Report ID: UCMIG35I2296
Report ID:
UCMIG35I2296 |
Region:
Global |
Published Date: Upcoming |
Pages:
165
| Tables: 55 | Figures: 60
The estimated valuation of the worldwide market for AI in medical coding reached USD 2.06 billion in 2022 and is anticipated to exhibit a compound annual growth rate (CAGR) of 13.7% from 2023 to 2030. The expansion of this market can be attributed to multiple factors, including an increasing need for these services, the implementation of standardized terminology to reduce instances of insurance claim fraud and misinterpretations, and a heightened demand for enhancing the efficiency of hospital billing and coding processes. There is a rising demand for coding services.
This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.
Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.
The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Pharmaceuticals by segment aggregation, the contribution of the Pharmaceuticals in Pharmaceuticals, Biotechnology & Life Sciences and vendor share.
To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.
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Report ID: UCMIG35I2296