Medical coding aims at classifying diagnoses and treatments efficiently through standardized coding schemes, allowing for efficient billing, tracking disease trends, and statistical analysis. Medical coding plays a vital role in streamlining the healthcare revenue cycle process, by assigning codes to diagnoses, procedures, medical services, and equipment.
The global Medical Coding Market is estimated to be valued at US$ 23365.61 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
Artificial Intelligence (AI) is gaining momentum in the medical coding market size. AI-powered technologies can perform medical coding automatically by analyzing physician notes and assigning the right codes. This reduces coding turnaround time and manual errors. As healthcare data volumes rise exponentially, AI ensures coding scale and accuracy. Growing AI adoption will make the medical coding process more efficient as it learns from patterns to code complex records faster. This trend is expected to boost the medical coding market size during the forecast period.
SWOT Analysis
Strength: Medical coding has high demand due to increasing need for coders in healthcare sector.
Weakness: Shortage of experienced medical coders can impact the market growth. High turnover of medical coders is also a challenge.
Opportunity: Development of artificial intelligence and machine learning based medical coding solutions offers new opportunities. Growth in healthcare IT spending also supports market growth.
Threats: Error in medical coding can result in financial losses. Increasing competition from other medical services also poses threats.
Key Takeaways
The global medical coding market is expected to witness high growth. The global Medical Coding Market is estimated to be valued at US$ 23365.61 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2031.
The North America region currently dominates the medical coding market owing to robust healthcare infrastructure and increased healthcare spending. Growing geriatric population and prevalence of chronic diseases continue to drive the demand in this region. Asia Pacific is expected to grow at the fastest pace during the forecast period supported by growing medical tourism, increasing insurance coverage and emergence of private hospitals.
Key players
Key players operating in the medical coding market are Accora Ltd, Antano Group, Bristol Maid, G & J Logistics Limited, Promotal, Roma Medical, and Stryker Corporation. The market is competitive with presence of global as well as regional players. The key players are focusing on new product launches, partnerships and acquisitions to strengthen their market position. For instance, in 2023 Accora Ltd partnered with Stryker Corporation to offer AI based automated medical coding solutions.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it