PUBLISHER: IMARC | PRODUCT CODE: 1468301
PUBLISHER: IMARC | PRODUCT CODE: 1468301
Medical Coding Market Report by Component, Classification System (International Classification of Diseases, Healthcare Common Procedure Code System ), End User, and Region 2024-2032
The global medical coding market size reached US$ 21.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 49.8 Billion by 2032 exhibiting a growth rate (CAGR) of 9.8% during 2024-2032.
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:
IMARC Group 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 2024-2032. 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
- 1. What was the size of the global medical coding market in 2023?
- 2. What is the expected growth rate of the global medical coding market during 2024-2032?
- 3. What are the key factors driving the global medical coding market?
- 4. What has been the impact of COVID-19 on the global medical coding market?
- 5. What is the breakup of the global medical coding market based on the component?
- 6. What is the breakup of the global medical coding market based on the classification system?
- 7. What is the breakup of the global medical coding market based on the end user?
- 8. What are the key regions in the global medical coding market?
- 9. Who are the key players/companies in the global medical coding market?
Table of Contents
1 Preface
2 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
- 9.1.1 United States
- 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
- 9.2.1 China
- 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
- 9.3.1 Germany
- 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
- 9.4.1 Brazil
- 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
- 14.3.1 3M Company
List of Figures
- Figure 1: Global: Medical Coding Market: Major Drivers and Challenges
- Figure 2: Global: Medical Coding Market: Sales Value (in Billion US$), 2018-2023
- Figure 3: Global: Medical Coding Market Forecast: Sales Value (in Billion US$), 2024-2032
- Figure 4: Global: Medical Coding Market: Breakup by Component (in %), 2023
- Figure 5: Global: Medical Coding Market: Breakup by Classification System (in %), 2023
- Figure 6: Global: Medical Coding Market: Breakup by End User (in %), 2023
- Figure 7: Global: Medical Coding Market: Breakup by Region (in %), 2023
- Figure 8: Global: Medical Coding (In-house) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 9: Global: Medical Coding (In-house) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 10: Global: Medical Coding (Outsourced) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 11: Global: Medical Coding (Outsourced) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 12: Global: Medical Coding (International Classification of Diseases (ICD)) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 13: Global: Medical Coding (International Classification of Diseases (ICD)) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 14: Global: Medical Coding (Healthcare Common Procedure Code System (HCPCS)) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 15: Global: Medical Coding (Healthcare Common Procedure Code System (HCPCS)) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 16: Global: Medical Coding (Hospitals) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 17: Global: Medical Coding (Hospitals) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 18: Global: Medical Coding (Diagnostic Centers) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 19: Global: Medical Coding (Diagnostic Centers) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 20: Global: Medical Coding (Other End Users) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 21: Global: Medical Coding (Other End Users) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 22: North America: Medical Coding Market: Sales Value (in Million US$), 2018 & 2023
- Figure 23: North America: Medical Coding Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 24: United States: Medical Coding Market: Sales Value (in Million US$), 2018 & 2023
- Figure 25: United States: Medical Coding Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 26: Canada: Medical Coding Market: Sales Value (in Million US$), 2018 & 2023
- Figure 27: Canada: Medical Coding Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 28: Asia-Pacific: Medical Coding Market: Sales Value (in Million US$), 2018 & 2023
- Figure 29: Asia-Pacific: Medical Coding Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 30: China: Medical Coding Market: Sales Value (in Million US$), 2018 & 2023
- Figure 31: China: Medical Coding Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 32: Japan: Medical Coding Market: Sales Value (in Million US$), 2018 & 2023
- Figure 33: Japan: Medical Coding Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 34: India: Medical Coding Market: Sales Value (in Million US$), 2018 & 2023
- Figure 35: India: Medical Coding Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 36: South Korea: Medical Coding Market: Sales Value (in Million US$), 2018 & 2023
- Figure 37: South Korea: Medical Coding Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 38: Australia: Medical Coding Market: Sales Value (in Million US$), 2018 & 2023
- Figure 39: Australia: Medical Coding Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 40: Indonesia: Medical Coding Market: Sales Value (in Million US$), 2018 & 2023
- Figure 41: Indonesia: Medical Coding Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 42: Others: Medical Coding Market: Sales Value (in Million US$), 2018 & 2023
- Figure 43: Others: Medical Coding Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 44: Europe: Medical Coding Market: Sales Value (in Million US$), 2018 & 2023
- Figure 45: Europe: Medical Coding Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 46: Germany: Medical Coding Market: Sales Value (in Million US$), 2018 & 2023
- Figure 47: Germany: Medical Coding Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 48: France: Medical Coding Market: Sales Value (in Million US$), 2018 & 2023
- Figure 49: France: Medical Coding Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 50: United Kingdom: Medical Coding Market: Sales Value (in Million US$), 2018 & 2023
- Figure 51: United Kingdom: Medical Coding Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 52: Italy: Medical Coding Market: Sales Value (in Million US$), 2018 & 2023
- Figure 53: Italy: Medical Coding Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 54: Spain: Medical Coding Market: Sales Value (in Million US$), 2018 & 2023
- Figure 55: Spain: Medical Coding Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 56: Russia: Medical Coding Market: Sales Value (in Million US$), 2018 & 2023
- Figure 57: Russia: Medical Coding Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 58: Others: Medical Coding Market: Sales Value (in Million US$), 2018 & 2023
- Figure 59: Others: Medical Coding Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 60: Latin America: Medical Coding Market: Sales Value (in Million US$), 2018 & 2023
- Figure 61: Latin America: Medical Coding Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 62: Brazil: Medical Coding Market: Sales Value (in Million US$), 2018 & 2023
- Figure 63: Brazil: Medical Coding Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 64: Mexico: Medical Coding Market: Sales Value (in Million US$), 2018 & 2023
- Figure 65: Mexico: Medical Coding Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 66: Others: Medical Coding Market: Sales Value (in Million US$), 2018 & 2023
- Figure 67: Others: Medical Coding Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 68: Middle East and Africa: Medical Coding Market: Sales Value (in Million US$), 2018 & 2023
- Figure 69: Middle East and Africa: Medical Coding Market: Breakup by Country (in %), 2023
- Figure 70: Middle East and Africa: Medical Coding Market Forecast: Sales Value (in Million US$), 2024-2032
- 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, 2023 and 2032
- Table 2: Global: Medical Coding Market Forecast: Breakup by Component (in Million US$), 2024-2032
- Table 3: Global: Medical Coding Market Forecast: Breakup by Classification System (in Million US$), 2024-2032
- Table 4: Global: Medical Coding Market Forecast: Breakup by End User (in Million US$), 2024-2032
- Table 5: Global: Medical Coding Market Forecast: Breakup by Region (in Million US$), 2024-2032
- Table 6: Global: Medical Coding Market: Competitive Structure
- Table 7: Global: Medical Coding Market: Key Players
