Medical Coding Market
Medical Coding Market Study by International Classification of Diseases, Healthcare Common Procedure Coding Systems, and Current Procedural Terminologies From 2024 to 2034
Analysis of Medical Coding Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Medical Coding Market Outlook (2024 to 2034)
The global medical coding market is analyzed to reach a valuation of US$ 23.48 billion in 2024 and is forecasted to increase to US$ 76.09 billion by 2034-end. Worldwide demand is evaluated to rise at a notable CAGR of 12.5% between 2024 and 2034.
The need for accurate medical coding is becoming crucial as healthcare providers deal with growing operational costs and complicated billing procedures. For providers to be financially sustainable, precise coding is necessary as it guarantees that insurance companies pay them on time and appropriately. Strict laws about medical coding procedures are enforced by governments and regulatory agencies in several countries.
For healthcare companies, adherence to established coding systems such as CPT (Current Procedural Terminology) and ICD-10 (International Classification of Diseases) is crucial. The requirement for reliable coding solutions and qualified medical coders is driven by the current regulatory environment in several countries.
In 2024, the North American region is estimated to hold a leading position with 36% global market share. Well-known healthcare infrastructure and strict regulations are positively affecting the market expansion in North America. Other than this, to reduce expenses and increase accuracy, several healthcare providers are outsourcing their coding needs, particularly in the United States. Western Europe is evaluated to register revenue worth US$ 5.35 billion in 2024 due to the requirement for uniform coding standards and adherence to regional laws.
Based on mode, the outsourced segment is projected to account for 57.4% of the worldwide market share in 2024. The reason behind this is that outsourcing provides several benefits to healthcare providers. Healthcare institutions focus on providing patient care by outsourcing medical coding to trained experts, freeing them up to handle the intricate and time-consuming work of coding. This method widely reduces the danger of billing problems and prospective audits by improving accuracy and compliance with constantly changing coding standards.
| Report Attributes | Details |
|---|---|
| Medical Coding Market Size (2024E) | US$ 23.48 Billion |
| Forecasted Market Value (2034F) | US$ 76.09 Billion |
| Global Market Growth Rate (2024 to 2034) | 12.5% CAGR |
| North America Market Share (2024E) | 36% |
| Western Europe Market Value (2024E) | US$ 5.35 Billion |
| South Asia & Pacific Market Growth Rate (2024 to 2034) | 14.7% CAGR |
| International Classification of Diseases (ICD) Segment Value (2034F) | US$ 36.61 Billion |
| Out-sourced Segment Value (2034F) | US$ 43.24 Billion |
| Key Companies Profiled | STARTEK Health; Aviacode, Inc.; Parexel International Corporation; Maxim Health Information Services; Precyse Solutions, LLC; Medical Record Associates LLC.; Dolbey; MRA Health Information Services; Oracle Corporation; Precyse Solutions LLC; Verisk Analytics, Inc.; Thrive Inc.; Nuance Communications, Inc.; Optum Inc.; Medical Record Associates LLC.; Velan Business Solutions, Inc.; Meditwitt India Pvt. Ltd. |
According to the latest research by Fact.MR, the medical coding market is set to witness significant growth during 2024-2034. Medical coding has always been in demand and is expected to remain at steady growth in the forecasted period. Medical coding has been in demand in the United States as is designed to support Electronic Health Records (EHRs).
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What is Driving Demand for Medical Coding?
Maintaining a high quality of healthcare will drive the medical coding market. Medical coding is the transformation of healthcare diagnoses, procedures, medical services, and equipment into universal medical alphanumeric codes. Thus maintaining documentation for the visits to healthcare providers gives a lot of information about the patient diagnosis, bills, and health conditions that are provided to healthcare insurance companies.
Increasing demand for standardized billing procedures is also a driving factor for the medical coding market. Escalating demand for coding services, coupled with the aforementioned factors is an opportunity for the medical coding market.
In addition, the incidence of insurance fraud in the healthcare industry is increasing, globally, which plays a pivotal role in the growth of the medical coding market. This situation is resulting in the incursion of excessive financial losses, which amount to billions of dollars every year, as estimated by the National Health Care Anti-Fraud Association (NHCAA). These factors will give rise to the medical coding market.
Rise in Automation Augmenting Demand for Medical Coding
The rising adoption of computer-assisted coding to speed up the medical coding process and increase accuracy is also driving the market. Moreover, it enhances productivity, increases transparency, improves accuracy and compliance, reduces costs, and provides traceability.
Moreover, the development of new technologies, such as Artificial Intelligence (AI)-assisted medical coding, is supporting market growth. For instance, in September 2019, Fathom, a United States-based startup, utilized Artificial Intelligence (AI) to automate medical coding and improve the speed and accuracy of coding.
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United States and Canada Medical Coding Market Outlook
The United States is one of the prominent markets for medical coding globally. The United States medical coding market is setting tread on the historic pattern of bust and boom during the assessment period 2024 to 2034. The need for standard billing systems in hospitals and healthcare systems will lead the medical coding market growth.
The high adoption rate of advanced healthcare solutions in routine hospital operations and the availability of a large number of medical coding solution providers are factors expected to aid in maintaining the dominance of the region throughout the forecast period. Frequent revisions in the medical codes are one of the major parameters driving the market growth.
With the growing landscape of healthcare and technical advancements in the United States and Canada, medical coding will be in high demand in the region.
Europe Demand Outlook for Medical Coding
Europe is seeing growth in advancement in the healthcare sector and an increase in demand for better healthcare providing opportunities will lead the medical coding market in Europe. There has been a rise in inpatient visits to hospitals in Europe, which has given the need to incorporate a medical coding system in their medical billing system.
This has significantly given rise to medical coding in the European healthcare system. Rising awareness for a better medical billing system and increasing insurance frauds have created opportunities to enable medical coding in the European healthcare system.
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Who are the Key Manufacturers and Suppliers of Medical coding?
Some of the leading companies in medical coding include
- STARTEK Health
- Aviacode, Inc.
- Parexel International Corporation
- Maxim Health Information Services
- Precyse Solutions, LLC
- Medical Record Associates LLC.
- Dolbey
- MRA Health Information Services
- Oracle Corporation
- Precyse Solutions LLC
- Verisk Analytics, Inc.
- Thrive Inc.
- Nuance Communications, Inc.
- Optum Inc.
- Medical Record Associates LLC.
- Velan Business Solutions, Inc.
- Meditwitt India Pvt. Ltd.
Key players are involving partnerships and collaborations as key solutions to expand their global presence and provide better solutions to the end-user. For instance, In June 2019, Paraxel International Corporation announced its strategic partnership with Clariness GmbH, a patient recruitment company, to enhance its clinical trial recruitment and channels for engagement with patients in China.
Medical Coding Market Report Highlights
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Segmentation of Medical Coding Market Research
-
By Classification System :
- International Classification of Diseases (ICD)
- Healthcare Common Procedure Coding Systems (HCPCS)
- Current Procedural Terminologies (CPT)
-
By Mode :
- Out-sourced
- In-house
-
By End User :
- Hospitals
- Insurance Companies
-
By Region :
- North America
- Western Europe
- Eastern Europe
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Table of Content
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis and Forecast 6.1. Classification System 6.2. Mode 6.3. End User 7. Global Market Analysis and Forecast, By Classification System 7.1. International Classification of Diseases (ICD) 7.2. Healthcare Common Procedure Coding System (HCPCS) 7.3. Current Procedural Terminology (CPT) 7.4. Others 8. Global Market Analysis and Forecast, By Mode 8.1. Out-sourced 8.2. In-house 9. Global Market Analysis and Forecast, By End User 9.1. Hospitals 9.2. Insurance companies 9.3. Others 10. Global Market Analysis and Forecast, By Region 10.1. North America 10.2. Latin America 10.3. Western Europe 10.4. Eastern Europe 10.5. Asia Pacific 10.6. East Asia 10.7. MEA 11. North America Sales Analysis and Forecast, by Key Segments and Countries 12. Latin America Sales Analysis and Forecast, by Key Segments and Countries 13. Western Europe Sales Analysis and Forecast, by Key Segments and Countries 14. Eastern Europe Sales Analysis and Forecast, by Key Segments and Countries 15. Asia Pacific Sales Analysis and Forecast, by Key Segments and Countries 16. East Asia Sales Analysis and Forecast, by Key Segments and Countries 17. MEA Sales Analysis and Forecast, by Key Segments and Countries 18. Sales Forecast by Classification System, Mode, and End User for 30 Countries 19. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 20. Company Profile 20.1. STARTEK Health 20.2. Aviacode, Inc. 20.3. Parexel International Corporation 20.4. Maxim Health Information Services 20.5. Precyse Solutions, LLC 20.6. Medical Record Associates LLC. 20.7. Dolbey 20.8. MRA Health Information Services 20.9. Oracle Corporation 20.10. Precyse Solutions LLC 20.11. Verisk Analytics, Inc. 20.12. Thrive Inc 20.13. Nuance Communications, Inc. 20.14. Optum Inc. 20.15. Medical Record Associates LLC. 20.16. Velan Business Solutions, Inc 20.17. Meditwitt India Pvt Ltd.
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List Of Table
Table 1: Global Market US$ Mn Forecast by Region
Table 2: Global Market US$ Mn Forecast by Classification System
Table 3: Global Market US$ Mn Forecast by Mode
Table 4: Global Market US$ Mn Forecast by End User
Table 5: North America Market US$ Mn Forecast by Country
Table 6: North America Market US$ Mn Forecast by Classification System
Table 7: North America Market US$ Mn Forecast by Mode
Table 8: North America Market US$ Mn Forecast by End User
Table 9: Latin America Market US$ Mn Forecast by Country
Table 10: Latin America Market US$ Mn Forecast by Classification System
Table 11: Latin America Market US$ Mn Forecast by Mode
Table 12: Latin America Market US$ Mn Forecast by End User
Table 13: Western Europe Market US$ Mn Forecast by Country
Table 14: Western Europe Market US$ Mn Forecast by Classification System
Table 15: Western Europe Market US$ Mn Forecast by Mode
Table 16: Western Europe Market US$ Mn Forecast by End User
Table 17: Eastern Europe Market US$ Mn Forecast by Country
Table 18: Eastern Europe Market US$ Mn Forecast by Classification System
Table 19: Eastern Europe Market US$ Mn Forecast by Mode
Table 20: Eastern Europe Market US$ Mn Forecast by End User
Table 21: Asia Pacific Market US$ Mn Forecast by Country
Table 22: Asia Pacific Market US$ Mn Forecast by Classification System
Table 23: Asia Pacific Market US$ Mn Forecast by Mode
Table 24: Asia Pacific Market US$ Mn Forecast by End User
Table 25: East Asia Market US$ Mn Forecast by Country
Table 26: East Asia Market US$ Mn Forecast by Classification System
Table 27: East Asia Market US$ Mn Forecast by Mode
Table 28: East Asia Market US$ Mn Forecast by End User
Table 29: MEA Market US$ Mn Forecast by Country
Table 30: MEA Market US$ Mn Forecast by Classification System
Table 31: MEA Market US$ Mn Forecast by Mode
Table 32: MEA Market US$ Mn Forecast by End User
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List Of Figures
Figure 1: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Classification System
Figure 2: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Mode
Figure 3: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End User
Figure 4: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Region
Figure 5: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Classification System
Figure 6: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Mode
Figure 7: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End User
Figure 8: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 9: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Classification System
Figure 10: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Mode
Figure 11: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End User
Figure 12: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 13: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Classification System
Figure 14: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Mode
Figure 15: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End User
Figure 16: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 17: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Classification System
Figure 18: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Mode
Figure 19: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End User
Figure 20: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 21: Asia Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Classification System
Figure 22: Asia Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Mode
Figure 23: Asia Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End User
Figure 24: Asia Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 25: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Classification System
Figure 26: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Mode
Figure 27: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End User
Figure 28: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 29: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Classification System
Figure 30: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Mode
Figure 31: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End User
Figure 32: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
- FAQs -
How much growth potential does the medical coding market hold?
The medical coding market is estimated to grow at a CAGR of 12.5% during the forecast period.
Why is the medical coding market witnessing high performance?
The adoption of digital technology, such as electronic health records, revenue cycle management software, mhealth apps, and telemedicine is creating prospects.
Where will manufacturers find the most opportunities in the medical coding industry?
The United States in the North American region is generating remunerative opportunities for companies.
Medical Coding Market