Market Sizing and Verification by Procedure Code
One of the ways iData Research provides the critical marketing information you need is through our assessment of medical device growth based on procedure codes. We use medical procedure codes and the volumes associated with them to help predict the growth of a medical market. When calculating medical market growth based on procedure codes, we can get an accurate assessment because the percentage of growth of procedures directly affects the future growth of a specific set of devices.
What Are Medical Procedure Codes?
Medical procedure codes are the codes used by healthcare professionals, be they doctor’s offices, hospitals or urgent care centers, to document the medical procedure they perform. The codes are usually used for insurance purposes, but they can also help when different medical professionals are working with the same patient, and they are also paramount in collecting data.
Billions of medical procedures are performed each year, and without some common terminology, it would be easy for anyone reading medical data to get confused. Medical procedure codes create a uniform way for healthcare professionals to talk about procedures. When you use the required code, everyone who reads that code will know exactly what you are talking about.
Some of the common code types that are assessed through our research are CPT (Current Procedural Terminology), HCPCS (Healthcare Common Procedure Coding System), and ICD (International Classification of Diseases). These coding systems are used in the United States medical system or around the world.
How Exactly Can We Use Medical Procedure Codes to Assess Medical Device Growth?
The fact that there are commonly understood medical codes used throughout the healthcare community for procedures is extremely useful for gathering data. By looking at the amount a certain code is used year-to-year, we can track the growth of that procedure historically.
An assessment is then made to relate device types to a specific procedure or condition. Sometimes there is a 1-1 relationship where a specific device is used for a procedure, other times it needs to be calibrated. For example, if you see the code for a cardiac stress test, you know a healthcare professional has used an electrocardiograph. In this way, by examining the percentage growth of a certain code, we can extrapolate the percentage growth in the use of a particular device or family of devices.
Get the Critical Data You Need on Medical Device Markets in Your Area With iData Research Reports Today
If you are a medical device marketing professional, you probably don’t have the time to collect and sift through all this data yourself. Fortunately, at iData Research, we have skilled researchers who do just that and a lot more. Our iData Research reports can give you crucial insights about the market growth of the medical devices you sell, and provide information into which ones you should or shouldn’t be selling. The information in these reports will prove invaluable to your business.
To start on the road to putting our research to work for you, visit our iData Research Report Store today.
