Product Code: GVR-2-68038-382-9
Medical Coding Market Growth & Trends:
The global medical coding market size is expected to reach USD 71.47 billion by 2030, growing at a CAGR of 10.22% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is expected to witness substantial growth due to several key factors driving the healthcare landscape. One major growth driver is the increasing number of insurance frauds, necessitating robust systems to mitigate financial losses. In June 2024, the U.S. Department of Justice's National Health Care Fraud Enforcement Action highlighted this issue, with criminal charges filed against 193 defendants, including 76 doctors and other licensed medical professionals across 32 federal districts. Accurate medical coding is crucial for minimizing these risks as it ensures precise billing and documentation, thus making fraudulent activities more detectable.
Another factor driving the market is the growing need for a universal language to streamline billing processes. Standardized coding systems, such as ICD-10, facilitate clear communication among healthcare providers, insurers, & patients, reducing errors and improving efficiency. This standardization is vital as the healthcare industry is increasingly adopting digital health records and telemedicine, which require consistent and accurate coding practices. Advancements in medical coding technologies also play a significant role. Companies are leveraging Artificial Intelligence (AI) and machine learning to enhance coding accuracy & efficiency. For instance, in November 2023, AAPC, a Utah-based medical billing, coding, and auditing firm, acquired Semantic Health, a Toronto-based AI startup. This acquisition aimed to integrate AI technology into AAPC's offerings, improving hospitals' coding, auditing, and documentation processes.
Medical Coding Market Report Highlights:
- Based on component, the outsourced segment dominated the market in 2023. This can be attributed to the growing emphasis on cost reduction & operational efficiency within healthcare organizations and the rise in volume of patient information & healthcare data.
- North America held the largest share in 2023, which can be attributed to the presence of major market players and the widespread adoption of medical coding for accurate billing & efficient healthcare management.
- In November 2023, GE HealthCare partnered with CodaMetrix to introduce CMX Automate, a cloud-based autonomous coding solution, to its customers.
- This partnership allowed GE HealthCare customers to swiftly benefit from CodaMetrix's solution, which uses AI-powered autonomous medical coding to enhance both coding quality and efficiency.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Segment Definitions
- 1.3. Estimates and Forecast Timeline
- 1.4. Research Methodology
- 1.5. Information Procurement
- 1.5.1. Purchased Database
- 1.5.2. GVR's Internal Database
- 1.5.3. Secondary Sources
- 1.5.4. Primary Research
- 1.6. Information Analysis
- 1.6.1. Data Analysis Models
- 1.7. Market Formulation & Data Visualization
- 1.8. Model Details
- 1.8.1. Volume Price Analysis
- 1.9. List of Secondary Sources
- 1.10. Objectives
Chapter 2. Executive Summary
- 2.1. Market Snapshot
- 2.2. Segment Snapshot
- 2.3. Competitive Landscape Snapshot
Chapter 3. Medical Coding Market Variables, Trends, & Scope
- 3.1. Market Lineage Outlook
- 3.2. Market Dynamics
- 3.2.1. Market Driver Analysis
- 3.2.1.1. Rising demand for coding services
- 3.2.1.2. High demand to streamline hospital billing procedures
- 3.2.1.3. Growing investment by private players to streamline the process
- 3.2.2. Market Restraint Analysis
- 3.2.2.1. High threat of data breaching
- 3.2.2.2. Changing regulations related to medical coding
- 3.2.3. Market Opportunity Analysis
- 3.2.4. Market Threat Analysis
- 3.3. Business Environment Analysis
- 3.3.1. Industry Analysis - Porter's Five Forces Analysis
- 3.3.1.1. Supplier power
- 3.3.1.2. Buyer power
- 3.3.1.3. Substitution threat
- 3.3.1.4. Threat of new entrant
- 3.3.1.5. Competitive rivalry
- 3.3.2. PESTLE Analysis
Chapter 4. Medical Coding Market: Component Estimates & Trend Analysis
- 4.1. Component Segment Dashboard
- 4.2. Component Market Share Movement Analysis, 2023 & 2030
- 4.3. Market Size & Forecasts and Trend Analysis, by Component, 2018 - 2030 (USD Million)
- 4.4. Outsourced
- 4.4.1. Outsourced medical coding market, 2018 - 2030 (USD Million)
- 4.5. In-house
- 4.5.1. In-house medical coding market, 2018 - 2030 (USD Million)
Chapter 5. Medical Coding Market: Regional Estimates & Trend Analysis
- 5.1. Regional Market Dashboard
- 5.2. Regional Market Key Takeaways
- 5.3. North America
- 5.3.1. North America medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.3.2. U.S.
- 5.3.2.1. Key country dynamic
- 5.3.2.2. Regulatory framework
- 5.3.2.3. Competitive insights
- 5.3.2.4. U.S. medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.3.3. Canada
- 5.3.3.1. Key country dynamic
- 5.3.3.2. Regulatory framework
- 5.3.3.3. Competitive insights
- 5.3.3.4. Canada medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.3.4. Mexico
- 5.3.4.1. Key country dynamic
- 5.3.4.2. Regulatory framework
- 5.3.4.3. Competitive insights
- 5.3.4.4. Mexico medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.4. Europe
- 5.4.1. Europe medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.4.2. UK
- 5.4.2.1. Key country dynamic
- 5.4.2.2. Regulatory framework
- 5.4.2.3. Competitive insights
- 5.4.2.4. UK medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.4.3. Germany
- 5.4.3.1. Key country dynamic
- 5.4.3.2. Regulatory framework
- 5.4.3.3. Competitive insights
- 5.4.3.4. Germany medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.4.4. France
- 5.4.4.1. Key country dynamic
- 5.4.4.2. Regulatory framework
- 5.4.4.3. Competitive insights
- 5.4.4.4. France medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.4.5. Italy
- 5.4.5.1. Key country dynamic
- 5.4.5.2. Regulatory framework
- 5.4.5.3. Competitive insights
- 5.4.5.4. Italy medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.4.6. Spain
- 5.4.6.1. Key country dynamic
- 5.4.6.2. Regulatory framework
- 5.4.6.3. Competitive insights
- 5.4.6.4. Spain medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.4.7. Norway
- 5.4.7.1. Key country dynamic
- 5.4.7.2. Regulatory framework
- 5.4.7.3. Competitive insights
- 5.4.7.4. Norway medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.4.8. Denmark
- 5.4.8.1. Key country dynamic
- 5.4.8.2. Regulatory framework
- 5.4.8.3. Competitive insights
- 5.4.8.4. Denmark medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.4.9. Sweden
- 5.4.9.1. Key country dynamic
- 5.4.9.2. Regulatory framework
- 5.4.9.3. Competitive insights
- 5.4.9.4. Sweden medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.5. Asia Pacific
- 5.5.1. Asia Pacific medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.5.2. Japan
- 5.5.2.1. Key country dynamic
- 5.5.2.2. Regulatory framework
- 5.5.2.3. Competitive insights
- 5.5.2.4. Japan medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.5.3. China
- 5.5.3.1. Key country dynamic
- 5.5.3.2. Regulatory framework
- 5.5.3.3. Competitive insights
- 5.5.3.4. China medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.5.4. India
- 5.5.4.1. Key country dynamic
- 5.5.4.2. Regulatory framework
- 5.5.4.3. Competitive insights
- 5.5.4.4. India medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.5.5. South Korea
- 5.5.5.1. Key country dynamic
- 5.5.5.2. Regulatory framework
- 5.5.5.3. Competitive insights
- 5.5.5.4. South Korea medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.5.6. Australia
- 5.5.6.1. Key country dynamic
- 5.5.6.2. Regulatory framework
- 5.5.6.3. Competitive insights
- 5.5.6.4. Australia medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.5.7. Thailand
- 5.5.7.1. Key country dynamic
- 5.5.7.2. Regulatory framework
- 5.5.7.3. Competitive insights
- 5.5.7.4. Thailand medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.6. Latin America
- 5.6.1. Latin America medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.6.2. Brazil
- 5.6.2.1. Key country dynamic
- 5.6.2.2. Regulatory framework
- 5.6.2.3. Competitive insights
- 5.6.2.4. Brazil medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.6.3. Argentina
- 5.6.3.1. Key country dynamic
- 5.6.3.2. Regulatory framework
- 5.6.3.3. Competitive insights
- 5.6.3.4. Argentina medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.7. MEA
- 5.7.1. MEA medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.7.2. South Africa
- 5.7.2.1. Key country dynamic
- 5.7.2.2. Regulatory framework
- 5.7.2.3. Competitive insights
- 5.7.2.4. South Africa medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.7.3. Saudi Arabia
- 5.7.3.1. Key country dynamic
- 5.7.3.2. Regulatory framework
- 5.7.3.3. Competitive insights
- 5.7.3.4. Saudi Arabia medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.7.4. UAE
- 5.7.4.1. Key country dynamic
- 5.7.4.2. Regulatory framework
- 5.7.4.3. Competitive insights
- 5.7.4.4. UAE medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.7.5. Kuwait
- 5.7.5.1. Key country dynamic
- 5.7.5.2. Regulatory framework
- 5.7.5.3. Competitive insights
- 5.7.5.4. Kuwait medical coding market estimates and forecasts, 2018 - 2030 (USD Million)
Chapter 6. Competitive Landscape
- 6.1. Participant Overview
- 6.2. Company Market Position Analysis
- 6.3. Company Categorization
- 6.4. Strategy Mapping
- 6.5. Company Profiles/Listing
- 6.5.1. STARTEK
- 6.5.1.1. Overview
- 6.5.1.2. Financial performance
- 6.5.1.3. Service benchmarking
- 6.5.1.4. Strategic initiatives
- 6.5.2. Oracle
- 6.5.2.1. Overview
- 6.5.2.2. Financial performance
- 6.5.2.3. Service benchmarking
- 6.5.2.4. Strategic initiatives
- 6.5.3. Maxim Healthcare Services
- 6.5.3.1. Overview
- 6.5.3.2. Financial performance
- 6.5.3.3. Service benchmarking
- 6.5.3.4. Strategic initiatives
- 6.5.4. Paraxel International Corporation
- 6.5.4.1. Overview
- 6.5.4.2. Financial performance
- 6.5.4.3. Service benchmarking
- 6.5.4.4. Strategic initiatives
- 6.5.5. Aviacode, Inc.
- 6.5.5.1. Overview
- 6.5.5.2. Financial performance
- 6.5.5.3. Service benchmarking
- 6.5.5.4. Strategic initiatives
- 6.5.6. GeBBS
- 6.5.6.1. Overview
- 6.5.6.2. Financial performance
- 6.5.6.3. Service benchmarking
- 6.5.6.4. Strategic initiatives
- 6.5.7. Nuance Communications, Inc. (Microsoft)
- 6.5.7.1. Overview
- 6.5.7.2. Financial performance
- 6.5.7.3. Service benchmarking
- 6.5.7.4. Strategic initiatives
- 6.5.8. Optum, Inc.
- 6.5.8.1. Overview
- 6.5.8.2. Financial performance
- 6.5.8.3. Service benchmarking
- 6.5.8.4. Strategic initiatives
- 6.5.9. The Coding Network, LLC
- 6.5.9.1. Overview
- 6.5.9.2. Financial performance
- 6.5.9.3. Service benchmarking
- 6.5.9.4. Strategic initiatives
- 6.5.10. Dolbey Systems, Inc.
- 6.5.10.1. Overview
- 6.5.10.2. Financial performance
- 6.5.10.3. Service benchmarking
- 6.5.10.4. Strategic initiatives