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AI in Medical Coding Market – By Mode (Outsourced, In-house), Application (Automated Coding, Fraud and Error Detection, Data Analysis), End-use (Healthcare Providers & Diagnostic Centers, Insurance Companies, Medical Coding Companies), & Forecast, 2024 – 2032
Report ID: GMI11081
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Published Date: August 2024
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Report Format: PDF
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Premium Report Details
Base Year: 2023
Companies covered: 15
Tables & Figures: 118
Countries covered: 23
Pages: 100
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AI in Medical Coding Market Size
AI in Medical Coding Market size was valued at USD 2.4 billion in 2023 and is anticipated to witness growth at a CAGR of 13.6% between 2024 and 2032. The market is experiencing growth driven by the growing emphasis on superior accuracy in medical coding, shortage of skilled medical coders, and extensively increasing coding data.
The shortage of skilled medical coders is driven by the increasing complexity of medical coding systems, high turnover rates, and the lengthy training and certification process. This shortage is significant, with hospitals and clinics facing delays and inaccuracies in billing due to the lack of qualified personnel. For instance, the American Health Information Management Association (AHIMA) has highlighted the growing gap between the demand for and supply of certified medical coders.
Additionally, the U.S. Bureau of Labor Statistics projects a faster-than-average growth rate for medical records and health information technicians, indicating a high demand that outpaces the supply of skilled professionals. This scarcity propels the adoption of AI in medical coding, as it can automate the coding process, alleviate the burden on existing staff, and improve overall efficiency and accuracy in healthcare documentation.
AI in medical coding refers to the application of artificial intelligence technologies to automate and enhance the process of assigning standardized codes to medical diagnoses, procedures, and services. These codes are used for billing, record-keeping, and statistical analysis in healthcare. AI systems in medical coding use machine learning algorithms and natural language processing (NLP) to analyze clinical documentation, extract relevant information, and accurately assign appropriate codes.
AI in Medical Coding Market Trends
The growing emphasis on accuracy is driving the adoption of AI in medical coding, where advanced technologies, such as automated machine learning, natural language processing (NLP), and robotic process automation (RPA) are revolutionizing the coding process by reducing errors and enhancing precision.
AI in Medical Coding Market Analysis
Based on mode, the market is segmented into outsourced and in-house. The outsourced segment held a dominant market share and was valued at USD 1.7 billion in 2023.
Based on application, the AI in medical coding market is segmented into automated coding, fraud and error detection, data analysis, and other applications. The automated coding segment anticipated to dominate the market with the revenue of around USD 3.1 billion in 2032.
Based on end-use, the AI in medical coding market is categorized into healthcare providers and diagnostic centers, medical coding companies, insurance companies, and government bodies. The healthcare providers and diagnostic centers segment is anticipated to grow at a CAGR of 13.7% over the analysis timeframe.
North America AI in medical coding market size in 2023 was valued at USD 1.2 billion and is predicted to grow at a CAGR of 12.5% over the analysis timeframe.
The U.S. AI in medical coding market is anticipated to grow at a CAGR of 12.4% to reach USD 3.2 billion by 2032.
Germany AI in medical coding market is projected to grow remarkably in the coming years.
Japan is experiencing high market growth in the AI in medical coding market.
AI in Medical Coding Market Share
The AI in medical coding industry is characterized by the presence of several established and emerging players that offer a range of AI-powered solutions and technologies across the globe. The market players compete based on factors such as the accuracy of coding algorithms, efficiency of processing, innovation in AI technologies, adherence to regulatory standards, and pricing strategies.
AI in Medical Coding Market Companies
Prominent players operating in the AI in Medical Coding industry include:
AI in Medical Coding Industry News:
The AI in medical coding market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD Million from 2021 - 2032 for the following segments:
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Market, By Mode
Market, By Application
Market, By End-use
The above information is provided for the following regions and countries: