Medical Coding Market Report by Component (In-house, Outsourced), Classification System (International Classification of Diseases (ICD), Healthcare Common Procedure Code System (HCPCS)), End User (Hospitals, Diagnostic Centers, and Others), and Region 2024-2032
The global medical coding market size reached US$ 21.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 49.8 Billion by 2032 exhibiting a growth rate (CAGR) of 9.8% during 2024-2032.
Report Attribute
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 21.1 Billion
Market Forecast in 2032
US$ 49.8 Billion
Market Growth Rate 2024-2032
9.8%
Medical coding is the conversion of healthcare diagnosis, procedures, medical services, and equipment into universal medical alphanumeric codes. It includes assigning the appropriate codes, abstracting the information from documentation, and creating a claim to be paid by insurance carriers. It analyzes disease patterns among individuals and offers data on national health trends, thereby enabling federal and state governments to plan for resources required to fight prevalent health issues and launch initiatives for preventing and treating the affected population. As a result, it finds extensive applications in hospitals and diagnostic centers across the globe.
Medical Coding Market Trends:
At present, there is a rise in the demand for streamlined and convenient coding and billing solutions in hospitals. This, along with the growing demand for a universal language to reduce frauds and deceptions associated with insurance claims, represents one of the key factors driving the market. Moreover, there is an increase in the utilization of medical coding for uniform documentation of medical facilities around the world. This, coupled with the burgeoning healthcare industry and technological advancements across the globe, is propelling the growth of the market. Besides this, the rising demand for international classification of diseases (ICD) due to the growing prevalence of diseases worldwide is positively influencing the market. Additionally, the escalating need for medical coding to create a proper record of patients and accelerate payments to physicians is offering lucrative growth opportunities to industry investors and end-users. Furthermore, key market players are extensively investing in research and development (R&D) activities and offering next-generation coding and reimbursement solutions, which is projected to increase their overall sales and profitability in upcoming years.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global medical codingmarket report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on component, classification system and end user.
Breakup by Component:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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In-house
Outsourced
Breakup by Classification System:
International Classification of Diseases (ICD)
Healthcare Common Procedure Code System (HCPCS)
Breakup by End User:
Hospitals
Diagnostic Centers
Others
Breakup by Region:
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North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles 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.
Report Coverage:
Report Features
Details
Base Year of the Analysis
2023
Historical Period
2018-2023
Forecast Period
2024-2032
Units
US$ Billion
Segment Coverage
Component, Classification System, End User, Region
Region Covered
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered
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.
Customization Scope
10% Free Customization
Report Price and Purchase Option
Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support
10-12 Weeks
Delivery Format
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report
The global medical coding market was valued at US$ 21.1 Billion in 2023.
We expect the global medical coding market to exhibit a CAGR of 9.8% during 2024-2032.
The rising applications of medical coding in hospitals and diagnostic centers for International Classification of Diseases (ICD) and uniform documentation of medical facilities are primarily driving the global medical coding market.
The sudden outbreak of the COVID-19 pandemic has led to growing adoption of medical coding for creating proper record of coronavirus-infected patientsx to predict its patterns and plan for required resources to prevent the risk of disease spread.
Based on the component, the global medical coding market can be categorized into in-house and outsourced, where outsourced component exhibits clear dominance in the market.
Based on the classification system, the global medical coding market has been segmented into International Classification of Diseases (ICD) and Healthcare Common Procedure Code System (HCPCS). Currently, International Classification of Diseases (ICD) system represents the largest market share.
Based on the end user, the global medical coding market can be bifurcated into hospitals, diagnostic centers, and others. Among these, hospitals currently account for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global medical coding market include 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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