Artificial Intelligence In Medical Coding Market Size, Share, Trends, Growth, Opportunities, and Strategies 2024: A Comprehensive Report

Overview and Scope

AI in medical coding refers to the use of artificial intelligence and machine learning techniques to automate the coding process in the healthcare industry. Artificial intelligence (AI) in medical coding makes use of advanced software tools that evaluate patient data and provide precise medical codes.

Sizing and Forecast

The artificial intelligence in medical coding market size has grown rapidly in recent years. It will grow from $2.4 billion in 2023 to $2.74 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to increasing healthcare data volume, coding accuracy and efficiency, stringent regulatory requirements, revenue cycle management optimization, integration with electronic health records (ehrs).

The artificial intelligence in medical coding market size is expected to see rapid growth in the next few years. It will grow to $4.64 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to natural language processing (nlp) advancements, continuous changes in healthcare coding standards, telehealth expansion, ai-driven clinical documentation improvement (cdi), increasing demand for healthcare analytics. Major trends in the forecast period include healthcare industry digitization, automated coding assistance, coding quality improvement, interoperability with electronic health records , risk adjustment coding solutions.

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Segmentation & Regional Insights

The artificial intelligence in medical coding market covered in this report is segmented –

1) By Component: In-House, Outsourced

2) By Technology: Machine Learning, Natural Language Processing (NLP) , Generative AI

3) By End-User: Healthcare Providers, Medical Billing Companies, Payers

North America was the largest region in the artificial intelligence in medical coding market in 2023. The regions covered in the artificial intelligence in medical coding market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The increasing demand for coding services is expected to propel the growth of the artificial intelligence in medical coding market going forward. The Coding services refer to the process of translating healthcare diagnoses, procedures, and medical services into universal medical alphanumeric codes. This is essential for accurate billing, insurance claim processing, and reimbursement. AI in medical coding enhances the efficiency, accuracy, and adaptability of coding services, ultimately benefiting healthcare organizations, medical coders, and patient care. For instance, in 2022, according to American Bureau of Labor Statistics, a US-based Government agency, employment for medical coders is increases about 8% in 2022. Therefore, the rise in the demand for coding services is driving the growth of the artificial intelligence in medical coding market.

Key Industry Players

Major companies operating in the artificial intelligence in medical coding market report are Pfizer Inc., Johnson & Johnson Services Inc., International Business Corporation, Medtronic Plc, Siemens Healthineers, Cerner Corporation, Fathom Inc., Nuance Communications Inc., M-Scribe Technologies LLC, Aideo Technologies LLC, Clinion IT Services Pvt. Ltd., BUDDI AI, CodaMetrix, Optum360 Solutions LLC, Diagnoss Inc., 3M Health Information Systems, Oncora Medical, Bio Symetrics, Dolbey Systems Inc., Streamline Health, Talix, Health Record Services Corporation, Saince Inc., Genesis Therapeutics, Epic Systems Corporation

The artificial intelligence in medical coding market report table of contents includes: