The global Medical Coding Market size is expected to reach USD 71.47 billion by 2030, growing at a CAGR of 10.22% from 2024 to 2030, according to a new report by
Grand View Research, Inc. The market is expected to witness substantial growth
due to several key factors driving the healthcare landscape. One major growth
driver is the increasing number of insurance frauds, necessitating robust
systems to mitigate financial losses. In June 2024, the U.S. Department of
Justice's National Health Care Fraud Enforcement Action highlighted this issue,
with criminal charges filed against 193 defendants, including 76 doctors and
other licensed medical professionals across 32 federal districts. Accurate
medical coding is crucial for minimizing these risks as it ensures precise
billing and documentation, thus making fraudulent activities more detectable.
Another factor
driving the market is the growing need for a universal language to streamline
billing processes. Standardized coding systems, such as ICD-10, facilitate
clear communication among healthcare providers, insurers, & patients,
reducing errors and improving efficiency. This standardization is vital as the
healthcare industry is increasingly adopting digital health records and telemedicine, which require consistent and accurate coding practices.
Advancements in medical coding technologies also play a significant role.
Companies are leveraging Artificial Intelligence (AI) and machine learning to
enhance coding accuracy & efficiency. For instance, in November 2023, AAPC,
a Utah-based medical billing, coding, and auditing firm, acquired Semantic
Health, a Toronto-based AI startup. This acquisition aimed to integrate AI
technology into AAPC’s offerings, improving hospitals' coding, auditing, and
documentation processes.
Related Press Release@ Medical Coding Market Report
Medical Coding
Market Report Highlights
- Based on component, the outsourced segment dominated
the market in 2023. This can be attributed to the growing emphasis on cost
reduction & operational efficiency within healthcare organizations and
the rise in volume of patient information & healthcare data.
- North America held the largest share in 2023, which
can be attributed to the presence of major market players and the
widespread adoption of medical coding for accurate billing & efficient
healthcare management.
- In November 2023, GE HealthCare partnered with
CodaMetrix to introduce CMX Automate, a cloud-based autonomous coding
solution, to its customers.
- This partnership allowed GE HealthCare customers to
swiftly benefit from CodaMetrix’s solution, which uses AI-powered
autonomous medical coding to enhance both coding quality and efficiency.
Medical Coding Market Report
Scope
|
Report Attribute |
Details |
|
Market
size value in 2024 |
USD 39.86
billion |
|
Revenue
forecast in 2030 |
USD 71.47
billion |
|
Growth
rate |
CAGR of
10.22% from 2024 to 2030 |
|
Actual
data |
2018 -
2023 |
|
Forecast period |
2024 - 2030 |
|
Report updated |
August 2024 |
Inquire@ https://www.grandviewresearch.com/inquiry/5118/ibb
Medical Coding
Market Segmentation
Grand View
Research has segmented the global medical coding market based on component and
region:
Medical Coding
Component Outlook (Revenue, USD Million, 2018 - 2030)
- Outsourced
- In-house
Medical Coding
Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Norway
- Denmark
- Sweden
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Thailand
- Latin America
- Brazil
- Argentina
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Kuwait
List of Key
Players in the Medical Coding Market
- Aviacode, Inc.
- Dolbey Systems, Inc.
- GeBBS
- Maxim Healthcare Services
- Nuance Communications Inc. (Microsoft)
- Optum, Inc.
- Oracle
- Paraxel International Corporation
- STARTEK
- The Coding Network, LLC
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About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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