Growing healthcare IT industry and rise in expenditure on healthcare drives market growth. Growth in geriatric population globally also drives growth of medical coding market.
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Market Trends
Adoption of artificial intelligence is a key trend driving market growth. Market competitors focus on developing AI-based automated coding tools and platforms. This helps to achieve faster and accurate coding. Another trend gaining traction is cloud-based solutions which provide coding services virtually.
Adoption of clinical documentation improvement programs is also one of the emerging trends in the market.
Medical Coding Market Report Coverage
|
Report Coverage |
Details |
|
Market Revenue in 2024 |
$21.66 billion |
|
Estimated Value by 2031 |
$41.19 billion |
|
Growth Rate |
Poised to grow at a CAGR of 9.6% |
|
Historical Data |
2019–2023 |
|
Forecast Period |
2024–2031 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Classification System, By Component, By End User |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Growth Drivers |
• Increasing Product Launches by Key Market Players • Increasing Investments by Key Market Players |
|
Restraints & Challenges |
• Shortage of Skilled Coders • High Dependence on Manual Coding Methods |
Market Opportunities
The International Classification of Diseases (ICD) segment is expected to dominate medical coding market in 2024. It is designed to promote international comparability in the collection, processing, classification, and presentation of these statistics.
The Healthcare Common Procedure Coding System (HCPCS) segment is expected to dominate market during the forecast period. HCPCS is used to code medical procedures and services like ambulatory payment classifications and national codes.
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Key Market Takeaways
The global medical coding market is anticipated to witness CAGR of 9.6% during the forecast period 2024-2031. This is due to rising healthcare expenditure and expansion of healthcare infrastructure globally.
On the basis of classification system, the international classification of diseases (ICD) segment is expected to hold a dominant position.
On the basis of component, in-house segment holds the largest market share. This is due to lower costs compared to outsourcing.
North America is expected to hold a dominant position and account for over 35% of the global market share. This is due to well-established healthcare infrastructure and favourable reimbursement policies.
Competitor Insights
Oracle Corporation, Optum, Inc.
Athenahealth, Nuance Communication Inc.
The Coding Network, Optum Inc.
Parexel International Corporation
Aviacode Inc.
Verisk Analytics, Inc.
Medical Record Associates, LLC.
STARTEK
Recent Developments
In May 2023, CodaMetrix announced the expansion of its multi-speciality autonomous medical coding platform. It includes bedside professional coding.
In December 2023, Professional Medical Billers Association announced the launch of Certified AI Medical Coder (CAIMC).
In February 2024, KAID Health announced the launch of Patient Risk Identification & Data Extraction application.
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Detailed Segmentation-
By Classification System:
- International Classification of Diseases (ICD)
- Healthcare Common Procedure Code System (HCPCS)
By Component:
- In-House
- Outsourced
By End User:
- Hospitals
- Diagnostic Centers
- Others
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
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