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Global Medical Coding Market Size, Analysis, Share, Forecast: By Classification System: International Classification of Diseases (ICD), Healthcare Common Procedure Code System (HCPCS); By Component; By End User; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; Industry Events and Developments; 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 18.82 billion in 2023. The market is expected to grow at a CAGR of 10.90% during the forecast period of 2024-2032 to attain a value of USD 47.75 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
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Classification System |
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| Breakup by Component |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
1.1 Objectives of the Study
1.2 Key Assumptions
1.3 Report Coverage – Key Segmentation and Scope
1.4 Research Methodology
2 Executive Summary
3 Global Medical Coding Market Overview
3.1 Global Medical Coding Market Historical Value (2017-2023)
3.2 Global Medical Coding Market Forecast Value (2024-2032)
4 Global Medical Coding Market Landscape
4.1 Global Medical Coding Developers Landscape
4.1.1 Analysis by Year of Establishment
4.1.2 Analysis by Company Size
4.1.3 Analysis by Region
4.2 Global Medical Coding Product Landscape
4.2.1 Analysis by Classification System
4.2.2 Analysis by Component
4.2.3 Analysis by End User
5 Global Medical Coding Market Dynamics
5.1 Market Drivers and Constraints
5.2 SWOT Analysis
5.3 Porter’s Five Forces Model
5.4 Key Demand Indicators
5.5 Key Price Indicators
5.6 Industry Events, Initiatives, and Trends
5.7 Value Chain Analysis
6 Global Medical Coding Market Segmentation
6.1 Global Medical Coding Market by Classification System
6.1.1 Market Overview
6.1.2 International Classification of Diseases (ICD)
6.1.3 Healthcare Common Procedure Code System (HCPCS)
6.2 Global Medical Coding Market by Component
6.2.1 Market Overview
6.2.2 In-House
6.2.3 Outsourced
6.3 Global Medical Coding Market by End User
6.3.1 Market Overview
6.3.2 Hospitals
6.3.3 Diagnostic Centers
6.3.4 Others
6.4 Global Medical Coding Market by Region
6.4.1 Market Overview
6.4.2 North America
6.4.3 Europe
6.4.4 Asia Pacific
6.4.5 Latin America
6.4.6 Middle East and Africa
7 North America Medical Coding Market
7.1 Market Share by Country
7.2 United States of America
7.3 Canada
8 Europe Medical Coding Market
8.1 Market Share by Country
8.2 United Kingdom
8.3 Germany
8.4 France
8.5 Italy
8.6 Others
9 Asia Pacific Medical Coding Market
9.1 Market Share by Country
9.2 China
9.3 Japan
9.4 India
9.5 ASEAN
9.6 Australia
9.7 Others
10 Latin America Medical Coding Market
10.1 Market Share by Country
10.2 Brazil
10.3 Argentina
10.4 Mexico
10.5 Others
11 Middle East and Africa Medical Coding Market
11.1 Market Share by Country
11.2 Saudi Arabia
11.3 United Arab Emirates
11.4 Nigeria
11.5 South Africa
11.6 Others
12 Patent Analysis
12.1 Analysis by Type of Patent
12.2 Analysis by Publication year
12.3 Analysis by Issuing Authority
12.4 Analysis by Patent Age
12.5 Analysis by CPC Analysis
12.6 Analysis by Patent Valuation
12.7 Analysis by Key Players
13 Grants Analysis
13.1 Analysis by year
13.2 Analysis by Amount Awarded
13.3 Analysis by Issuing Authority
13.4 Analysis by Grant Application
13.5 Analysis by Funding Institute
13.6 Analysis by NIH Departments
13.7 Analysis by Recipient Organization
14 Funding Analysis
14.1 Analysis by Funding Instances
14.2 Analysis by Type of Funding
14.3 Analysis by Funding Amount
14.4 Analysis by Leading Players
14.5 Analysis by Leading Investors
14.6 Analysis by Geography
15 Partnership and Collaborations Analysis
15.1 Analysis by Partnership Instances
15.2 Analysis by Type of Partnership
15.3 Analysis by Leading Players
15.4 Analysis by Geography
16 Regulatory Framework
16.1 Regulatory Overview
16.1.1 US FDA
16.1.2 EU EMA
16.1.3 INDIA CDSCO
16.1.4 JAPAN PMDA
16.1.5 Others
17 Supplier Landscape
17.1 3M Co.
17.1.1 Financial Analysis
17.1.2 Product Portfolio
17.1.3 Demographic Reach and Achievements
17.1.4 Mergers and Acquisitions
17.1.5 Certifications
17.2 Nuance Communications, Inc.
17.2.1 Financial Analysis
17.2.2 Product Portfolio
17.2.3 Demographic Reach and Achievements
17.2.4 Mergers and Acquisitions
17.2.5 Certifications
17.3 Precyse Solutions LLC
17.3.1 Financial Analysis
17.3.2 Product Portfolio
17.3.3 Demographic Reach and Achievements
17.3.4 Mergers and Acquisitions
17.3.5 Certifications
17.4 Aviacode Inc.
17.4.1 Financial Analysis
17.4.2 Financial Portfolio
17.4.3 Demographic Reach and Achievements
17.4.4 Mergers and Acquisitions
17.4.5 Certifications
17.5 Oracle Corporation
17.5.1 Financial Analysis
17.5.2 Product Portfolio
17.5.3 Demographic Reach and Achievements
17.5.4 Mergers and Acquisitions
17.5.5 Certifications
17.6 Optum, Inc.
17.6.1 Financial Analysis
17.6.2 Product Portfolio
17.6.3 Demographic Reach and Achievements
17.6.4 Mergers and Acquisitions
17.6.5 Certifications
17.7 The Coding Network
17.7.1 Financial Analysis
17.7.2 Product Portfolio
17.7.3 Demographic Reach and Achievements
17.7.4 Mergers and Acquisitions
17.7.5 Certifications
17.8 PAREXEL International Corporation
17.8.1 Financial Analysis
17.8.2 Product Portfolio
17.8.3 Demographic Reach and Achievements
17.8.4 Mergers and Acquisitions
17.8.5 Certifications
17.9 S&P Global
17.9.1 Financial Analysis
17.9.2 Product Portfolio
17.9.3 Demographic Reach and Achievements
17.9.4 Mergers and Acquisitions
17.9.5 Certifications
17.10 McKinsey & Company
17.10.1 Financial Analysis
17.10.2 Product Portfolio
17.10.3 Demographic Reach and Achievements
17.10.4 Mergers and Acquisitions
17.10.5 Certifications
17.11 Bain & Company, Inc.
17.11.1 Financial Analysis
17.11.2 Product Portfolio
17.11.3 Demographic Reach and Achievements
17.11.4 Mergers and Acquisitions
17.11.5 Certifications
18 Global Medical Coding Market - Distribution Model (Additional Insight)
18.1 Overview
18.2 Potential Distributors
18.3 Key Parameters for Distribution Partner Assessment
19 Key Opinion Leaders (KOL) Insights (Additional Insight)
20 Company Competitiveness Analysis (Additional Insight)
20.1 Very Small Companies
20.2 Small Companies
20.3 Mid-Sized Companies
20.4 Large Companies
20.5 Very Large Companies
21 Payment Methods (Additional Insight)
21.1 Government Funded
21.2 Private Insurance
21.3 Out-of-Pocket
*Additional insights provided are customisable as per client requirements.
Key Questions Answered in the Report
In 2023, the global medical coding market attained a value of nearly USD 18.8 billion.
The market is projected to grow at a CAGR of 10.9% between 2024 and 2032.
The major drivers of the industry such as the, growing geriatric population, heightened demand for streamlined and enhanced coding process, rising investments by governments in the development of the healthcare infrastructure, and the rapid investments by key players to adopt innovative solutions are expected to aid the market growth.
The key market trends guiding the growth of the industry include the rapid technological advancements in the healthcare sector and the increased prevalence of chronic diseases.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant segments based on the classification system include the international classification of diseases (ICD) and healthcare common procedure code system (HCPCS).
The major components include in-house and outsourced.
The significant segments based on end-use include hospitals and diagnostic centres, among others.
The major players in the industry are 3M Co., Nuance Communications, Inc., Precyse Coding Solutions, LLC, and Aviacode Inc., among others.
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