Medical Coding Market Size, Share, And Growth Report 2032

Medical Coding Market Size

The global Medical Coding market size was worth around USD 16.19 billion in 2023 and is predicted to grow to around USD 42.10 billion by 2032 with a compound annual growth rate (CAGR) of roughly 11.2% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD billion). The report covers a forecast and an analysis of the Medical Coding market on a global and regional level.

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Medical Coding Market: Overview

Medical coding is the transformation of healthcare services, procedures, diagnosis, and equipment to universal alphanumeric codes. These codes are taken from the medical records, such as transcription of laboratory results, physician's notes, etc. The reports generated by the medical coder are used during the billing process or for claiming medical insurance.

The frequent revision of codes set by the classification system and rapid addition of new codes in them is fueling the demand for medical coding market. The growing frauds in the insurance companies have generated the need for a safer method. This is driving the use of medical coding in insurance companies, especially in developed countries. According to the Bureau of Labor Statistics (BLS), there will be about a 13% increase, between 2016 and 2026, in the number of medical coders and billers. This rise in the jobs is related to the medical coding due to the growing awareness about medical coding and its use in hospitals and insurance companies, which is fueling the global medical coding market. However, security concerns and the lack of skilled IT professionals may hinder the growth of the global medical coding market in the future.

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The report provides company market share analysis to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the market.

Medical Coding Market: Segmentation

The study provides a decisive view of the medical coding market on the basis of the classification system, mode, end-user, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

On the basis of the classification system, the medical coding market segmented into Healthcare Common Procedure Coding System And International Classification Of Diseases.

 By Mode the medical coding market segmented into In-House And Outsourced.

By end-user, the market includes insurance companies, private healthcare organization, hospitals, and others. Hospitals dominated the global medical coding market in 2023, due to the increasing number of patients visiting hospitals and rising need to store patient data efficiently.

Medical Coding Market: Report Scope

Medical Coding Market: Regional Analysis

The regional segment includes North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. 

By region, North America dominated the global medical coding market in 2023, due to the rapid adoption of the technologically advanced IT procedures in hospitals, growing availability of medical coders, and the region’s highly advanced healthcare IT structure. The Asia Pacific medical coding market is anticipated to show the highest growth in the upcoming years, owing to the growing government investments for the development of the healthcare sector, the presence of a large patient population pool, and rapid technological witnessed in the healthcare sector in China, Japan, India, Singapore, etc., and the growing awareness about the advantages of medical coding.

Medical Coding Market: Competitive Players

Some key players of the medical coding market are:

• Maxim Health Information Services
• Optum
• nThrive Inc.
• STARTEK Health
• Parexel International Corporation
• Oracle Corporation
• Aviacode Inc.
• Verisk Analytics
• Medical Record Associates LLC
• Precyse Solutions LLC
• Nuance Communications

The Global Medical Coding Market is segmented as follows:

Global Medical Coding Market: Classification System Analysis

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

Global Medical Coding Market: Mode Analysis

• In-House
• Outsourced

Global Medical Coding Market: End-User Analysis

• Hospitals
• Insurance Companies
• Private Healthcare Organizations
• Others

Global Medical Coding Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa