MEDICAL CODING MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Medical Coding Market Analysis:

The Medical Coding Market is projected to experience substantial growth, with an anticipated increase from USD 20.73 billion in 2023 to USD 32.55 billion by 2028, reflecting a compound annual growth rate (CAGR) of 9.45% during the forecast period (2023–2028).

The global healthcare systems were significantly impacted by the COVID-19 pandemic. In February 2020, the World Health Organization (WHO) activated emergency codes for confirmed COVID-19 diagnoses and clinical or epidemiological diagnoses (suspected or probable) of COVID-19. Additionally, in April 2020, the WHO published international guidelines for the certification and classification (coding) of COVID-19 as the cause of death in seven languages. The Centers for Medicare and Medicaid Services (CMS) played a crucial role in assisting healthcare providers with medical billing and coding related to COVID-19 testing and treatment. For example, in March 2020, CMS released two Healthcare Common Procedure Coding System (HCPCS) codes that laboratories could use to bill for specific COVID-19 diagnostic tests, including those developed in-house according to the new guidelines from the United States Food and Drug Administration (USFDA). Consequently, the COVID-19 outbreak resulted in significant changes in the market, which are expected to have long-term effects. However, the market is anticipated to regain momentum in the coming years.

Several factors contribute to the market’s growth, including the increasing demand for coding services, the need for a universal language to mitigate fraud and misinterpretations associated with insurance claims, and the high demand for streamlining hospital billing procedures.

The demand for coding services is witnessing a substantial rise. For instance, according to the American Hospital Association’s (AHA) Hospital Statistics 2022, there were approximately 33,356,853 admissions in all hospitals in the United States. Consequently, there is a significant demand for medical billers and coders in the market, which is expected to drive the growth of the medical coding market.

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