Global Medical Coding Market Insights Forecasts to 2030

• The Medical Coding Market was valued at USD 15.23 Billion in 2021.
• The Market is Growing at a CAGR of 12.63% from 2022 to 2030
• The Global Medical Coding Market is expected to reach USD 33.15 Billion by 2030
• Asia Pacific is expected to grow the fastest during the forecast period.

The Global Medical Coding Market is expected to reach USD 33.15 Billion by 2030, at a CAGR of 33.15% during the forecast period 2022 to 2030.

Medical coding refers to the process of transforming medical records into a format used by the healthcare industry. This helps to condense typically lengthy medical reports into codes that may be easily stored with data. Doctors' reports are transformed into functional medical codes by medical coders. These professionals operate in the background in many scenarios to make sure that all crucial data is consistently and accurately coded.

Impact of COVID 19 On Global Medical Coding Market

The COVID 19 pandemic has impacted the importance of medical coding and patient management. For instance, CMS has made an announcement of two healthcare common procedure coding system codes in March 2020 which labs can utilize to charge for particular COVID 19 diagnostic methods which include those produced in-house by the new United States Food and Drug Administration (USFDA) suggestions. Thus, the pandemic has resulted various changes in the market analyzed and such changes are anticipated to result into long term impact on the global medical coding market.

Key Market Drivers

Medical coders are in huge demand owing to the increasing demand for standardized biling systems. Apart from this, the rise in availability of medical coding services has surged the demand for medical coding especially in underdeveloped economies. Apart from this, the increasing medical record as well as insurance claim fraud and misinterpretation have resulted to increasing demand for medical coding service providers. In addition, the increasing number of fraudulent activities related to the mishandling of personal information has led to the surge in the demand for adoption of advanced medical coding.

Moreover, there is also increasing demand for a user friendly and simplified biling and coding system. Medical coding companies give facility managers the ability to assess the frequency and effectiveness of treatments. This is especially important for important healthcare facilities like tertiary care hospitals. Frequent releases are anticipated to drive the market.

Key Market Challenges

The shortage of skilled professionals and trained personnel will restrain the market growth. Furthermore, the complexity of knowledge of all of the codes facilitates good training in this area. It also necessitates a wide amount practice and high stress level. Hence, the shortage of skilled professionals, specifically in developing as well as underdeveloped nations affects the market growth.

Market Segmentation

System Insights

Healthcare Common Procedure Code System segment is dominating the market over the forecast period

On the basis of system, the global medical coding market is segmented into Healthcare Common Procedure Code System (HCPCS), Current Procedural Terminology (CPT), International Classification of Diseases (ICD), Current Procedural Terminology (CPT). Among these, healthcare common procedure code system segment is dominating the market over the forecast period. The Healthcare Common Procedure Coding System (HCPCS) is a database of codes that describe the procedures, products, and services that Medicare beneficiaries and people covered by private health insurance plans may get.

Component Insights

Outsourced medical coding system segment holds the largest revenue share over the forecast period

Based on the component, the global medical coding market is segmented into outsourced, in-house, and others. Among these, outsourced medical coding system segment holds the largest revenue share over the forecast period. Outsourcing medical coding is connecting with third parties or other organizations to perform company’s coding instead of the employed workforce.

End User Insights

Hospitals segment is dominating the market with the largest market share

On the basis of end user, the global medical coding market is segmented into hospitals and diagnostic centers. Among these, hospitals segment is dominating the market with the largest market share. Hospitals make use of medical coding to streamline their procedures from diagnostic practices to billing systems. The diagnostic centers utilize medical coding in order to enhance  their diagnosis procedures as well as analytical abilities.

Regional Insights

North America is dominating the market with the largest market share over the forecast period

North America is dominating the market with the largest market share over the forecast period due to the increasing capitalization in the transformation of healthcare infrastructure, development of healthcare digitization organizations, rising government interests in developing new technologies for diagnosis, billing, treatment, and record management. Apart from this, increasing communication with nurses, physicians, and other healthcare professionals to categorize the services for patient.

The market in Asia-Pacific is expected to expand significantly over the course of the forecast period due to the region's expanding medical tourism industry and the region's expanding healthcare infrastructure in growing nations like China, India, Malaysia, Thailand, and others.

Recent Market Developments

• In September 2021, AGS Health as acquired EZDIA, Inc. which is a modern computer based coding organization headquartered in the U.S.

List of Key Companies

• 3M
• Aviacode Inc.
• Dolbey
• Maxim Healthcare Services
• MRA Health Information Services
• Oracle
• PAREXEL International Corporation
• Startek
• Verisk Analytics, Inc.
• Nuance Communications, Inc.
• Optum Inc.
• Outsource Strategies International
• VertMarkets, Inc.
• S&P Global
• AltuMED
• Coding Network
• Microsoft COrpoationUNITEDHEALTH GROUP

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global Medical Coding Market based on the below-mentioned segments:

Medical Coding Market, System Analysis

• Healthcare Common Procedure Code System (HCPCS)
• Current Procedural Terminology (CPT)
• International Classification of Diseases (ICD)
• Current Procedural Terminology (CPT)

Medical Coding Market, Component Analysis

• Outsourced
• In-House

Medical Coding Market, End User

• Hospitals
• Diagnostic Centers
• Others

Medical Coding Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa