Medical Coding Global Market Analysis, Trends, Growth, Research And Forecast 2033

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company presents an extensive market research report on the Medical Coding Global Market Report 2024 , furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The medical coding market size has grown strongly in recent years. It will grow from $16.72 billion in 2023 to $18.19 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to healthcare industry growth, introduction of ICD and CPT coding systems, shift towards electronic health records (EHRs), regulatory compliance requirements, specialization and subspecialization in healthcare.

The medical coding market size is expected to see strong growth in the next few years. It will grow to $26.04 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to workforce training and development, global healthcare market expansion, regulatory changes and compliance needs, telehealth and remote medicine growth, transition to value-based care models. Major trends in the forecast period include education and training programs, remote work and outsourcing, EHR integration and interoperability, demand for specialty-specific coding, increased emphasis on accuracy and quality.

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Key Market Players:

Major companies operating in the medical coding market report are 3M Company, Advanced Medical Coding Services, AcerHealth Inc., Aveanna Healthcare LLC, AthenaHealth, AAPC (American Association of Professional Coders), Codemasters Inc., EqualizeRCM Services, Alpha Coding Experts LLC, Accurate Medical Coding LLC, American Medical Billing & Coding Services, Apex Medical Billing & Coding, Associated Medical Billing & Coding, Beacon Healthcare Coding, Billing Advantage LLC, Blue Star Medical Billing & Coding, Brite Medical Coding, Care Medical Coding, Central Billing Services LLC, Certified Medical Billing Specialists, Code 1 LLC, Coding Masters, Complete Medical Coding Solutions, Cypress Medical Coding, Data Plus Services, Dedicated Medical Billing & Coding, Empower Medical Billing & Coding Services, Expert Medical Coding, First Class Medical Billing & Coding, Global Medical Billing & Coding, Greenlight Medical Billing & Coding

Market Drivers:

The rising need for a universal language in medical documents is expected to propel the growth of the medical coding market. The medical industry creates huge data that is difficult to organize manually without proper universal labels/names and difficult to refer to if there is a need to check the history of the patient. The process of conversion of medical records into universal medical alphanumeric codes to streamline hospital billing procedures is expected to aid in keeping medical data organized and for accurate billing reimbursement while also tracking the patient's health for future complaints or treatment. This will automatically create demand for medical codes that help to organize medical data and streamline the processes reducing inefficiencies involved in recording data manually without universal codes. 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 October 2022, according to the newly released Calendar Year (CY) 2023 Current Procedural Terminology (CPT) code set by the American Medical Association (AMA), a US-based professional association and advocacy group for physicians and medical students, there were 102 new codes, 68 removed codes, and 87 codes with altered lengthy explanations in the CY 2023 modifications. The use and creation of code that is universally accepted are driving the growth of the medical coding market.

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The medical coding market covered in this report 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

The report answers the following questions:
What are the primary factors propelling the market during the projected period?

In which region is the most substantial growth expected?

Which trend will take center stage in the upcoming period?

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