Learn about the global medical coding market through The Business Research Company, which provides information on medical coding market size, medical coding market drivers and restraints, medical coding market players, the COVID-19 impact on the medical coding market, and more.

The global medical coding market size is expected to grow from $14.33 billion in 2021 to $15.85 billion in 2022 at a compound annual growth rate (CAGR) of 10.61%. The global medical coding market size is expected to reach $23.73 billion in 2026 at a CAGR of 10.62%.

The rising need for a universal language in medical documents is expected to propel the growth of the medical coding market.

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The medical coding market consists of sales of medical coding by entities (organizations, sole traders, and partnerships) that refer software solutions and services used to the convert medical records into universal medical alphanumeric codes. The medical information includes procedures, healthcare diagnostics, equipment, and medical services. The consequent summarizing, data-friendly codes help with the reduction of time-consuming medical reports. This method involves extracting information from documentation, applying the codes, and creating a claim for payment by insurance carriers.

Global Medical Coding Market Segments Include:

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 Centres, Hospitals and Care Providers
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America was the largest region in the medical coding market in 2021.

The increased adoption of artificial intelligence (AI) is a new trend gaining popularity in medical coding market. AI is defined as the imitation of human intelligence in machines that are programmed to think like humans and mimic human actions. The adoption of artificial intelligence is expected to streamline medical billing workflows in addition to making the work of medical coders accurate and improving efficiency. The adoption holds more relevance considering the growing healthcare data and increased complexity. In addition, the medical coding will require fewer searches to find proper codes for unstructured data to relieve medical coding fatigue.

TBRC’s medical coding market report covers:

Major Market Players: 3M Company, AcerHealth Inc, Alpha Coding Experts LLC, Aveanna Healthcare LLC, EqualizeRCM Services, IBM Corporation, iMedX Inc, Infinx Healthcare, Nuance Communications Inc, Omega Healthcare Management Services Private Limited, Optum360, Oracle Corporation, Precyse Solutions LLC, QWay Health LLC, Vee Technologies Private Limited, Aviacode Inc, Maxim Health Information Services, MRA Health Information Services, Thrive Inc, Conifer Health Solutions, Humana, and Access Healthcare.

Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.

Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Time Series: Five years historic (2016-21) and ten years forecast (2022-2026-2031)

The Medical Coding Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides medical coding market overviews, analyzes and forecasts market size, share, medical coding market players, medical coding market segments and geographies, leading competitor revenues, profiles and market shares.

TBRC’s medical coding market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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