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Global Medical Coding Market: By Classification System: International Classification of Diseases (ICD), Healthcare Common Procedure Code System (HCPCS); By Component; By End Use; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments
Global Medical Coding Market Outlook
The global medical coding market stood at a value of around USD 15.3 billion in 2020. The market is further expected to grow at a CAGR of 10.9% in the forecast period of 2023-2028 to attain a value of around USD 28.4 billion by 2026.
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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 2022, 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.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Classification System, Component, End Use, Region |
| Breakup by Classification System | International Classification of Diseases (ICD), Healthcare Common Procedure Code System (HCPCS) |
| Breakup by Component | In-house, Outsourced |
| Breakup by End Use | Hospitals, Diagnostic Centres, Others |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | 3M Co., Nuance Communications, Inc., Precyse Coding Solutions, LLC, Aviacode Inc., Others |
| 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
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Medical Coding Market Analysis
8.1 Key Industry Highlights
8.2 Global Medical Coding Historical Market (2018-2022)
8.3 Global Medical Coding Market Forecast (2023-2028)
8.4 Global Medical Coding Market by Classification System
8.4.1 International Classification of Diseases (ICD)
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Healthcare Common Procedure Code System (HCPCS)
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.5 Global Medical Coding Market by Component
8.5.1 In-house
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Outsourced
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.6 Global Medical Coding Market by End Use
8.6.1 Hospitals
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Diagnostic Centres
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Others
8.7 Global Medical Coding Market by Region
8.7.1 Market Share
8.7.1.1 North America
8.7.1.2 Europe
8.7.1.3 Asia Pacific
8.7.1.4 Latin America
8.7.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2018-2022)
9.3.2 Forecast Trend (2023-2028)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2018-2022)
9.4.2 Forecast Trend (2023-2028)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2018-2022)
9.5.2 Forecast Trend (2023-2028)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 3M Co.
11.2.1.1 Company Overview
11.2.1.2 Product Portfolio
11.2.1.3 Demographic Reach and Achievements
11.2.1.4 Certifications
11.2.2 Nuance Communications, Inc.
11.2.2.1 Company Overview
11.2.2.2 Product Portfolio
11.2.2.3 Demographic Reach and Achievements
11.2.2.4 Certifications
11.2.3 Precyse Coding Solutions, LLC
11.2.3.1 Company Overview
11.2.3.2 Product Portfolio
11.2.3.3 Demographic Reach and Achievements
11.2.3.4 Certifications
11.2.4 Aviacode Inc.
11.2.4.1 Company Overview
11.2.4.2 Product Portfolio
11.2.4.3 Demographic Reach and Achievements
11.2.4.4 Certifications
11.2.5 Others
12 Industry Events and Developments
List of Key Figures and Tables
1. Global Medical Coding Market: Key Industry Highlights, 2018 and 2028
2. Global Medical Coding Historical Market: Breakup by Classification System (USD Billion), 2018-2022
3. Global Medical Coding Market Forecast: Breakup by Classification System (USD Billion), 2023-2028
4. Global Medical Coding Historical Market: Breakup by Component (USD Billion), 2018-2022
5. Global Medical Coding Market Forecast: Breakup by Component (USD Billion), 2023-2028
6. Global Medical Coding Historical Market: Breakup by End Use (USD Billion), 2018-2022
7. Global Medical Coding Market Forecast: Breakup by End Use (USD Billion), 2023-2028
8. Global Medical Coding Historical Market: Breakup by Region (USD Billion), 2018-2022
9. Global Medical Coding Market Forecast: Breakup by Region (USD Billion), 2023-2028
10. North America Medical Coding Historical Market: Breakup by Country (USD Billion), 2018-2022
11. North America Medical Coding Market Forecast: Breakup by Country (USD Billion), 2023-2028
12. Europe Medical Coding Historical Market: Breakup by Country (USD Billion), 2018-2022
13. Europe Medical Coding Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Asia Pacific Medical Coding Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Asia Pacific Medical Coding Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Latin America Medical Coding Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Latin America Medical Coding Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Middle East and Africa Medical Coding Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Middle East and Africa Medical Coding Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. Global Medical Coding Market Structure
Key Questions Answered in the Report
In 2020, the global medical coding market attained a value of nearly USD 15.3 billion.
The market is projected to grow at a CAGR of 10.9% between 2023 and 2028.
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.
Analyst Review
The global medical coding market attained a value of USD 15.3 billion in 2020, driven by the increased demand for streamlined medical and enhanced coding processes. Aided by heightened technological advancements and increased prevalence of chronic diseases, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 10.9%.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. By classification system, the market can be bifurcated into the international classification of diseases (ICD) and healthcare common procedure code system (HCPCS). On the basis of components, the industry can be segmented into in-house and outsourced. Based on end-use, the industry can be segregated into hospitals and diagnostic centres, among others. The major regional markets for the medical coding are North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa. The key players in the above market include 3M Co., Nuance Communications, Inc., Precyse Coding Solutions, LLC, and Aviacode Inc., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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