Medical Coding Industry Trends, Segment Analysis, Growth and Demand Forecast Report 2030

The global medical coding market is set to observe a CAGR of 9.6% during 2020-2030. From $15.2 billion in 2019, the market revenue will surge to $42.4 billion by 2030, as per the estimates of the market research company, P&S Intelligence. The market is being driven by the growing demand for modernization of the hospital billing process and increasing prevalence of insurances frauds. The billing procedures of hospitals are vital and the emergence of medical coding systems has made them faster. The coding system includes alpha-numerical codes which are designated for describing various services and treatments that are performed on patients. By using this billing system, medical professionals can monitor the receipts and financial records and medical payments.

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The rising incidence of insurance frauds globally is one of the prominent growth drivers of the medical coding market. Insurance frauds can cause huge financial losses to companies. These losses can amount to billions of dollars every year as per the estimation given by the National Health Care Anti-Fraud Association (NHCAA). To reduce such financial losses, medical coding systems are being increasingly used, as these systems assist medical billers in generating uniform checklists which are to be followed as per the procedure claims. Any irregularities in these checklists help medical billers in detecting frauds before the submission of the document to the insurance company.

The medical coding market is segmented based on end user into hospitals, diagnostic centres, and others. Among these categories, the hospital category is expected to hold the largest market share during the forecast period. Hospitals are considered to be major end users of medical coding systems as they utilize the medical coding process as a part of their revenue management process. The rise in the number of hospitals, surge in number of hospital visits, and growing incidence of chronic diseases are some of the vital factors propelling the growth of this category.

The medical coding market is segmented based on classification system into international classification of diseases (ICDs), healthcare common procedure coding system (HCPCS), and current procedural terminology (CPT). Out of these, the ICDs category had the largest market size in 2019. This category is also expected to maintain the same position during the forecast period. The growth of the category is ascribed to the fact that it assists in organizing the information into standard groupings of diseases that enable easy retrieval, analysis, and storage of the health information for proper decision making.

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Geographically, Europe held the largest share in the medical coding market in 2019. This was primarily because of the implementation of strict medical coding mandates in the region's healthcare facilities. Medical coding has assisted healthcare organizations in the continent in creating statistical analysis of diseases. Globally, Asia-Pacific (APAC) is expected to demonstrate the fastest growth in the industry during the forecast period, on account of the rapid digitization of healthcare records in the regional countries.

Thus, the market is booming and offering immense growth opportunities to the players.

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P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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