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Medical Coding Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global medical coding market reached a value of US$ 17.05 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 32.25 Billion by 2027 exhibiting a growth rate (CAGR) of 10.60% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

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.

 

 
 

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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.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global medical coding market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component, classification system and end user.

Breakup by Component:

 

 
 

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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 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion
Segment Coverage Component, Classification System, End User
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)

1    Preface
2    Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5    Global Medical Coding Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Component
    6.1    In-house
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Outsourced
        6.2.1 Market Trends
        6.2.2 Market Forecast
7    Market Breakup by Classification System
    7.1    International Classification of Diseases (ICD)
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Healthcare Common Procedure Code System (HCPCS)
        7.2.1 Market Trends
        7.2.2 Market Forecast
8    Market Breakup by End User
    8.1    Hospitals
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Diagnostic Centers
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Others
        8.3.1 Market Trends
        8.3.2 Market Forecast
9    Market Breakup by Region
    9.1    North America
        9.1.1 United States
           9.1.1.1 Market Trends
           9.1.1.2 Market Forecast
        9.1.2 Canada
           9.1.2.1 Market Trends
           9.1.2.2 Market Forecast
    9.2    Asia-Pacific
        9.2.1 China
           9.2.1.1 Market Trends
           9.2.1.2 Market Forecast
        9.2.2 Japan
           9.2.2.1 Market Trends
           9.2.2.2 Market Forecast
        9.2.3 India
           9.2.3.1 Market Trends
           9.2.3.2 Market Forecast
        9.2.4 South Korea
           9.2.4.1 Market Trends
           9.2.4.2 Market Forecast
        9.2.5 Australia
           9.2.5.1 Market Trends
           9.2.5.2 Market Forecast
        9.2.6 Indonesia
           9.2.6.1 Market Trends
           9.2.6.2 Market Forecast
        9.2.7 Others
           9.2.7.1 Market Trends
           9.2.7.2 Market Forecast
    9.3    Europe
        9.3.1 Germany
           9.3.1.1 Market Trends
           9.3.1.2 Market Forecast
        9.3.2 France
           9.3.2.1 Market Trends
           9.3.2.2 Market Forecast
        9.3.3 United Kingdom
           9.3.3.1 Market Trends
           9.3.3.2 Market Forecast
        9.3.4 Italy
           9.3.4.1 Market Trends
           9.3.4.2 Market Forecast
        9.3.5 Spain
           9.3.5.1 Market Trends
           9.3.5.2 Market Forecast
        9.3.6 Russia
           9.3.6.1 Market Trends
           9.3.6.2 Market Forecast
        9.3.7 Others
           9.3.7.1 Market Trends
           9.3.7.2 Market Forecast
    9.4    Latin America
        9.4.1 Brazil
           9.4.1.1 Market Trends
           9.4.1.2 Market Forecast
        9.4.2 Mexico
           9.4.2.1 Market Trends
           9.4.2.2 Market Forecast
        9.4.3 Others
           9.4.3.1 Market Trends
           9.4.3.2 Market Forecast
    9.5    Middle East and Africa
        9.5.1 Market Trends
        9.5.2 Market Breakup by Country
        9.5.3 Market Forecast
10    SWOT Analysis
    10.1    Overview
    10.2    Strengths
    10.3    Weaknesses
    10.4    Opportunities
    10.5    Threats
11    Value Chain Analysis
12    Porters Five Forces Analysis

    12.1    Overview
    12.2    Bargaining Power of Buyers
    12.3    Bargaining Power of Suppliers
    12.4    Degree of Competition
    12.5    Threat of New Entrants
    12.6    Threat of Substitutes
13    Price Analysis
14    Competitive Landscape

    14.1    Market Structure
    14.2    Key Players
    14.3    Profiles of Key Players
        14.3.1    3M Company
           14.3.1.1 Company Overview
           14.3.1.2 Product Portfolio
           14.3.1.3 Financials
           14.3.1.4 SWOT Analysis
        14.3.2    Access Healthcare
           14.3.2.1 Company Overview
           14.3.2.2 Product Portfolio
        14.3.3    Aviacode Inc. (GeBBS Healthcare Solutions Inc.)
           14.3.3.1 Company Overview
           14.3.3.2 Product Portfolio
        14.3.4    Dolbey Systems Inc.
           14.3.4.1 Company Overview
           14.3.4.2 Product Portfolio
        14.3.5    Global Healthcare Resource
           14.3.5.1 Company Overview
           14.3.5.2 Product Portfolio
        14.3.6    Maxim Healthcare Staffing
           14.3.6.1 Company Overview
           14.3.6.2 Product Portfolio
        14.3.7    Medical Record Associates Inc.
           14.3.7.1 Company Overview
           14.3.7.2 Product Portfolio
        14.3.8    Nuance Communications Inc. (Microsoft Corporation)
           14.3.8.1 Company Overview
           14.3.8.2 Product Portfolio
           14.3.8.3 Financials
           14.3.8.4 SWOT Analysis
        14.3.9    Optum Inc. (UnitedHealth Group Incorporated)
           14.3.9.1 Company Overview
           14.3.9.2 Product Portfolio
        14.3.10    Outsource Strategies International
           14.3.10.1 Company Overview
           14.3.10.2 Product Portfolio
        14.3.11    The Coding Network LLC
           14.3.11.1 Company Overview
           14.3.11.2 Product Portfolio

List of Figures

Figure 1: Global: Medical Coding Market: Major Drivers and Challenges
Figure 2: Global: Medical Coding Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Medical Coding Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: Medical Coding Market: Breakup by Component (in %), 2021
Figure 5: Global: Medical Coding Market: Breakup by Classification System (in %), 2021
Figure 6: Global: Medical Coding Market: Breakup by End User (in %), 2021
Figure 7: Global: Medical Coding Market: Breakup by Region (in %), 2021
Figure 8: Global: Medical Coding (In-house) Market: Sales Value (in Million US$), 2016 & 2021
Figure 9: Global: Medical Coding (In-house) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 10: Global: Medical Coding (Outsourced) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Medical Coding (Outsourced) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Medical Coding (International Classification of Diseases (ICD)) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Medical Coding (International Classification of Diseases (ICD)) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Medical Coding (Healthcare Common Procedure Code System (HCPCS)) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Medical Coding (Healthcare Common Procedure Code System (HCPCS)) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Medical Coding (Hospitals) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Medical Coding (Hospitals) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Medical Coding (Diagnostic Centers) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Medical Coding (Diagnostic Centers) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Medical Coding (Other End Users) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Medical Coding (Other End Users) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: North America: Medical Coding Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: North America: Medical Coding Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: United States: Medical Coding Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: United States: Medical Coding Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Canada: Medical Coding Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Canada: Medical Coding Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: Asia-Pacific: Medical Coding Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: Asia-Pacific: Medical Coding Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: China: Medical Coding Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: China: Medical Coding Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Japan: Medical Coding Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Japan: Medical Coding Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: India: Medical Coding Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: India: Medical Coding Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: South Korea: Medical Coding Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: South Korea: Medical Coding Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: Australia: Medical Coding Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: Australia: Medical Coding Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: Indonesia: Medical Coding Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: Indonesia: Medical Coding Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: Others: Medical Coding Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: Others: Medical Coding Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: Europe: Medical Coding Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: Europe: Medical Coding Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: Germany: Medical Coding Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: Germany: Medical Coding Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: France: Medical Coding Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: France: Medical Coding Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: United Kingdom: Medical Coding Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: United Kingdom: Medical Coding Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: Italy: Medical Coding Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: Italy: Medical Coding Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: Spain: Medical Coding Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: Spain: Medical Coding Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: Russia: Medical Coding Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: Russia: Medical Coding Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: Others: Medical Coding Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: Others: Medical Coding Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: Latin America: Medical Coding Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: Latin America: Medical Coding Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: Brazil: Medical Coding Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: Brazil: Medical Coding Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: Mexico: Medical Coding Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: Mexico: Medical Coding Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: Others: Medical Coding Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: Others: Medical Coding Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: Middle East and Africa: Medical Coding Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: Middle East and Africa: Medical Coding Market: Breakup by Country (in %), 2021
Figure 70: Middle East and Africa: Medical Coding Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 71: Global: Medical Coding Industry: SWOT Analysis
Figure 72: Global: Medical Coding Industry: Value Chain Analysis
Figure 73: Global: Medical Coding Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Medical Coding Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Medical Coding Market Forecast: Breakup by Component (in Million US$), 2022-2027
Table 3: Global: Medical Coding Market Forecast: Breakup by Classification System (in Million US$), 2022-2027
Table 4: Global: Medical Coding Market Forecast: Breakup by End User (in Million US$), 2022-2027
Table 5: Global: Medical Coding Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 6: Global: Medical Coding Market: Competitive Structure
Table 7: Global: Medical Coding Market: Key Players


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Key Questions Answered in This Report

The global medical coding market was valued at US$ 17.05 Billion in 2021.

We expect the global medical coding market to exhibit a CAGR of 10.60% during 2022-2027.

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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