Press release
Medical Coding Market: Growth Projections and Key Drivers
Medical Coding Market
What Is The Projected Market Size Of The Global Medical Coding Market And Its Growth Rate?
• The medical coding market, currently valued at $17.78 billion in 2024, is projected to reach $19.13 billion in 2025, growing at a CAGR of 7.6%.
• This market expansion is primarily driven by healthcare industry growth, introduction of ICD and CPT coding systems, shift towards electronic health records (EHRs), and regulatory compliance requirements.
• By 2029, the market is forecasted to grow to $29.2 billion at a CAGR of 11.1%, driven by workforce training and development, global healthcare market expansion, regulatory changes and compliance needs, telehealth and remote medicine growth, and transition to value-based care models.
What Is Driving The Growth In The Medical Coding Market?
The need for a universal language to organize large volumes of medical data is a major driver of the medical coding market. Medical records are converted into universally recognized alphanumeric codes to streamline hospital billing procedures and maintain organized data for accurate billing reimbursement. Furthermore, these codes aid in tracking patients' health for future consultations or treatments. This has led to an increased demand for medical codes, contributing to the growth of the medical coding market. For example, the International Classification of Diseases (ICD) maintained by WHO is used globally for information on human diseases and deaths coded with the ICD. Also, the updated Calendar Year (CY) 2023 Current Procedural Terminology (CPT) code set by the American Medical Association (AMA) includes new codes and modifications that are driving the market growth.
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Who Are the Key Players Driving Medical Coding Market Growth?
• 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
What Are The Key Trends In The Medical Coding Market?
• Increasing adoption of education and training programs
• Growing adaptation of remote work and outsourcing
• Demand for specialty-specific coding
• Increased emphasis on accuracy and quality
• Integration and interoperability of EHRs
What Are The Segments Of The Global Medical Coding Market?
• By Component: In-house, Outsourced
• By Classification System: International Classification of Diseases (ICDs), Healthcare Common Procedure Coding System (HCPCS), Current Procedural Terminology (CPT)
• By End User: Diagnostic Centers, Hospitals & Care Providers
Which Region Leads The Medical Coding Market?
North America led the medical coding market in 2024, with Asia-Pacific projected as the fastest-growing region in the coming years. The report covers medical coding market insights for regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Medical Coding Market Global Market Report?
- Market Size Analysis: Analyze the Medical Coding Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Medical Coding Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Medical Coding Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Medical Coding Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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