The global medical coding market reached a value of US$ 19.0 Billion in 2022. Looking forward, the publisher expects the market to reach a value of US$ 36.1 Billion by 2028 exhibiting a CAGR of 11.29% during 2022-2028.
Medical coding is the conversion of healthcare diagnosis, procedures, medical services, and equipment into universal medical alphanumeric codes. It includes assigning the appropriate codes, abstracting the information from documentation, and creating a claim to be paid by insurance carriers. It analyzes disease patterns among individuals and offers data on national health trends, thereby enabling federal and state governments to plan for resources required to fight prevalent health issues and launch initiatives for preventing and treating the affected population. As a result, it finds extensive applications in hospitals and diagnostic centers across the globe.
Medical coding is the conversion of healthcare diagnosis, procedures, medical services, and equipment into universal medical alphanumeric codes. It includes assigning the appropriate codes, abstracting the information from documentation, and creating a claim to be paid by insurance carriers. It analyzes disease patterns among individuals and offers data on national health trends, thereby enabling federal and state governments to plan for resources required to fight prevalent health issues and launch initiatives for preventing and treating the affected population. As a result, it finds extensive applications in hospitals and diagnostic centers across the globe.
Medical Coding Market Trends:
At present, there is a rise in the demand for streamlined and convenient coding and billing solutions in hospitals. This, along with the growing demand for a universal language to reduce frauds and deceptions associated with insurance claims, represents one of the key factors driving the market. Moreover, there is an increase in the utilization of medical coding for uniform documentation of medical facilities around the world. This, coupled with the burgeoning healthcare industry and technological advancements across the globe, is propelling the growth of the market. Besides this, the rising demand for international classification of diseases (ICD) due to the growing prevalence of diseases worldwide is positively influencing the market. Additionally, the escalating need for medical coding to create a proper record of patients and accelerate payments to physicians is offering lucrative growth opportunities to industry investors and end-users. Furthermore, key market players are extensively investing in research and development (R&D) activities and offering next-generation coding and reimbursement solutions, which is projected to increase their overall sales and profitability in upcoming years.Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global medical coding market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, classification system and end user.Breakup by Component:
- In-house
- Outsourced
Breakup by Classification System:
- International Classification of Diseases (ICD)
- Healthcare Common Procedure Code System (HCPCS)
Breakup by End User:
- Hospitals
- Diagnostic Centers
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 3M Company, Access Healthcare, Aviacode Inc. (GeBBS Healthcare Solutions Inc.), Dolbey Systems Inc., Global Healthcare Resource, Maxim Healthcare Staffing, Medical Record Associates Inc., Nuance Communications Inc. (Microsoft Corporation), Optum Inc. (UnitedHealth Group Incorporated), Outsource Strategies International and The Coding Network LLC.Key Questions Answered in This Report:
- What was the size of the global medical coding market in 2022?
- What is the expected growth rate of the global medical coding market during 2023-2028?
- What are the key factors driving the global medical coding market?
- What has been the impact of COVID-19 on the global medical coding market?
- What is the breakup of the global medical coding market based on the component?
- What is the breakup of the global medical coding market based on the classification system?
- What is the breakup of the global medical coding market based on the end user?
- What are the key regions in the global medical coding market?
- Who are the key players/companies in the global medical coding market?
Table of Contents
1 Preface2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Medical Coding Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Component
6.1 In-house
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Outsourced
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Classification System
7.1 International Classification of Diseases (ICD)
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Healthcare Common Procedure Code System (HCPCS)
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by End User
8.1 Hospitals
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Diagnostic Centers
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Others
8.3.1 Market Trends
8.3.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia-Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10 SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 3M Company
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.1.3 Financials
14.3.1.4 SWOT Analysis
14.3.2 Access Healthcare
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.3 Aviacode Inc. (GeBBS Healthcare Solutions Inc.)
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.4 Dolbey Systems Inc.
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.5 Global Healthcare Resource
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.6 Maxim Healthcare Staffing
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.7 Medical Record Associates Inc.
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.8 Nuance Communications Inc. (Microsoft Corporation)
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.8.3 Financials
14.3.8.4 SWOT Analysis
14.3.9 Optum Inc. (UnitedHealth Group Incorporated)
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.10 Outsource Strategies International
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.11 The Coding Network LLC
14.3.11.1 Company Overview
14.3.11.2 Product Portfolio
List of Figures
Figure 1: Global: Medical Coding Market: Major Drivers and Challenges
Figure 2: Global: Medical Coding Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Medical Coding Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: Medical Coding Market: Breakup by Component (in %), 2022
Figure 5: Global: Medical Coding Market: Breakup by Classification System (in %), 2022
Figure 6: Global: Medical Coding Market: Breakup by End User (in %), 2022
Figure 7: Global: Medical Coding Market: Breakup by Region (in %), 2022
Figure 8: Global: Medical Coding (In-house) Market: Sales Value (in Million US$), 2017 & 2022
Figure 9: Global: Medical Coding (In-house) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 10: Global: Medical Coding (Outsourced) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Medical Coding (Outsourced) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Medical Coding (International Classification of Diseases (ICD)) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Medical Coding (International Classification of Diseases (ICD)) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Medical Coding (Healthcare Common Procedure Code System (HCPCS)) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Medical Coding (Healthcare Common Procedure Code System (HCPCS)) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Medical Coding (Hospitals) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Medical Coding (Hospitals) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Medical Coding (Diagnostic Centers) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Medical Coding (Diagnostic Centers) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Medical Coding (Other End Users) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Medical Coding (Other End Users) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: North America: Medical Coding Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: North America: Medical Coding Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: United States: Medical Coding Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: United States: Medical Coding Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Canada: Medical Coding Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Canada: Medical Coding Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Asia-Pacific: Medical Coding Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Asia-Pacific: Medical Coding Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: China: Medical Coding Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: China: Medical Coding Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: Japan: Medical Coding Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: Japan: Medical Coding Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: India: Medical Coding Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: India: Medical Coding Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: South Korea: Medical Coding Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: South Korea: Medical Coding Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: Australia: Medical Coding Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: Australia: Medical Coding Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: Indonesia: Medical Coding Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: Indonesia: Medical Coding Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: Others: Medical Coding Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: Others: Medical Coding Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: Europe: Medical Coding Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: Europe: Medical Coding Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: Germany: Medical Coding Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: Germany: Medical Coding Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: France: Medical Coding Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: France: Medical Coding Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: United Kingdom: Medical Coding Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: United Kingdom: Medical Coding Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: Italy: Medical Coding Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: Italy: Medical Coding Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: Spain: Medical Coding Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: Spain: Medical Coding Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: Russia: Medical Coding Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: Russia: Medical Coding Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: Others: Medical Coding Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: Others: Medical Coding Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: Latin America: Medical Coding Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: Latin America: Medical Coding Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: Brazil: Medical Coding Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: Brazil: Medical Coding Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: Mexico: Medical Coding Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: Mexico: Medical Coding Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: Others: Medical Coding Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: Others: Medical Coding Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: Middle East and Africa: Medical Coding Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: Middle East and Africa: Medical Coding Market: Breakup by Country (in %), 2022
Figure 70: Middle East and Africa: Medical Coding Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 71: Global: Medical Coding Industry: SWOT Analysis
Figure 72: Global: Medical Coding Industry: Value Chain Analysis
Figure 73: Global: Medical Coding Industry: Porter's Five Forces Analysis
List of Tables
Table 1: Global: Medical Coding Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Medical Coding Market Forecast: Breakup by Component (in Million US$), 2023-2028
Table 3: Global: Medical Coding Market Forecast: Breakup by Classification System (in Million US$), 2023-2028
Table 4: Global: Medical Coding Market Forecast: Breakup by End User (in Million US$), 2023-2028
Table 5: Global: Medical Coding Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 6: Global: Medical Coding Market: Competitive Structure
Table 7: Global: Medical Coding Market: Key Players
Companies Mentioned
- 3M Company
- Access Healthcare
- Aviacode Inc. (GeBBS Healthcare Solutions Inc.)
- Dolbey Systems Inc.
- Global Healthcare Resource
- Maxim Healthcare Staffing
- Medical Record Associates Inc.
- Nuance Communications Inc. (Microsoft Corporation)
- Optum Inc. (UnitedHealth Group Incorporated)
- Outsource Strategies International
- The Coding Network LLC.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 143 |
| Published | March 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 19 Billion |
| Forecasted Market Value ( USD | $ 36.1 Billion |
| Compound Annual Growth Rate | 11.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
