Medical Coding Market, By Classification System (International Classification of Diseases (ICD) and Healthcare Common Procedure Code System (HCPCS)), By Component (In-House and Outsourced), By End User (Hospitals, Diagnostic Centers, and Others), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

Published In : May 2024

Code : CMI5106

Pages :168

Formats :

Excel and PDF

Industry : Healthcare IT

Medical Coding Market Size and Trends

The global medical coding market is estimated to be valued at USD 21.66 Bn in 2024 and is expected to reach USD 41.19 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.6% from 2024 to 2031.

Medical Coding Market Key Factors

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The medical coding market is expected to witness significant growth over the forecast period. This can be attributed to rising incidences of diseases owing to increasing geriatric population globally and the subsequent need for accurate medical documentation and billing. Furthermore, various initiatives undertaken by governments and private organizations to reduce healthcare costs are also expected to boost the market growth. Initiatives such as the implementation of Medicare and Medicaid programs in the U.S. and increasing usage of electronic health records (EHR) for better management are other factors expected to drive the market growth during the forecast period.

Increasing Product Launches by Key Market Players

Increasing adoption of organic growth strategies such as product launches by key market players is expected to drive the market growth over the forecast period. For instance, in June 2021, Semantic Health Inc., a healthcare technology company, announced the launch of its premier coding & auditing platform, the Semantic Health Information Platform. Semantic Health Inc.'s platform empowers medical coders and auditors to conduct concurrent review of clinical documentation, reduce revenue cycle inefficiencies, and enable actionable use of unstructured data. The platform was developed in close collaboration with medical coding and auditing professionals across various health systems in North America.

/p>Increasing Investments by Key Market Players

Increasing adoption of inorganic growth strategies such as investments and fundings is expected to drive the market growth over the forecast period. For instance, on March 12, 2024, CodaMetrix, the leading artificial intelligence (AI) solution for transforming healthcare and revenue cycle management, announced a funding of US$ 40 million to advance medical coding quality and clinically enrich claims data through artificial intelligence (AI).