Medical Coding Market Size, Share & Trends Analysis Report By Component (Outsourced, In-house), By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa), And Segment Forecasts, 2024 - 2030

Medical Coding Market Size, Share & Trends Analysis Report By Component (Outsourced, In-house), By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa), And Segment Forecasts, 2024 - 2030

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.

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