ICD-10 Market SWOT Analysis, cope of Current and Future Industry 2025

ICD-10 Market

ICD-10 Market– US industry segment analysis, regional outlook, share, growth; energy drinks market forecast 2015 to 2025 by future market insights. International Classification of Diseases (ICD) -10 is a new system, launched in October 2015 by the World Health Organization (WHO). It classifies and monitors diseases, their symptoms, and track causes of injury and abnormal findings. ICD-10 uses codes to classify the diseases.

These codes are used to provide better information of diseases thus helping in improving the quality of patient care. For instance, data captured by ICD-10 can help to provide better understanding of complications and help to frame clinically robust algorithms.

The applications of ICD-10 include noting diseases on health records, tracking the trends in epidemiology, and assisting in decisions made for medical reimbursement. The WHO develops and publishes these ICD-10 codes, and institutions such as governments and regulating bodies adopt it.

In the U.S., ICD-10 has been split into two systems. This includes ICD-10-CM (Clinical Modification) which is used for diagnostic coding. Second is ICD-10-PCS (Procedure Coding System) which is used for inpatient hospital procedure coding. The U.S.-specific ICD-10 conform to WHO’s ICD-10 layout as well as allowing the addition of other details found in U.S. healthcare.

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Before ICD-10 was adopted on October 1st 2015, ICD-9 was in use in the U.S. However, the need for more elaborate listings of diseases and conformity to modern healthcare practices gave rise to the implementation of ICD-10. ICD-10 codes offer more number of classification options as compared ICD-9.

Global ICD-10 Market: Drivers and Restraints

Need for quality measurement and medical error reduction for the safety of patients led to the improvisation of ICD-9 and creation of ICD-10. ICD-10-CM contains 69,000 diagnosis codes as compared to 14,000 codes of ICD-9-CM. This captures the specificity of the problem more accurately. ICD-10 also provides a large number of combination codes in comparison to ICD-9 which had limited combination codes.

Secondly, need for a large amount of medical data for the purpose of clinical research also drives the demand for ICD-10. With the availability of all the information at one place, it becomes easy to extract information for clinical research.

However, the implementation of ICD-10 across the country by healthcare providers proves to be very costly. This is because each healthcare provider has a minimum of 100 physicians under it along with other entities in the chain. Therefore, implementing it across the chain becomes very expensive for the providers.

Global ICD-10 Market: Key Players

The World Health Organization (WHO) is the sole developer and publisher of ICD-10 codes, while the system is adopted by government agencies and other regulating bodies.

The report covers exhaustive analysis on

  • Global ICD-10Market Segments
  • Global ICD-10Market Dynamics
  • Historical Actual Market Size, 2012 – 2014
  • Global ICD-10Market Size & Forecast 2015 to 2025
  • Supply & Demand Value Chain
  • Global ICD-10 Market Current Trends/Issues/Challenges
  • Technology
  • Value Chain
  • Global ICD-10 Market Drivers and Restraints

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments.

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Global ICD-10 Market: Market Segmentation

Segmentation on basis of type:

  • ICD-10-CM (Clinical Modification)
  • ICD-10-PCS (Procedure Coding System)

Segmentation on basis of End-user:

  • Healthcare providers
  • Coders
  • IT professionals
  • Insurance carriers
  • Government agencies

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