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AI in Medical Coding Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032
Market Report I 2024-08-28 I 100 Pages I Global Market Insights
Global AI in Medical Coding Market was valued at USD 2.4 billion and is projected to grow at a CAGR of 13.6% from 2024 to 2032. This growth is fueled by an increasing emphasis on accuracy in medical coding, a shortage of skilled coders, and a surge in coding data.
The rising complexity of medical coding systems, coupled with high turnover rates and a lengthy training process, has led to a notable shortage of skilled medical coders. This gap has tangible repercussions, with hospitals and clinics experiencing billing delays and inaccuracies. The American Health Information Management Association (AHIMA) has underscored this widening gap between the demand for and supply of certified medical coders.
As the push for accuracy intensifies, AI adoption in medical coding is on the rise. Advanced technologies like automated machine learning, natural language processing (NLP), and robotic process automation (RPA) are transforming the coding landscape, minimizing errors and boosting precision.
The overall industry is divided into mode, application, end-use, and region.
The market is divided into outsourced and in-house segments. The outsourced segment dominated, boasting a valuation of USD 1.7 billion in 2023. Outsourcing firms bring onboard seasoned and certified medical coders, adept in the latest coding standards and regulations. Their expertise not only boosts coding accuracy but also ensures compliance, key for billing and regulatory standards. Moreover, outsourcing grants healthcare providers the agility to adjust their coding operations in response to demand fluctuations, sidestepping staffing constraints.
The AI in medical coding market is segmented by end-use into healthcare providers and diagnostic centers, medical coding firms, insurance entities, and government agencies. The healthcare providers and diagnostic centers segment is projected to expand at a CAGR of 13.7% during the analysis period. Given their daily handling of numerous patient visits, treatments, and diagnostic tests, healthcare providers and diagnostic centers generate a vast array of medical records necessitating precise and efficient coding.
North America AI in medical coding market was valued at USD 1.2 billion in 2023, with projections of a 12.5% CAGR over the analysis period. The integration of AI in medical coding finds robust support in North America's widespread adoption of EHR systems, generating a substantial data volume for AI analysis to bolster coding accuracy and efficiency.
Report Content
Chapter 1 Methodology and Scope
1.1 Market scope and definitions
1.2 Research design
1.2.1 Research approach
1.2.2 Data collection methods
1.3 Base estimates and calculations
1.3.1 Base year calculation
1.3.2 Key trends for market estimation
1.4 Forecast model
1.5 Primary research and validation
1.5.1 Primary sources
1.5.2 Data mining sources
Chapter 2 Executive Summary
2.1 Industry 360synopsis
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.1.1 Growing emphasis on superior accuracy in medical coding
3.2.1.2 Shortage of skilled medical coders
3.2.1.3 Extensively increasing coding data
3.2.2 Industry pitfalls and challenges
3.2.2.1 High initial investments
3.3 Growth potential analysis
3.4 Regulatory landscape
3.5 Innovation landscape
3.6 Porter's analysis
3.7 PESTEL analysis
3.8 Future market trends
3.9 GAP analysis
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company matrix analysis
4.3 Company share analysis
4.4 Competitive positioning matrix
4.5 Strategy dashboard
Chapter 5 Market Estimates and Forecast, By Mode, 2021 - 2032 ($ Mn)
5.1 Key trends
5.2 Outsourced
5.3 In-house
Chapter 6 Market Estimates and Forecast, By Application, 2021 - 2032 ($ Mn)
6.1 Key trends
6.2 Automated coding
6.3 Fraud and error detection
6.4 Data analysis
6.5 Other applications
Chapter 7 Market Estimates and Forecast, By End-Use, 2021 - 2032 ($ Mn)
7.1 Key trends
7.2 Healthcare providers and diagnostic centers
7.3 Insurance companies
7.4 Medical coding companies
7.5 Government bodies
Chapter 8 Market Estimates and Forecast, By Region, 2021 - 2032 ($ Mn)
8.1 Key trends
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 France
8.3.4 Spain
8.3.5 Italy
8.3.6 Netherlands
8.3.7 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Australia
8.4.5 South Korea
8.4.6 Rest of Asia Pacific
8.5 Latin America
8.5.1 Brazil
8.5.2 Mexico
8.5.3 Argentina
8.5.4 Rest of Latin America
8.6 Middle East and Africa
8.6.1 South Africa
8.6.2 Saudi Arabia
8.6.3 UAE
8.6.4 Rest of Middle East and Africa
Chapter 9 Company Profiles
9.1 3M
9.2 AGS Health
9.3 Aideo Technologies
9.4 aiHealth
9.5 Arintra
9.6 Buddi AI
9.7 Clinion
9.8 CodaMatrix
9.9 Corti HQ
9.10 Datavant
9.11 Diagnoss
9.12 Fathom, Inc.
9.13 MediCodio
9.14 Nuance Communications, Inc.
9.15 Semantic Health
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