Medical Coding Market Size, Share, Trends, Growth 2023-2031
The new report by Expert Market Research titled, ‘Global Medical Coding Market Size, Share, Growth, Analysis, Report and Forecast 2023-2031’, gives an in-depth analysis of the medical coding market, assessing the market based on its segments like classification system, component, end use, and regional markets among others. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2031)
- Historical Market Size (2022): 18.82 billion USD
- Forecast CAGR (2023-2031): 10.9%
- Forecast Market Size (2031): 28.4 billion USD
According to the WHO, emergency codes for COVID-19 were activated in February 2020 for confirmed COVID-19 diagnoses as well as clinical or epidemiological diagnoses (suspected or probable) of COVID-19. The worldwide rules for certification and coding of COVID-19 as a cause of death were released in seven languages in April 2020. A set of extra codes was enabled in January 2021 for COVID-19 vaccination and adverse responses to a COVID-19 vaccine. The international classification of diseases (ICD) section of the medical coding business is expected to account for a large market share based on the classification system. This rise is likely due to the increased desire for a standardised medical coding system to simplify the storage and interpretation of medical data. Furthermore, the WHO’s International Classification of Diseases and Related Health Problems (ICD) is widely used in many regions of the world due to its extensive set of codes that enable for accurate data storage and management. ICD 11, which is planned to be implemented in 2022, is an enhanced and entirely electronic coding and reference tool that also includes sophisticated comprehension tools like the Global Antimicrobial Resistance Surveillance System (GLASS).
Medical Coding Industry Definition and Major Segments
The process of converting diagnoses, treatment methods, medical services, and equipment into universal medical alphanumeric codes is known as medical coding. These codes can be found in medical records, such as lab test results and physician diagnoses. In this regard, a medical coder must ensure accurate code input during the medical billing process, as the coding process is primarily performed to organise medical data and ensure accurate billing reimbursement, as well as charting the patient’s health in case of any subsequent complaint or treatment required. There are a variety of coding systems that are available globally, however, the WHO’s International Classification of Diseases (ICD) is one of the most used.
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By classification system, the market is bifurcated into:
- International Classification of Diseases (ICD)
- Healthcare Common Procedure Code System (HCPCS)
On the basis of component, the industry can be categorised into:
- In-house
- Outsourced
Based on end use, the market can be divided into:
- Hospitals
- Diagnostic Centres
- Others
The major regional markets of the medical coding market are:
- North America
- Asia Pacific
- Latin America
- Europe
- Middle East and Africa regions
Medical Coding Market Trends
Technological solutions are rapidly being utilised to increase efficiency in the medical industry as the need for more convenient and simplified processes grows. As a result, a variety of computer-assisted coding solutions are being developed to improve coding and billing procedures. Furthermore, the medical coding procedure aids in the integration of various clinical documents. These innovations are projected to boost productivity, transparency, and accuracy while lowering costs and reducing mistakes. Additionally, advancements such as the incorporation of AI technology into medical coding operations are predicted to improve the process of identifying and valuing needed codes, hence catalysing the medical coding industry’s market growth. During the forecast period, North America is estimated to lead the medical coding business. This expansion might be ascribed to the region’s strong healthcare infrastructure and quick use of IT in the medical industry. In addition, the region’s supply of qualified medical coders is helping to drive expansion. Another important driver of market expansion is the high frequency of chronic diseases in the region as a result of the region’s ageing population, which is more vulnerable to serious illnesses. These variables are predicted to have a substantial impact on the industry’s growth.
Key Market Players
The major players in the market are 3M Co., Nuance Communications Inc., Precyse Coding Solutions LLC, Aviacode Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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