Since the development of the Current Procedural Terminology (CPT) codes by the American Medical Association (AMA), hospital billing practices have become standardized and more effective. With further improvements in such codes, the global medical coding market size is expected to increase to $42.4 billion by 2030 from $15.2 billion in 2019, at a 9.6% CAGR during 2020–2030, according to the market research firm P&S Intelligence.
Such alpha-numeric codes are used to refer to the treatment and other services offered by medical professionals. Healthcare insurance companies use these codes to track bills and insurance claims. In this regard, the medical coding market is also advancing due to the increasing incidence of insurance fraud in the healthcare sector. Such codes are used to verify the validity of the healthcare services availed of by patients, which helps in identifying fraudulent insurance claims before they are processed.
Key Findings of Global Medical Coding Market
- ICDs most-widely used classification system
- After brief slump, demand for medical coding services rising during COVID-19 pandemic
- Hospitals continue to remain largest users of medical codes
- Europe and APAC most-lucrative regions for market players
- Market fragmented in nature
- Medical coding service providers entering into partnerships
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Due to the closure of outpatient departments (OPDs) and temporary suspension of non-essential hospital services during the COVID-19 pandemic, the medical coding market witnessed slow growth in the initial part of 2020. However, once a cure is found and the pandemic wanes, lockdowns would be lifted and OPDs would restart operations, which would put the market on the path to recovery.
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Historically, Europe dominated the medical coding market as a result of the rising footfall at hospitals and government mandates for such places to use medical coding systems. With their usage, medical professionals in the region are conducting statistical analysis for the recommendation of the ideal treatment, while insurance providers are offering quicker medical bill reimbursement. In addition, the surging COVID-19 case count in the continent has driven the usage of medical coding systems to keep a track on the pandemic and manage and allot resources, especially in Spain, Italy, Germany, Russia, and the U.K.
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Asia-Pacific (APAC) is set to witness the swiftest growth in the medical coding market in the years to come. The healthcare sector of India, Indonesia, Thailand, and Vietnam is undergoing a swift digital transformation, including of the health records. Moreover, since the usage of medical coding quickens up the insurance reimbursement process, the subscription rate of medical insurance has surged. The rising number of people with medical insurance is, in turn, resulting in the increasing volume of healthcare information, which is propelling the demand for medical coding systems for its efficient storage and management.
Major players in the global medical coding market are Oracle Corporation, Medical Record Associates LLC, Maxim Healthcare Services Inc., Aviacode Inc., Parexel International Corporation, Dolbey Systems Inc., Precision Practice Management, Nuance Communications Inc., 3M Company, and Optum Inc.