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 Business Research Company’s medical coding market report forecasts the medical coding market size to grow to $24.81 Billion by 2027, with a CAGR (compound annual growth rate) of more than 9%.

Learn More On The Medical Coding Market Report 2023 – https://www.thebusinessresearchcompany.com/report/medical-coding-global-market-report

Medical Coding Market Size Forecast
The global medical coding market is expected to grow from $15.71 billion in 2022 to $17.23 billion in 2023 at a compound annual growth rate (CAGR) of 9.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The medical coding market size is expected to grow to $24.81 billion in 2027 at a CAGR of 9.5%.

North America held the largest medical coding market share, and Asia-Pacific was the fastest-growing region in 2022.

Key Medical Coding Market Driver ­– Rise In Need For A Universal Language In Medical Documents
For instance, the International Classification of Diseases (ICD) maintained by the World Health Organization is used for information on human disease and death worldwide using the data reported and coded with the ICD. Furthermore, in December 2020, Shockwave Medical Inc., an American medical device company, announced the creation of four new codes for IVL procedures performed in the tibial and peroneal, or below-the-knee (BTK), arteries in the hospital outpatient setting. The use and creation of code that is universally accepted are driving the growth of the medical coding market.

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Key Medical Coding Market Trend – Adopting Artificial Intelligence
AI is defined as the imitation of human intelligence in machines that are programmed to think like humans and mimic human actions. The adoption of artificial intelligence is expected to streamline medical billing workflows in addition to making the work of medical coders accurate and improving efficiency. The adoption holds more relevance considering the growing healthcare data and increased complexity. In addition, the medical coding will require fewer searches to find proper codes for unstructured data to relieve medical coding fatigue. For instance, in November 2020, Diagnoss, an American-based medical billing services startup, launched a coding assistant based on artificial intelligence to automate the medical coding and billing process and minimize coding errors. It is intended to provide real-time feedback to medical practices and improve clinicians’ accuracy.

Medical Coding Market Segment
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

Medical Coding Market Major Players and Strategies
Major players in the medical coding market are 3M Company, AcerHealth Inc., Alpha Coding Experts LLC, Aveanna Healthcare LLC, EqualizeRCM Services, IBM Corporation, iMedX Inc., Infinx Healthcare, Nuance Communications Inc., Omega Healthcare Management Services Private Limited, Optum360, Oracle Corporation, Precyse Solutions LLC, QWay Health LLC, Vee Technologies Private Limited, Aviacode Inc., Maxim Health Information Services, MRA Health Information Services, Thrive Inc., Conifer Health Solutions, Humana, and Access Healthcare.

In September 2021, AGS Health, an American provider of revenue cycle management solutions for healthcare providers, acquired EZDI Inc for an undisclosed amount. The acquisition is expected to improve the process and lead to better outcomes with efficiency as EZDI’s technology is useful to predict appropriate medical codes and identify missed documentation. EZDI Inc is an American provider of integrated AI-based clinical documentation and medical coding platform.

The Medical Coding Global Market Report 2023 covers regional data on medical coding market size, medical coding market trends and drivers, opportunities, strategies, and medical coding market competitor 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.

Medical coding is the process of converting information related to one’s health diagnosis, treatment, procedures and other related information in to a universal medical alphanumeric code.

View More Reports Related To The Medical Coding Market –
Medical Composites Global Market Report 2023
Medical Device Contract Manufacturing Global Market Report 2023
Medical Device Outsourcing Global Market Report 2023

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