The latest report by IMARC Group, titled “Medical Coding Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global medical coding market size reached US$ 19.0 Billion in 2022. Medical coding is the process of converting healthcare diagnoses, medical services, procedures, and equipment into universal medical alphanumeric codes. These codes are found in medical record documentation such as laboratory and radiologic tests, prescriptions, and diagnostics of physicians. It includes abstracting the information from documentation, assigning the appropriate codes, and generating a claim to be paid by insurance carriers. It also helps analyze disease patterns among the masses, provides data on national health trends, and allows federal and state governments to plan for resources required to fight prevalent health issues. As a result, medical coding is gaining immense traction and is widely adopted in hospitals and diagnostic centers.
Global Medical Coding Market Trends:
The market is primarily driven by the rising demand for convenient medical coding and billing solutions across the globe. In addition, the widespread adoption of digital technologies, including telehealth, mhealth applications, revenue software management, and electronic health records, are contributing to the market growth. Moreover, various technological advancements, such as the emergence of natural language processing (NLP), artificial intelligence (AI), and the internet of medical things (IoMT), are escalating the demand for computer-aided coding systems (CACS) in the healthcare industry, representing another major growth-inducing factor. Besides this, the surging need for the international classification of diseases (ICD) on account of the increasing prevalence of diseases is providing a positive thrust to market growth. Furthermore, expanding healthcare infrastructure, research and development (R&D) activities, and mergers and acquisitions (M&A) among key market players are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 36.1 Billion by 2028, exhibiting a CAGR of 10.9% during the forecast period (2023-2028).
- Based on the component, the market has been bifurcated into in-house and outsourced.
- On the basis of the classification system, the market has been classified into the international classification of diseases (ICD) and healthcare common procedure code system (HCPCS).
- Based on the end user, the market has been categorized into hospitals, diagnostic centers, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined in the report, with some of the key players being 3M Company, Access Healthcare, Aviacode Inc. (GeBBS Healthcare Solutions Inc.), Dolbey Systems Inc., Global Healthcare Resource, Maxim Healthcare Staffing, Medical Record Associates Inc., Nuance Communications Inc. (Microsoft Corporation), Optum Inc. (UnitedHealth Group Incorporated), Outsource Strategies International and The Coding Network LLC.
|Base Year of the Analysis
||Component, Classification System, End User
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||3M Company, Access Healthcare, Aviacode Inc. (GeBBS Healthcare Solutions Inc.), Dolbey Systems Inc., Global Healthcare Resource, Maxim Healthcare Staffing, Medical Record Associates Inc., Nuance Communications Inc. (Microsoft Corporation), Optum Inc. (UnitedHealth Group Incorporated), Outsource Strategies International and The Coding Network LLC.
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