The Global Medical Coding Market is estimated to be valued at US$ 20282.64 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Medical coding involves translation of medical terminology and clinical descriptions of diseases, medical procedures, medical services and equipment into universal medical alphanumeric codes. These codes are used for documentation and reimbursement purposes. Accurate medical coding is important for healthcare revenue cycle management and patient care.
Market key trends:
One of the key trends in the medical coding market is the increasing adoption of artificial intelligence and machine learning technologies. AI and ML algorithms are being used to automate coding workflows by analyzing medical notes and reports to suggest appropriate codes. This helps reduce coding errors and improves productivity. For instance, 3M Company offers 3M 360 Encompass, an AI-powered medical coding platform that automatically prioritizes coding worklists and suggests relevant codes based on natural language processing of clinical documentation. The platform aims to improve coding accuracy and consistency.
Segment Analysis
The global medical coding market is segmented into type and end-users. Based on type, the market is segmented into procedural coding and diagnostic coding. Currently, the diagnostic coding segment dominates the market owing to the growing need for accurate medical billing and documentation purposes. Based on end-users, the market is segmented into hospitals, diagnostic centers, and others. Among these, the hospitals segment accounts for the largest share of the medical coding market due to the increased volume of patient admissions in hospitals.
Key Takeaways
The Global Medical Coding Market Share is expected to witness high growth, exhibiting CAGR of 9.6% over the forecast period, due to increasing healthcare expenditure and need for accurate medical billing.
Regionally, North America dominates the global medical coding market and is expected to continue its dominance over the forecast period. This is attributed to established healthcare infrastructure and stringent regulations regarding medical billing in the region. Asia Pacific is expected to exhibit fastest growth rate owing to growing medical tourism.
Key players operating in the medical coding market are 3M Company, nThrive (Precyse Solutions LLC), Talix, Oracle Corporation, Optum Inc., Nuance Communications Inc., Dolbey Systems Inc., Aviacode Inc., MRA Health Information Services, The Coding Network, L.L.C, and Maxim Health Information Services, among others. Oracle Corporation holds the largest market share currently due to its wide product portfolio for medical coding solutions.
