Medical Coding Market to hit US$ 41.19 Billion in 2031, Coherent Market Insights
According to Coherent Market Insights, the global
medical coding market
is estimated to be valued at USD 21.66 Bn in 2024 and is expected to reach USD 41.19 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.6% from 2024 to 2031.
Growing healthcare IT industry and rise in expenditure on healthcare drives market growth. Growth in geriatric population globally also drives growth of medical coding market.
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Market Trends
Adoption of artificial intelligence is a key trend driving market growth. Market competitors focus on developing AI-based automated coding tools and platforms. This helps to achieve faster and accurate coding. Another trend gaining traction is cloud-based solutions which provide coding services virtually.
Adoption of clinical documentation improvement programs is also one of the emerging trends in the market.
Medical Coding Market Report Coverage
Report Coverage
Details
Market Revenue in 2024
$21.66 billion
Estimated Value by 2031
$41.19 billion
Growth Rate
Poised to grow at a CAGR of 9.6%
Historical Data
2019–2023
Forecast Period
2024–2031
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Classification System, By Component, By End User
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Growth Drivers
• Increasing Product Launches by Key Market Players • Increasing Investments by Key Market Players
Restraints & Challenges
• Shortage of Skilled Coders • High Dependence on Manual Coding Methods
Market Opportunities
The International Classification of Diseases (ICD) segment is expected to dominate medical coding market in 2024. It is designed to promote international comparability in the collection, processing, classification, and presentation of these statistics.
The Healthcare Common Procedure Coding System (HCPCS) segment is expected to dominate market during the forecast period. HCPCS is used to code medical procedures and services like ambulatory payment classifications and national codes.
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Key Market Takeaways
The global medical coding market is anticipated to witness CAGR of 9.6% during the forecast period 2024-2031. This is due to rising healthcare expenditure and expansion of healthcare infrastructure globally.
On the basis of classification system, the international classification of diseases (ICD) segment is expected to hold a dominant position.
On the basis of component, in-house segment holds the largest market share. This is due to lower costs compared to outsourcing.
North America is expected to hold a dominant position and account for over 35% of the global market share. This is due to well-established healthcare infrastructure and favourable reimbursement policies.
Competitor Insights
Oracle Corporation, Optum, Inc.
Athenahealth, Nuance Communication Inc.
The Coding Network, Optum Inc.
Parexel International Corporation
Aviacode Inc.
Verisk Analytics, Inc.
Medical Record Associates, LLC.
STARTEK
Recent Developments
In May 2023, CodaMetrix announced the expansion of its multi-speciality autonomous medical coding platform. It includes bedside professional coding.
In December 2023, Professional Medical Billers Association announced the launch of Certified AI Medical Coder (CAIMC).
In February 2024, KAID Health announced the launch of Patient Risk Identification & Data Extraction application.
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Detailed Segmentation-
By Classification System:
By Component:
By End User:
By Region:
About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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