What Is The Current and Historic Market Size Analysis Of The Artificial Intelligence In Medical Coding Market?
The artificial intelligence in medical coding market has seen considerable growth due to a variety of factors.
• In recent times, there has been a swift expansion in the market size of artificial intelligence for medical coding. The growth is predicted to surge from a whopping $2.74 billion in 2024 to a staggering $3.13 billion in 2025, indicating a compound annual growth rate (CAGR) of 14.2%.
The remarkable growth during the historical period is a testament to the rise in healthcare data volume, betterment in coding accuracy and efficiency, strict regulatory mandates, optimization in revenue cycle management, and seamless integration with electronic health records (EHRs).
What Is The Forecast For The Artificial Intelligence In Medical Coding Market Size?
The artificial intelligence in medical coding market is expected to maintain its strong growth trajectory in upcoming years.
• There is predicted to be a swift expansion in the market size of artificial intelligence in medical coding in the coming years. This market is set to grow to $5.29 billion by 2029 at a compound annual growth rate of 14.0%.
This predicted growth during the forecast period can be ascribed to advancements in natural language processing, continuous alterations in healthcare coding standards, the growth of telehealth, AI-enhanced clinical documentation improvement, and increased demand for healthcare analytics. Key trends projected during this period encompass the digitization of the healthcare industry, automated support in coding, improvement in coding quality, compatibility with electronic health records, and solutions for risk adjustment coding.
What Are The Essential Drivers Behind The Growth Of The Artificial Intelligence In Medical Coding Market?
The surge in the need for coding services is anticipated to spur the expansion of the artificial intelligence in medical coding market in the future. Coding services are fundamentally the conversion of healthcare diagnoses, procedures, and medical service provision into universal medical alphanumeric codes. This is critical for correct billing and insurance claim processing, as well as reimbursement. AI's role in medical coding boosts the effectiveness, precision, and adaptability of coding services, which ultimately helps healthcare institutions, medical coders, and patient care. For instance, the American Bureau of Labor Statistics, a US government agency, projected in 2022 an approximately 8% increase in employment for medical coders. Therefore, the escalating requirement for coding services is contributing to the growth of the artificial intelligence in medical coding market.
How Is The Global Artificial Intelligence In Medical Coding Market Divided Into Key Segments?
The artificial intelligence in medical coding market covered in this report is segmented –
1) By Component: In-House, Outsourced
2) By Technology: Machine Learning, Natural Language Processing (NLP), Generative AI
3) By End-User: Healthcare Providers, Medical Billing Companies, Payers
Subsegments:
1) By In-House: Internal Coding Teams, AI-Enhanced Coding Solutions, Integration With Existing Systems
2) By Outsourced: Third-Party Coding Services, AI-Powered Outsourcing Solutions, Vendor Management For Coding Services
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Which Emerging Market Trends Are Altering The Artificial Intelligence In Medical Coding Industry?
Leading companies in the medical coding sector that utilize artificial intelligence are advancing technologies like Natural Language Processing (NLP) to comprehend the context of words used in conversations with patients. This technological advancement allows these companies to accurately catch detailed aspects of a patient's health status. NLP is a branch of Artificial Intelligence (AI) that aids machines in understanding and interpreting data generated by humans, either spoken or written. For example, in March 2023, Linguamatics, a software company based in the UK, introduced the Healthcare Product Suite, which transforms unorganized electronic health record data into actionable insights about patients. The suite harnesses NLP to pull pertinent information from amorphous data sources like EHRs, patient portals, and notes from call centers. Linguamatics' NLP Data Factory offers a scalable and automated NLP transformation suitable for crucial applications and supports a wide array of healthcare data. Similarly, the Health Language Data Interoperability Solution from Wolters Kluwer enables organizations to harmonize structured, semi-structured, and unstructured data from multiple sources within the healthcare field.
Who Are the Key Players In The Artificial Intelligence In Medical Coding Market?
Major companies operating in the artificial intelligence in medical coding market report are:
• Pfizer Inc.
• Johnson & Johnson Services Inc.
• International Business Corporation
• Medtronic PLC
• Siemens Healthineers
• Cerner Corporation
• Fathom Inc.
• Nuance Communications Inc.
• M-Scribe Technologies LLC
• Aidee Technologies LLC
• Clinton IT Services Pvt. Ltd.
• BUDDI AI
• Coda Metrix
• Optum360 Solutions LLC
• Diagnoss Inc.
• 3M Health Information Systems
• Oncora Medical
• Bio Symetrics
• Dolbey Systems Inc.
• Streamline Health
• Talix
• Health Record Services Corporation
• Saince Inc.
• Genesis Therapeutics
• Epic Systems Corporation
What Are The Regional Insights Into The Artificial Intelligence In Medical Coding Market?
North America was the largest region in the artificial intelligence in medical coding market in 2024. The regions covered in the artificial intelligence in medical coding market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
