The Medical Coding Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Medical Coding Global Market Report 2024, The medical coding market size has grown strongly in recent years. It will grow from $16.72 billion in 2023 to $18.19 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to healthcare industry growth, introduction of ICD and CPT coding systems, shift towards electronic health records (EHRs), regulatory compliance requirements, specialization and subspecialization in healthcare.
The medical coding market size is expected to see strong growth in the next few years. It will grow to $26.04 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to workforce training and development, global healthcare market expansion, regulatory changes and compliance needs, telehealth and remote medicine growth, transition to value-based care models. Major trends in the forecast period include education and training programs, remote work and outsourcing, EHR integration and interoperability, demand for specialty-specific coding, increased emphasis on accuracy and quality.
The rising need for a universal language in medical documents is expected to propel the growth of the medical coding market. The medical industry creates huge data that is difficult to organize manually without proper universal labels/names and difficult to refer to if there is a need to check the history of the patient. The process of conversion of medical records into universal medical alphanumeric codes to streamline hospital billing procedures is expected to aid in keeping medical data organized and for accurate billing reimbursement while also tracking the patient’s health for future complaints or treatment. This will automatically create demand for medical codes that help to organize medical data and streamline the processes reducing inefficiencies involved in recording data manually without universal codes. For instance, the International Classification of Diseases (ICD) maintained by the World Health Organization is used for information on human disease and death worldwide using the data reported and coded with the ICD. Furthermore, in October 2022, according to the newly released Calendar Year (CY) 2023 Current Procedural Terminology (CPT) code set by the American Medical Association (AMA), a US-based professional association and advocacy group for physicians and medical students, there were 102 new codes, 68 removed codes, and 87 codes with altered lengthy explanations in the CY 2023 modifications. The use and creation of code that is universally accepted are driving the growth of the medical coding market.
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The medical coding market covered in this report is segmented –
1) By Component: In-house, Outsourced
2) By Classification System: International Classification of Diseases (ICDs), Healthcare Common Procedure Coding System (HCPCS), Current Procedural Terminology (CPT)
3) By End User: Diagnostic Centers, Hospitals & Care Providers
Major companies operating in the medical coding market are focusing on innovative technologies such as automated medical coding for inpatient care to better meet the needs of their existing consumers. Automating medical coding for inpatient care entails analyzing and extracting vital data from patient records, clinical notes, and other healthcare paperwork using technology such as artificial intelligence (AI) and machine learning algorithms. For instance, in November 2023, Nym Health, a US-based company that specialized in autonomous medical coding, launched professional (Profee) coding for interactions in skilled care facilities, observation units, and inpatient stays. Hospitals and health systems often have a high frequency of inpatient interactions that require profee coding and, in today’s climate, a limited number of coders to manage that demand. Nym’s inpatient professional services comprise diagnostic coding, evaluation and management (E/M) coding, bedside operations coding, modifiers, and provider attribution.
The medical coding market report table of contents includes:
1. Executive Summary
2. Medical Coding Market Characteristics
3. Medical Coding Market Trends And Strategies
4. Medical Coding Market – Macro Economic Scenario
5. Global Medical Coding Market Size and Growth
…..
32. Global Medical Coding Market Competitive Benchmarking
33. Global Medical Coding Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Medical Coding Market
35. Medical Coding Market Future Outlook and Potential Analysis
36. Appendix
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