Global Medical Coding Market 2023

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Global Medical Coding Market

Global Medical Coding Market

Global Medical Coding Market

Dublin, April 17, 2023 (GLOBE NEWSWIRE) — The “Medical Coding Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” report has been added to’s offering.

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.

Profiles of Key Players

  • 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

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.

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 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?

Key Attributes:

Report Attribute


No. of Pages


Forecast Period

2022 – 2028

Estimated Market Value (USD) in 2022

$19 Billion

Forecasted Market Value (USD) by 2028

$36.1 Billion

Compound Annual Growth Rate


Regions Covered


Key Topics Covered:

1 Preface

2 Scope and 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

10 SWOT Analysis

11 Value Chain Analysis

12 Porters Five Forces Analysis

13 Price Analysis

14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players

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