How Will the Artificial Intelligence In Medical Coding Market Grow? Key Trends and Opportunities for 2025 and Beyond
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How has the artificial intelligence in medical coding market grown over the years?
The market size of artificial intelligence in medical coding has experienced fast growth in the past few years. The market is forecasted to expand from $2.74 billion in 2024 to $3.13 billion in 2025, showcasing a compound annual growth rate (CAGR) of 14.2%. The historic growth is due to factors such as increasing healthcare data volume, improved coding accuracy and efficiency, strict regulatory requirements, optimizing revenue cycle management, and integration with electronic health records (EHRs).
What Is the forecasted market size and growth rate for the artificial intelligence in medical coding market?
The market size for artificial intelligence in medical coding is projected to experience swift expansion over the coming years, reaching $5.29 billion by 2029 with a compound annual growth rate (CAGR) of 14.0%. The anticipated growth over the forecast period is primarily due to advancements in natural language processing (NLP), ongoing modifications in healthcare coding standards, the proliferation of telehealth, AI-powered clinical documentation enhancement (CDI), and the growing need for healthcare analytics. The future trends expected to dominate this timeframe include the digital transformation of the healthcare industry, automatic coding support, enhancement in coding quality, compatibility with electronic health records, and solutions for risk adjustment coding.
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What are the major factors driving growth in the artificial intelligence in medical coding market?
The growing need for coding services is anticipated to stimulate the expansion of the artificial intelligence in medical coding market. Coding services entail converting healthcare diagnoses, procedures, and medical services into universally accepted medical alphanumeric codes, vital for precise billing, insurance claim handling, and reimbursement. The use of AI in medical coding improves the effectiveness, precision, and adaptability of coding services, providing advantages to healthcare institutions, medical coders, and patient care. For example, the American Bureau of Labor Statistics, a US governmental agency, reported in 2022 that employment opportunities for medical coders saw an increase of about 8%. Consequently, the escalating demand for coding services is fueling the development of the artificial intelligence in medical coding market.
What key areas define the segmentation of the global artificial intelligence in medical coding Market?
The artificial intelligence in medical coding market covered in this report is segmented –
1) By Component: In-House, Outsourced
2) By Technology: Machine Learning, Natural Language Processing (NLP), Generative AI
3) By End-User: Healthcare Providers, Medical Billing Companies, Payers
Subsegments:
1) By In-House: Internal Coding Teams, AI-Enhanced Coding Solutions, Integration With Existing Systems
2) By Outsourced: Third-Party Coding Services, AI-Powered Outsourcing Solutions, Vendor Management For Coding Services
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What are the top market players propelling the growth of the artificial intelligence in medical coding industry?
Major companies operating in the artificial intelligence in medical coding market report are Pfizer Inc., Johnson & Johnson Services Inc., International Business Corporation, Medtronic PLC, Siemens Healthineers, Cerner Corporation, Fathom Inc., Nuance Communications Inc., M-Scribe Technologies LLC, Aidee Technologies LLC, Clinton IT Services Pvt. Ltd., BUDDI AI, Coda Metrix, Optum360 Solutions LLC, Diagnoss Inc., 3M Health Information Systems, Oncora Medical, Bio Symetrics, Dolbey Systems Inc., Streamline Health, Talix, Health Record Services Corporation, Saince Inc., Genesis Therapeutics, Epic Systems Corporation
What are the key trends shaping the future of the artificial intelligence in medical coding market?
Key players in the medical coding market within artificial intelligence are advancing new technologies like Natural Language Processing (NLP), which understands the framework in which words are used, enhancing the accuracy of interpreting patient dialogues and the intricate details of a patient’s health condition. NLP is a specific field of AI that helps machines comprehend and interpret data produced by humans in speech or text format. For example, in March 2023, Linguamatics, a software firm based in the UK, introduced the Healthcare Product Suite, designed to transform nebulous electronic health record data into beneficial patient insights. This suite employs NLP to pull out essential information from unstructured data sources including EHRs, patient portals, and call center notes. Linguamatics’ NLP Data Factory offers an automated and scalable NLP solution for crucial applications, accommodating a broad spectrum of healthcare data. The Health Language Data Interoperability Solution by Wolters Kluwer further facilitates the harmonization of structured, semi-structured, and unstructured data from various sources in the healthcare industry.
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What regions are dominating the artificial intelligence in medical coding market growth?
North America was the largest region in the artificial intelligence in medical coding market in 2024. The regions covered in the artificial intelligence in medical coding market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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