals, Physicians, Academic Medical Centers, Clinical Labs and Diagnosis Centers and Other Healthcare Providers. The hospital segment dominates the market. The consistent expansion of the CAC systems market in healthcare facilities can be attributed to the surge in demand for precise medical coding, the necessity to simplify coding processes, and the shift towards value-based care models.
Computer-Assisted Coding Systems Market- Geographical Insights
Geographically, this market is widespread in North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The market growth is projected to be dominated by North America, primarily the United States, owing to the surge in healthcare expenditure and advancements in healthcare technology. The United States is renowned for having one of the highest levels of healthcare expenditure globally. This substantial investment in healthcare infrastructure and services creates a favorable environment for the adoption of advanced technologies such as CAC systems. In 2021, U.S. healthcare spending experienced a growth of 2.7 percent, reaching a total of USD 4.3 trillion or $12,914 per person. According to the Centers for Medicare & Medicaid Services, health spending accounted for 18.3 percent of the nation's Gross Domestic Product. On the other hand, Europe is anticipated to drive market growth in the upcoming year due to the increasing demand for efficient coding systems, the rising need for data accuracy in healthcare organizations, and the growing demand for automation in healthcare organizations.
Computer-Assisted Coding Systems Market- Competitive Landscape:
Several prominent companies are actively engaged in the medical coding market on a global scale, striving to provide innovative software and products. The fierce competition within this market is expected to yield improved outcomes for both patients and healthcare service providers. The advancement of high-tech medical devices, equipment, targeted therapies, and cutting-edge procedures has significantly enhanced medical functionality and elevated the quality of healthcare services. The market for computer-assisted coding (CAC) tools is highly competitive and fragmented, with numerous new entrants and established IT companies entering the scene in recent years. While companies based in industrialized nations currently dominate the majority of market share, advancements in technology and knowledge transfer across borders have enabled businesses in less affluent nations to compete. Notable industry competitors include Oracle, TruCode LLC, Optum Inc., Artificial Medical Intelligence, Inc., and 3M Company. These industry leaders are implementing strategic plans to drive company growth, such as introducing new products, expanding into new markets, and establishing robust distribution networks. Furthermore, significant investments are being made in product development, which serves as a catalyst for revenue growth. The global market for computer-assisted coding experiences intense competition, fueled by factors like the introduction of new products and the successful outcomes observed during clinical trials.
Recent Developments:
May 2021, Alfred Health, a healthcare provider in Victoria, has chosen the 3M 360 Encompass System to streamline and automate various aspects of clinical documentation integrity (CDI), medical records clinical coding, and performance monitoring across all its facilities. By leveraging the advanced technology offered by 3M Health Information Systems, Alfred Health aims to enhance the accuracy and efficiency of its coded data, boost coding productivity, ensure appropriate DRG capture and reimbursement, and utilize actionable data to drive improvements in patient outcomes.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL COMPUTER-ASSISTED CODING SYSTEMS MARKET KEY PLAYERS
Craneware PLC.
Streamline Health Solutions, Inc.
Mckesson Corporation
Cerner Corporation
Oracle
Modal IP LLC
Optum, Inc.
Artificial Medical Intelligence, Inc.
3M Company
EPIC Systems Corporation
Precyse Solutions, LLC (Nthrive, Inc.)
Trucode
Athenahealth, Inc.
Dolbey Systems, Inc.
Nuance Communications, Inc.
Quest Diagnostics Incorporated
GLOBAL COMPUTER-ASSISTED CODING SYSTEMS MARKET, BY TYPE
Software
Services
GLOBAL COMPUTER-ASSISTED CODING SYSTEMS MARKET, BY APPLICATION
Hospitals
Physicians
Academic Medical Centers
Clinical Labs and Diagnosis Centers
Other Healthcare Providers
GLOBAL COMPUTER-ASSISTED CODING SYSTEMS MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA
Table of Contents
1. Computer-Assisted Coding Systems Market Overview
1.1. Study Scope
1.2. Market Estimation Years
2. Executive Summary
2.1. Market Snippet
2.1.1. Computer-Assisted Coding Systems Market Snippet by Type
2.1.2. Computer-Assisted Coding Systems Market Snippet by Application
2.1.3. Computer-Assisted Coding Systems Market Snippet by Country
2.1.4. Computer-Assisted Coding Systems Market Snippet by Region
2.2. Competitive Insights
3. Computer-Assisted Coding Systems Key Market Trends
3.1. Computer-Assisted Coding Systems Market Drivers
3.1.1. Impact Analysis of Market Drivers
3.2. Computer-Assisted Coding Systems Market Restraints
3.2.1. Impact Analysis of Market Restraints
3.3. Computer-Assisted Coding Systems Market Opportunities
3.4. Computer-Assisted Coding Systems Market Future Trends
4. Computer-Assisted Coding Systems Industry Study
4.1. PEST Analysis
4.2. Porter's Five Forces Analysis
4.3. Growth Prospect Mapping
4.4. Regulatory Framework Analysis
5. Computer-Assisted Coding Systems Market: COVID-19 Impact Analysis
5.1. Pre-COVID-19 Impact Analysis
5.2. Post-COVID-19 Impact Analysis
5.2.1. Top Performing Segments
5.2.2. Marginal Growth Segments
5.2.3. Top Looser Segments
5.2.4. Marginal Loss Segments
6. Computer-Assisted Coding Systems Market Landscape
6.1. Computer-Assisted Coding Systems Market Share Analysis, 2022
6.2. Breakdown Data, by Key Manufacturer
6.2.1. Established Players' Analysis
6.2.2. Emerging Players' Analysis
7. Computer-Assisted Coding Systems Market - By Type
7.1. Overview
7.1.1. Segment Share Analysis, By Type, 2022 & 2030 (%)
7.1.2. Software
7.1.3. Services
8. Computer-Assisted Coding Systems Market - By Application
8.1. Overview
8.1.1. Segment Share Analysis, By Application, 2022 & 2030 (%)
8.1.2. Hospitals
8.1.3. Physicians
8.1.4. Academic Medical Centers
8.1.5. Clinical Labs and Diagnosis Centers
8.1.6. Other Healthcare Providers
9. Computer-Assisted Coding Systems Market- By Geography
9.1. Introduction
9.1.1. Segment Share Analysis, By Geography, 2022 & 2030 (%)
9.2. North America
9.2.1. Overview
9.2.2. Computer-Assisted Coding Systems Key Manufacturers in North America
9.2.3. North America Market Size and Forecast, By Country, 2018 - 2030 (US$ Million)
9.2.4. North America Market Size and Forecast, By Type, 2018 - 2030 (US$ Million)
9.2.5. North America Market Size and Forecast, By Application, 2018 - 2030 (US$ Million)