Global Medical Coding Market Report and Forecast 2024-2032

Global Medical Coding Market Outlook

The growth of the market is being driven by the increasing need for efficient and accurate medical billing and coding processes across the globe. The medical cyclotron market size attained a value of about USD 20.87 billion in 2023. The market is expected to grow at a CAGR of 15.3% during the forecast period of 2024-2032 to attain a value of USD 72.23 billion by 2032.

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International Classification of Diseases (ICD) System to Occupy a Significant Market Share of the Global Medical Coding Industry

Based on the classification system, the international classification of diseases (ICD) segment is predicted to account for a significant market share in the medical coding industry. This increase can be associated with the growing demand for a uniform medical coding system in order to streamline medical data storage and comprehension. Moreover, ICD, which is maintained by the WHO, is exceedingly utilised in many parts of the world owing to its vast range of codes, which allow for quality handling and management of data. Furthermore, ICD 11 is all set to come into effect in the year 2023, is an improved and completely electronic coding and reference tool, which also contains advanced understanding tools such as the Global Antimicrobial Resistance Surveillance System (GLASS).

North America to Dominate the Global Medical Coding Industry

North America is expected to dominate the medical coding industry in the forecast period. This growth can be attributed to the rapid adoption of IT in the medical sector and the presence of advanced healthcare infrastructure in the region. In addition, the availability of skilled medical coders in the region is also contributing to the growth. Another major factor propelling the market growth is the prevalence of chronic diseases in the region owing to the ageing population, which is susceptible to severe illnesses. These factors are expected to contribute to the industry growth significantly. Furthermore, in 2020, the American Medical Association announced the adoption of new codes for the Covid-19 infection, its variants, and codes for immunisations in the Current Procedural Terminology (CPT) code set.

Medical Coding: Market Segmentation

Medical coding is the process of translating diagnosis, treatment procedures, medical services, and equipment into the universal medical alphanumeric codes. These codes are found in medical record documentation such as lab tests and physician's diagnoses. In this regard, a medical coder has to ensure the precise input of codes in the medical billing process, as the coding process is mainly done to keep medical data organised and for the purpose of accurate billing reimbursement while also charting the patient's health in case of any subsequent complaint or treatment required. Furthermore, while there are many coding systems available, the International Classification of Diseases (ICD) is one of the commonly used systems maintained by the WHO.

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By classification system, the market is bifurcated into:

• International Classification of Diseases (ICD)
• Healthcare Common Procedure Code System (HCPCS)

On the basis of component, the industry can be categorised into:

• In-house
• Outsourced

Based on end use, the market can be divided into:

• Hospitals 
• Diagnostic Centres 
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rapid Technological Advancements to Augment the Growth of the Global Medical Coding Industry

Due to the rising demand for more convenient and streamlined operations in the medical sector, technological solutions are increasingly being adopted to improve efficiency. As a result, various computer-optimised coding tools are being created to enhance the coding and billing processes. Moreover, the medical coding process helps to integrate different clinical documentation. These advancements are expected to increase productivity, transparency, and accuracy with reduced costs and errors. In addition, developments such as the integration of AI technology in the medical coding procedures are expected to enhance the process of identification and valuation of required code, thus, catalysing the market growth of the medical coding industry.

Key Industry Players in the Global Medical Coding Market

The report gives a detailed analysis of the following key players in the global medical coding market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• 3M Co.
• Nuance Communications Inc.
• Precyse Coding Solutions LLC
• Aviacode Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.

Key Highlights of the Report