United States Medical Coding Market 2025 | Growth Drivers, Key Players & Investment Opportunities

Market Size and Growth

The Global Medical Coding Market is expected to grow at a CAGR of 10.5% during the forecast period (2024-2031).

Key Development:

United States: Recent Industry Developments

✅ In March 2025, CodaMetrix raised $40 million in Series B funding to further develop its AI-powered medical coding solutions. The company focuses on automating coding tasks to reduce administrative burdens and improve billing accuracy for healthcare providers.

✅ In January 2025, KODE Health secured $27 million in Series B funding to expand its network of certified medical coders and enhance its AI-based coding solutions. The company's KODE Management Platform utilizes artificial intelligence to streamline coding workflows and offers immediate access to qualified coding professionals, aiming to improve efficiency and accuracy in medical coding operations.

✅ In December 2024, Maverick Medical AI successfully implemented its real-time, AI-driven medical coding system, mCoder, across all 399 RadNet, Inc. locations. The mCoder platform utilizes deep learning and synthetic data to fully automate the medical coding process, enhancing speed and accuracy across the network.

Japan: Recent Industry Developments

✅ In September 2025, a list of the top 50 medical startup investors in Japan was updated, highlighting active investors in the medical sector. This indicates a growing interest and investment in medical startups, including those focused on medical coding technologies.

✅ In July 2025, ClinionAI introduced an AI-enabled medical coding software in Japan, utilizing deep learning and natural language processing models for automated coding of adverse events and concomitant medication. The software aims to enhance coding accuracy and efficiency in clinical trials.

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Medical Coding is the process of translating healthcare diagnoses, procedures, and services into standardized alphanumeric codes. These codes facilitate billing, insurance claims, record keeping, and data analysis, ensuring accuracy, compliance, and efficient communication within healthcare systems.

Recent Mergers and Acquisitions:

United States:

✅ In August 2025, Mumbai-based Infinx acquired the healthcare RCM business of U.S.-based i3 Verticals for $96 million. This strategic move enhances Infinx's presence in academic medical centers across the U.S., bolstering its technological capabilities and service offerings in the RCM sector.

✅ In July 2025, Knowtion Health, a healthcare revenue cycle company backed by Arsenal Capital Partners, acquired Switch RCM, a revenue intelligence firm. This acquisition aims to enhance Knowtion's capabilities in data-driven revenue cycle management.

✅ In July 2025, Waystar, a healthcare software company, announced its acquisition of Iodine Software for $1.25 billion. This deal integrates Iodine's AI-driven documentation and reimbursement tools into Waystar's platform, aiming to streamline administrative tasks for healthcare providers.

✅ In June 2025, Arcadia Solutions, a healthcare analytics company specializing in consolidating and analyzing health data, was acquired by Nordic Capital. This strategic move is expected to bolster Arcadia's operations and expand its reach in value-based care delivery.

✅ In March 2025, AdventHealth completed the acquisition of ShorePoint Health System for $260 million. The deal includes a fully operational hospital and several outpatient clinics, aiming to enhance patient access and service quality in the region.

✅ In March 2025, The Doctors Company, a medical malpractice insurer, entered into an agreement to acquire specialty insurer ProAssurance for approximately $1.3 billion. The deal is expected to close in the first half of 2026, after which ProAssurance will become a wholly owned subsidiary of The Doctors Company.

Other Regions: Recent M&A in Medical Coding

✅ In September 2025, Mumbai-based Infinx acquired the healthcare RCM business of U.S.-based i3 Verticals for $96 million. This acquisition strengthens Infinx's presence in academic medical centers across the U.S., enhancing its technological capabilities and service offerings in the RCM sector.

✅ In August 2025, Cotiviti, a healthcare data firm backed by KKR, neared a deal to purchase rival Edifecs for approximately $3.05 billion. The acquisition aims to consolidate their positions in the healthcare data analytics market, despite a higher bid from UnitedHealth Group.

✅ In April 2025, Nordic Capital acquired Arcadia Solutions, a healthcare analytics company. The acquisition is part of Nordic Capital's strategy to enhance healthcare delivery and cost-efficiency using artificial intelligence.

Key Players:

-> STARTEK Health, Aviacode, Inc., Parexel International Corporation, Maxim Health Information Services, Precyse Solutions, LLC, and Medical Record Associates LLC.

Growth Forecast Projected:

The Global Medical Coding Market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2031. In 2023, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

Research Process:

Both primary and secondary data sources have been used in the global Medical Coding Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

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Key Segments:

➥ By Product: Thyroid Hormone Replacement Therapy, Estrogen Hormone Replacement Therapy, Testosterone Hormone Replacement Therapy, Human Growth Hormone Replacement Therapy, Others
➥ By Route of Administration: Oral, Parenteral, Others
➥ By Indication: Menopause, Hypothyroidism, Male Hypogonadism, Growth Hormone Deficiency, Others
➥ By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Others

Regional Analysis for Medical Coding Market:

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Benefits of the Report:

Chapter 1: Sets the stage by outlining the report's coverage, summarizing key market segments by region, product type, and application. Presents a snapshot of market sizes, growth potential across segments, and anticipated industry evolution both short and long term.

Chapter 2: Highlights pivotal market insights and uncovers the most significant emerging trends driving change within the industry.

Chapter 3: Offers an in-depth look at the competitive landscape among Medical Coding producers, including revenue shares, strategic moves, and recent mergers and acquisitions.

Chapter 4: Presents comprehensive profiles of the market's key players, delving into details such as revenue, profit margins, product portfolios, and company milestones.

Chapters 5 & 6: Analyze Medical Coding revenue at both regional and country levels, providing quantitative breakdowns of market sizes, growth opportunities, and development prospects worldwide.

Chapter 7: Focuses on different market segments by type, examining their individual sizes and potential, guiding readers toward high-impact, untapped market areas.

Chapter 8: Explores segmentation by application, evaluating industry growth potential in various downstream markets and pinpointing promising sectors for expansion.

Chapter 9: Provides a thorough review of the industry's supply chain mapping out both upstream and downstream activities.

Chapter 10: Concludes with a summary of the report's key findings and highlights the most critical takeaways for industry stakeholders.

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FAQ

Q: What is the growth rate of the Medical Coding Market?

A: The market is projected to expand at a compound annual growth rate (CAGR) of 10.5% during the forecast period from 2024 to 2031.

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