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Medical Coding Market Size

Report ID: GMI10982
Published Date: Aug 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.

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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.

Medical Coding Market Report Attributes
Report Attribute	Details
Base Year:	2023
Medical Coding Market Size in 2023:	USD 14.4 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	10.1%
2032 Value Projection:	USD 34.2 Billion
Historical Data for:	2021 - 2023
No. of Pages:	100
Tables, Charts & Figures:	149
Segments covered:	Category, Mode, Application, End-use, and Region
Growth Drivers:	Increasing focus on streamlining of healthcare processes Growing emphasis on fraud detection Government regulatory compliances
Pitfalls & Challenges:	Data security concerns

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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 Questions (FAQ) :

Medical coding market size was USD 14.4 billion in 2023 and is expected to register 10.1% CAGR from 2024-2032 due to growing focus on streamlining healthcare processes, extensively increasing hospital visits, and rising emphasis on fraud detection and control worldwide.

Medical coding industry from the ICD (International Classification of Diseases) segment reached USD 7 billion in 2023 and is expected to register an appreciable CAGR from 2024-2032 due to its wide adoption and regulatory requirements in healthcare systems worldwide.

North America medical coding industry is expected to register 9.1% CAGR from 2024-2032 due to adoption of advanced healthcare IT systems, increased focus on healthcare data management, and the need for accurate medical billing and insurance claims in the region.

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.