IMARC Group, a leading market research company, has recently releases report titled “Medical Coding Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global medical coding market share, size, growth, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Industry Overview of Medical Coding

Medical coding is the process of transforming complex medical information into a standardized set of alphanumeric codes. It relies on certain code sets, which are updated regularly to identify changes in medical practice. It helps track disease trends, assess the effectiveness of treatments, and allocate resources efficiently in the healthcare system. It facilitates medical research by providing structured data that can be used to study diseases, outcomes, and treatment protocols. It helps identify areas for improvement in healthcare delivery and patient outcomes by analyzing patterns and trends. It is widely used to monitor the spread of infections, track immunization rates, and respond to public health emergencies.

How Big Is the Medical Coding Market?

The global medical coding market reached a value of US$ 19.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 36.1 Billion by 2028 exhibiting a growth rate (CAGR) of 10.9% during 2023-2028.

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What are the growth prospects and trends in the medical coding industry?

The expansion of hospitals and surgical centers represents one of the major factors catalyzing the demand for effective medical coding. Additionally, the rising reliance of healthcare professionals on standardized coding for data sharing and interoperability is driving the need for proficient medical coders. 

Apart from this, various healthcare facilities are outsourcing medical coding services to specialized coding companies to reduce costs, improve accuracy, and ensure compliance, which is offering a favorable market outlook. They are also focusing on enhancing the quality of care, which requires precise coding for tracking outcomes and identifying areas for improvement. 

Furthermore, the rising shift towards value-based care models is promoting the adoption of accurate coding to assess patient outcomes and determine reimbursement.

What is included in market segmentation?

The report has segmented the market into the following categories:

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

Who are the key players operating in the industry?

The report covers the major market players including:

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.

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