Medical Coding Market: By End user (Hospitals, Diagnostic laboratories and Others); By Classification (International Classification of Diseases (ICDs), Healthcare Common Procedure Coding System (HCPCS) and Current Procedural Terminology (CPT)), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
Medical Coding Market is expected to surpass USD 39.10 billion by 2032 from USD 16.24 billion in 2021 at a CAGR of 9.2% in the coming years, i.e., 2022-32
Medical coding is the process of converting diagnoses, treatments, services, and equipment used in healthcare into standard medical alphanumeric codes. It entails designating the proper codes, extracting the data from the supporting papers, and producing a claim that insurance companies will pay. It examines the distribution of diseases among individuals and provides information on national health trends, allowing the federal and state governments to plan the resources needed to combat serious health problems and to launch programmes for both the prevention and treatment of the affected population. As a result, it has many uses in hospitals and diagnostic facilities all over the world.
Medical Coding Market is expected to surpass USD 39.10 billion by 2032 from USD 16.24 billion in 2021 at a CAGR of 9.2% in the coming years, i.e., 2022-32. The main drivers of the market's expansion are the advancement of medical technology and the growing demand for a universal language. Growing interest in medical coding by hospitals and other healthcare organisations and an increase in the number of coders is expected to increase employment prospects and boost overall market demand for the medical coding industry over the course of the forecast period.
Medical Coding Market is categorized on the basis of Classification into International Classification of Diseases (ICDs), Healthcare Common Procedure Coding System (HCPCS) and Current Procedural Terminology (CPT). During the forecast period of 2022–2032, the International Classification of Diseases (ICD) segment is anticipated to increase and hold the biggest market share in the medical coding market. The International Classification of Diseases (ICD) is a system for categorising diseases and their signs, symptoms, abnormal findings, complaints, social contexts, and external causes. It offers healthcare diagnosis codes for these classifications. Medical coding is the conversion of treatments, equipment, diagnoses, and services into standard medical alphanumeric codes. The International Classification of Diseases aims to establish a designated code, up to six characters long, for each health condition and connect them to corresponding generic categories along with specific variations. Mental and behavioural diseases are categorised in the International Classification of Diseases.
Medical Coding Market is categorized on the basis of end user into Hospitals, Diagnostic laboratories and Others. According to end users, the hospital sector is anticipated to have the medical coding market's fastest growth over the forecast period. The market's largest size was likewise accounted for by this category. Hospitals are widely regarded as patients' first preference for medical procedures. This is also anticipated to help the market's strong growth in this category over the course of the projected period.
AI And Innovations in Medical Industry Is Driving Growth
The need for more simplified and convenient operations in the medical industry is growing, and technology solutions are being used more frequently to increase productivity. In order to improve the coding and billing procedures, several computer-optimized coding solutions are being developed. Additionally, the process of medical coding aids in the integration of various clinical paperwork. These developments are anticipated to boost output, transparency, and accuracy while lowering expenses and mistakes. Additionally, innovations like the incorporation of AI technology into medical coding procedures are anticipated to improve the process of identifying and appraising the appropriate code, spurring the market expansion of the medical coding sector.
Increased Use of Digital Technologies Is Expected to Surge Demand
The market is growing as a result of widespread use of digital technologies such electronic health records, revenue cycle management software, mobile health applications, and telemedicine as well as growing attempts to digitize healthcare. The influence of social media on healthcare is also rapidly expanding. Social media is utilised for recruitment, appointment management, product recall awareness, health promotion initiatives, and feedback gathering. The demand for medical coders and the coding business are both benefiting from the growing desire for universal language in medical documentation. Additionally, it is predicted that the rise of medical coding would be fueled by the development of artificial intelligence-assisted medical coding. Healthcare organisations are under more and more pressure to deliver high-quality care at affordable prices. To cut administrative expenses and boost return on investment, healthcare companies are using medical coding software and outsourcing services. This is thus anticipated to fuel market expansion.
Lack of experienced workers and data security concerns to hamper the Market Growth
The market for medical coding is facing significant challenges as a result of growing customer concerns around data security. Additionally, the lack of qualified and experienced workers is the primary factor limiting the growth of the medical coding industry throughout the projected time.
(Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. In 2021, Europe had the largest share in the market of Medical Coding. Due to its high patient volume and mandated use of medical coding in healthcare settings, Europe owned the greatest proportion of the global market for medical coding. Medical coding has made it possible for European healthcare organisations to create statistical analyses of disorders and suggest effective treatments. Additionally, it has facilitated quick and simple reimbursement of medical expenses for healthcare insurance providers. The market for medical coding in APAC is anticipated to expand at the quickest rate during the projection period. The region's demand for medical coding services is anticipated to increase as a result of the digitization of health records. Additionally, these nations' expanding health insurance infrastructures are contributing to the market's expansion. Medical coding practises have made it possible for medical claims to be processed quickly and efficiently, which has increased the number of people who have health insurance.
Global healthcare systems were substantially damaged by the COVID-19 epidemic. The COVID-19 outbreak caused significant changes in the medical coding market, and these changes are anticipated to have a long-term effect on the market. Thus, it is anticipated that the industry under study will pick up steam in the years to come. The market is expanding as a result of reasons such the increased demand for coding services, the requirement for a universal language to decrease insurance claim fraud and misinterpretations, and the high demand for expediting hospital billing procedures.
Market Size Value in 2021
USD 16.24 billion
Revenue Forecast in 2032
USD 39.10 billion
CAGR of 9.2% from 2022 to 2032
Base Year for Estimation
Revenue in USD billion and CAGR from 2022 to 2032
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Classification, End user and Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key Companies Profiled
3M, Verisk Analytics, Nuance Communications Inc., Medical Record Associates LLC, Oracle Corporation, Optum, Change Healthcare, The Coding Network, iMedX and Other Prominent Players
The Medical Coding Market size was estimated at USD 16.24 billion in 2021 and is expected to reach USD 39.10 billion in 2032
Medical Coding refers to a series of technologies that enable the overlaying of -omics data on tissue images. Under the general term omics, there are numerous different kinds of omics studies. Proteomics, epigenomics, transcriptomics, genomics, metabolomics, and lipidomic are all parts of Medical Coding.
The International Classification of Diseases and hospitals segments accounted for the larger share of the Medical Coding Market.
Key players in the Medical Coding Market are 3M, Verisk Analytics, Nuance Communications Inc., Medical Record Associates LLC, Oracle Corporation, Optum, Change Healthcare, The Coding Network, iMedX and Other Prominent Players.
The government's increased investment in R&D and the demand for early diagnoses are anticipated to fuel market expansion.
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