The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global medical coding market has witnessed substantial expansion, evolving from $15.71 billion in 2022 to $17.23 billion in 2023, boasting a commendable compound annual growth rate (CAGR) of 9.7%. The journey doesn’t end here; the market is poised for further growth, with projections indicating a market size of $24.81 billion by 2027, sustaining a CAGR of 9.5%. Let’s delve into the factors that propel this upward trajectory.

Driving Forces: The Need for a Universal Language in Medical Documents
The escalating demand for a universal language in medical documents acts as a significant driver for the growth of the medical coding market. The intricacies of the medical industry generate vast amounts of data, making manual organization challenging without universal labels. The conversion of medical records into universal alphanumeric codes facilitates streamlined hospital billing procedures, ensuring organized medical data, accurate billing reimbursement, and efficient tracking of patients’ health histories. The International Classification of Diseases (ICD), maintained by the World Health Organization, exemplifies the use of universally accepted codes for comprehensive information on human disease and death worldwide. This imperative need for organized coding is exemplified by the creation of new codes by Shockwave Medical Inc., enhancing the efficiency of IVL procedures in below-the-knee arteries.

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Market Trends: The Rise of Artificial Intelligence (AI)
A noteworthy trend reshaping the landscape is the increased adoption of artificial intelligence (AI) in medical coding. AI, with its ability to mimic human intelligence, streamlines medical billing workflows, enhancing accuracy and efficiency for medical coders. This trend gains relevance in the face of growing healthcare data complexity. Diagnoss, a medical billing services startup, exemplifies this trend with the launch of a coding assistant based on AI to automate the coding and billing process, reducing errors and providing real-time feedback to medical practices.

In a strategic move, AGS Health’s acquisition of EZDI Inc in September 2021 underscores the significance of AI in predicting appropriate medical codes and identifying missed documentation, ultimately improving efficiency in revenue cycle management.

Market Segmentation: Understanding Varied Dimensions
The global medical coding market is segmented –
1) By Component: In-house, Outsourced
2) By Classification System: International Classification of Diseases (ICDs), Healthcare Common Procedure Coding System (HCPCS), Current Procedural Terminology (CPT)
3) By End User: Diagnostic Centers, Hospitals & Care Providers

Regional Dynamics: Leading and Emerging Frontiers
In 2022, North America took the lead in the medical coding market, underscoring its significance in the global landscape. Looking ahead, Asia-Pacific is anticipated to emerge as the fastest-growing region in the forecast period, presenting new opportunities and dynamics in the market.

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The Medical Coding Global Market Report 2023  provides a comprehensive overview on the medical coding market size, medical coding market trends and drivers, opportunities, medical coding market strategies, and companies analysis. The countries covered in the medical coding market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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