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Medical Coding Market Size

Report ID: GMI10982
   |
Published Date: August 2024
 | 
Report Format: PDF

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Medical Coding Market Size

Medical Coding Market size was valued at USD 14.4 billion in 2023 and is expected to exhibit growth at a CAGR of 10.1% from 2024 to 2032. This high growth is attributed to growing focus on streamlining healthcare processes, extensively increasing hospital visits, and rising emphasis on fraud detection and control. Moreover, increasing prevalence of chronic conditions is also expected to have substantial impact on the growth of market during the forecast period.

 

Medical Coding Market

In addition, implantation of government regulations is also projected to accelerate market growth by 2032. For instance, in July 2024, the U.S. Department of Health and Human Services (HHS) proposed a new rule for physician payment in order to improve patient care along with quality of healthcare services. Furthermore, the increasing volume of healthcare data, fueled by the rising prevalence of chronic diseases and the aging population, necessitates the demand for medical coding services.
 

Furthermore, growing number of technologically advanced products are boosting the adoption of medical coding platforms. For instance, in December 2023, CorroHealth announced launch of its new AI-driven medical coding platform PULSE. This platform incorporates automation features. Such industrial developments are projected to have positive impact on the market growth.
 

Medical coding is the process of transforming healthcare diagnoses, procedures, medical services, and equipment into standardized alphanumeric codes. Also, it is one of the important factors in healthcare revenue cycle management. These codes, derived from universally recognized systems such as ICD (International Classification of Diseases), CPT (Current Procedural Terminology), and HCPCS (Healthcare Common Procedure Coding System), are essential for documenting patient information, billing insurance companies, and maintaining accurate medical records.
 

Authors: Mariam Faizullabhoy, Gauri Wani
Frequently Asked Question(FAQ) :
Who are the key leaders in the medical coding industry?
3M, Episource, Medical Record Associates, LLC., Nuance Communications, Inc., Optum, Inc., Oracle Corporation, Parexel International Corporation, Precyse Solutions LLC, Talix, The Coding Network, and Verisk Analytics, Inc., are some of the major medical coding companies worldwide.
What is the size of the North America medical coding market?
Why is the use of ICD (International Classification of Diseases) for medical coding growing?
How big is the medical coding industry?

Report Content

Chapter 1   Methodology & Scope

1.1    Market scope & definitions

1.2    Research design

1.2.1    Research approach

1.2.2    Data collection methods

1.3    Base estimates & calculations

1.3.1    Base year calculation

1.3.2    Key trends for market estimation

1.4    Forecast model

1.5    Primary research and validation

1.5.1    Primary sources

1.5.2    Data mining sources

Chapter 2   Executive Summary

2.1    Industry 3600 synopsis

Chapter 3   Industry Insights

3.1    Industry ecosystem analysis

3.2    Industry impact forces

3.2.1    Growth drivers

3.2.1.1    Increasing focus on streamlining of healthcare processes

3.2.1.2    Growing emphasis on fraud detection

3.2.1.3    Government regulatory compliances

3.2.2    Industry pitfalls & challenges

3.2.2.1    Data security concerns

3.3    Growth potential analysis

3.4    Regulatory landscape

3.5    Technological landscape

3.6    Porter's analysis

3.7    PESTEL analysis

3.8    Future market trends

Chapter 4   Competitive Landscape, 2023

4.1    Introduction

4.2    Company matrix analysis

4.3    Company market share analysis

4.4    Competitive analysis of major market players

4.5    Competitive positioning matrix

4.6    Strategy dashboard

Chapter 5   Market Estimates and Forecast, By Category, 2021 – 2032 ($ Mn)

5.1    Key trends

5.2    ICD (International Classification of Diseases)

5.3    CPT (Current Procedural Terminology)

5.4    HCPCS (Healthcare Common Procedure Coding System)

Chapter 6   Market Estimates and Forecast, By Mode, 2021 – 2032 ($ Mn)

6.1    Key trends

6.2    Outsourced

6.3    In-house

Chapter 7   Market Estimates and Forecast, By Application, 2021 – 2032 ($ Mn)

7.1    Key trends

7.2    Oncology

7.3    Neurology

7.4    Cardiology

7.5    Anesthesia

7.6    Emergency services

7.7    Other applications

Chapter 8   Market Estimates and Forecast, By End-Use, 2021 – 2032 ($ Mn)

8.1    Key trends

8.2    Hospitals

8.3    Diagnostic centers

8.4    Other end-users

Chapter 9   Market Estimates and Forecast, By Region, 2021 – 2032 ($ Mn)

9.1    Key trends

9.2    North America

9.2.1    U.S.

9.2.2    Canada

9.3    Europe

9.3.1    Germany

9.3.2    UK

9.3.3    France

9.3.4    Spain

9.3.5    Italy

9.3.6    Netherlands

9.3.7    Rest of Europe

9.4    Asia Pacific

9.4.1    China

9.4.2    Japan

9.4.3    India

9.4.4    Australia

9.4.5    South Korea

9.4.6    Rest of Asia Pacific

9.5    Latin America

9.5.1    Brazil

9.5.2    Mexico

9.5.3    Argentina

9.5.4    Rest of Latin America

9.6    Middle East and Africa

9.6.1    South Africa

9.6.2    Saudi Arabia

9.6.3    UAE

9.6.4    Rest of Middle East and Africa

Chapter 10   Company Profiles

10.1    3M

10.2    Access Healthcare

10.3    Aviacode Inc.

10.4    Dolbey Systems Inc.

10.5    Episource

10.6    Maxim Health Information Services

10.7    Medical Record Associates, LLC.

10.8    Nuance Communications, Inc.

10.9    Optum, Inc.

10.10    Oracle Corporation

10.11    Parexel International Corporation

10.12    Precyse Solutions LLC

10.13    Talix

10.14    The Coding Network

10.15    Verisk Analytics, Inc.

Authors: Mariam Faizullabhoy, Gauri Wani
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Premium Report Details

Base Year: 2023

Companies covered: 15

Tables & Figures: 149

Countries covered: 23

Pages: 100

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