Artificial Intelligence (AI) in Medical Coding Market
Artificial Intelligence (AI) in Medical Coding Market Size, Share & Trends Analysis Report by Component (Software, and Services), by Deployment mode(In-House, and Outsourced) by Application (Automated Coding, Clinical Documentation Improvement (CDI), Natural Language Processing (NLP), Fraud Detection and Compliance Monitoring, Revenue Cycle Management (RCM), and Others) andby End-User (Hospitals and Clinics, Medical Billing Companies, Healthcare Payers, Government Healthcare Agencies, and Others) Forecast Period (2024-2031)
AI in medical coding market is anticipated to grow at a moderate CAGR of 13.7% during the forecast period (2024-2031). AI possesses potential in addressing the growing demand for effective medical coding solutions in the healthcare sector globally. According to the American Hospital Association, in January 2024, it conducts an annual survey of the 6120 hospitals in the US.Furthermore, the increasing number of medical admissions necessitates a significant demand for medical billers and coders, thereby driving the growth of AI in the medical coding market.
Market Dynamics
Increased adoption of AI in healthcare
The increasing adoption of AI in healthcare, particularly in medical image analysis, is leading to the wider trend of investigating AI applications across several industries. According to the White House, in December 2023, hospitals globally produce a staggering number of medical images each year, totaling$3.6 billion. AI technology is being used to assist doctors in analyzing these images more efficiently, enabling early detection of conditions such as breast cancer and lung nodules. Additionally, AI streamlines the development of new drugs, matching drug targets with potential molecules, resulting in significant time and cost savings. Furthermore, generative AI applications are alleviating clinician burnout by automating manual tasks such as form filling and note-taking, improving patient communication and overall efficiency.
Increased efficiency and accuracy in medical coding
Advancements in machine learning algorithms in the AI healthcare market are enhancing efficiency and accuracy in medical coding by analyzing vast amounts of data with greater speed and accuracy.According to the International Business Machines(IBM), in July 2023,the AI healthcare market, valued at $11.0 billion in 2021, is projected to reach $187.0 billion by 2030. Advances in machine learning algorithms, data access, cheaper hardware, and 5G availability accelerate the pace of change, enabling faster analysis of health data.
Market Segmentation
Our in-depth analysis of the global AI in medical coding market includes the following segments by component, deployment mode, application and end-user:
- Based on component, the market is sub-segmented into solutions, and services.
- Based on deployment mode, the market is sub-segmented into in-house, and outsourced.
- Based on application, the market is bifurcated into automated coding, Clinical Documentation Improvement (CDI), Natural Language Processing (NLP), fraud detection and compliance monitoring, Revenue Cycle Management (RCM), and others (encoder integration, quality reporting and analytics).
- Based on end-user, the market is sub-segmented into hospitals and clinics, medical billing companies, healthcare payers, government healthcare agencies, others (academic medical centers and research institutions).
Revenue Cycle Management (RCM)is Projected to Emerge as the Largest Segment
Based on the application, the global AI in medical coding market is sub-segmented into network security, network optimization, customer analytics, virtual assistance, self-diagnostics, and others. Among these, the revenue cycle management sub-segment is expected to hold the largest share of the market. The primary factor supporting the segment's growth includestheenhancements in the revenue cycles of healthcare organizations, by the utilizatuion of AI and automation to streamline medical coding processes, reduce errors, and accelerate reimbursement, driving widespread adoption in the global market.In September 2022, AGS Health launched the AGS AI Platform, a cloud-based solution that integrates AI, automation, and human-in-the-loop services to enhance healthcare organizations' revenue cycle performance, providing improved operational visibility and financial stability.
Medical Billing Companies Sub-segment to Hold a Considerable Market Share
The integration of automation and AI in healthcare billing processes is driving market growth and innovation in the global AI in medical coding market. For instance, in August 2023, FareMD, launched a platform to streamline medical billing in the US. The platform, utilizing automation and AI, aims to reduce healthcare billing inefficiencies, amounting to $300.0 billion annually, for the nation. This is aimed at improving the hospital operations.
Regional Outlook
The globalAI in medical codingmarket is further segmented based on geography including North America (the US, and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
Increased Adoption of Healthcare AI Solutions In Aisa-Pacific Region
There is a growing demand for medical coding solutions as a result of the rapid use of AI in India's healthcare sector. Healthcare providers are utilizing AI to improve patient care, operational efficiency, and profitability. According to the World Economic Forum, in October 2022, AI expenditure in India witnessed a significant rise of 109.0% in 2018, reaching a total of $665.0 million. The expenditure is estimatedto reach a staggering $11.78 billion by 2025. Moreover, this growth is expected to contribute approximately $1.0 trillion to India's economy by 2035.
Global AI in Medical Coding Market Growth by Region 2024-2031
North America Holds Major Market Share
The rising number of cancer cases and deaths necessitates a surge in demand for cancer-related healthcare services, necessitating the adoption of AI-driven medical coding solutions. According to theAmerican Cancer Society, in January 2023, an estimated 1,958,310 new cancer cases occured in the US in 2023, resulting in approximately 609,820 cancer-related fatalities.
Market Players Outlook
*Note: Major Players Sorted in No Particular Order.
The major companies serving the global AI in medical coding market include3M Co., Cerner Corp.,Dolbey Systems, Inc.,Nuance Communications, Inc.,Optum, Inc.,among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance, in November 2023,Maverick Medical AI partnered with RadNet, to integrate its Autonomous Medical Coding platform into revenue cycle management process. This partnership aims to optimize operational costs, increase reimbursement, and enhance care delivery through DeepHealth.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global AI in medical coding market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. 3M Co.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Cerner Corp.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. IBM Corp.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Key Strategy Analysis
4. Market Segmentation
4.1. Global AI in Medical Coding Market by Component
4.1.1. Software
4.1.2. Services
4.2. Global AI in Medical Coding Market Deployment Mode
4.2.1. In-House
4.2.2. Outsourced
4.3. Global AI in Medical Coding Market by Application
4.3.1. Automated Coding
4.3.2. Clinical Documentation Improvement (CDI)
4.3.3. Natural Language Processing (NLP)
4.3.4. Fraud Detection and Compliance Monitoring
4.3.5. Revenue Cycle Management (RCM)
4.3.6. Others(Encoder Integration, Quality Reporting and Analytics)
4.4. Global AI in Medical Coding Market by End User
4.4.1. Hospitals and Clinics
4.4.2. Medical Billing Companies
4.4.3. Healthcare Payers
4.4.4. Government Healthcare Agencies
4.4.5. Others (Academic Medical Centers and Research Institutions)
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
5.4.1. Latin America
5.4.2. The Middle East & Africa
6. Company Profiles
6.1. Accenture Ltd.
6.2. Aideo Technologies, LLC
6.3. athenahealth, Inc.
6.4. Claritrics Inc.
6.5. Clinion Inc. (Quad One Technologies Pvt Ltd.)
6.6. CodaMetrix, Inc
6.7. Datavant
6.8. Diagnoss Inc.
6.9. Dolbey Systems, Inc.
6.10. Epic Systems Corp.
6.11. Fathom, Inc.
6.12. Nuance Communications, Inc.
6.13. Optum, Inc.
6.14. Saince, Inc.
6.15. Streamline Health Solutions, Inc.
1. GLOBAL AI IN MEDICAL CODING MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023-2031 ($ MILLION)
2. GLOBAL AI IN MEDICAL CODING SOFTWARE MARKET SOLUTIONS RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
3. GLOBAL AI IN MEDICAL CODING SERVICES MARKET SERVICES RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
4. GLOBAL AI IN MEDICAL CODING MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT MODE, 2023-2031 ($ MILLION)
5. GLOBAL AI IN MEDICAL CODING BY IN-HOUSE MARKET SOLUTIONS RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
6. GLOBAL AI IN MEDICAL CODING BY OUTSOURCED MARKET SOLUTIONS RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
7. GLOBAL AI IN MEDICAL CODING MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
8. GLOBAL AI IN MEDICAL CODING FOR AUTOMATED CODING MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
9. GLOBAL AI IN MEDICAL CODING FOR CLINICAL DOCUMENTATION IMPROVEMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
10. GLOBAL AI IN MEDICAL CODING FOR NATURAL LANGUAGE PROCESSING MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
11. GLOBAL AI IN MEDICAL CODING FOR FRAUD DETECTION AND COMPLIANCE MONITORING MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
12. GLOBAL AI IN MEDICAL CODING FOR REVENUE CYCLE MANAGEMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
13. GLOBAL AI IN MEDICAL CODING FOR OTHER APPLICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
14. GLOBAL AI IN MEDICAL CODING MARKET RESEARCH AND ANALYSIS BY END USER, 2023-2031 ($ MILLION)
15. GLOBAL AI IN MEDICAL CODING IN HOSPITALS AND CLINICS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
16. GLOBAL AI IN MEDICAL CODING IN MEDICAL BILLING COMPANIES MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
17. GLOBAL AI IN MEDICAL CODING IN HEALTHCARE PAYERS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
18. GLOBAL AI IN MEDICAL CODING IN GOVERNMENT HEALTHCARE AGENCIES MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
19. GLOBAL AI IN MEDICAL CODING IN OTHER END USER MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
20. GLOBAL AI IN MEDICAL CODING MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
21. NORTH AMERICAN AI IN MEDICAL CODING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
22. NORTH AMERICAN AI IN MEDICAL CODING MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023-2031 ($ MILLION)
23. NORTH AMERICAN AI IN MEDICAL CODING MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT MODE, 2023-2031 ($ MILLION)
24. NORTH AMERICAN AI IN MEDICAL CODING MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
25. NORTH AMERICAN AI IN MEDICAL CODING MARKET RESEARCH AND ANALYSIS BY END USER, 2023-2031 ($ MILLION)
26. EUROPEAN AI IN MEDICAL CODING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
27. EUROPEAN AI IN MEDICAL CODING MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023-2031 ($ MILLION)
28. EUROPEAN AI IN MEDICAL CODING MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT MODE, 2023-2031 ($ MILLION)
29. EUROPEAN AI IN MEDICAL CODING MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
30. EUROPEAN AI IN MEDICAL CODING MARKET RESEARCH AND ANALYSIS BY END USER, 2023-2031 ($ MILLION)
31. ASIA-PACIFIC AI IN MEDICAL CODING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
32. ASIA-PACIFICAI IN MEDICAL CODING MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023-2031 ($ MILLION)
33. ASIA-PACIFIC AI IN MEDICAL CODING MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT MODE, 2023-2031 ($ MILLION)
34. ASIA-PACIFIC AI IN MEDICAL CODING MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
35. ASIA-PACIFIC AI IN MEDICAL CODING MARKET RESEARCH AND ANALYSIS BY END USER, 2023-2031 ($ MILLION)
36. REST OF THE WORLD AI IN MEDICAL CODING MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
37. REST OF THE WORLD AI IN MEDICAL CODING MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023-2031 ($ MILLION)
38. REST OF THE WORLD DEPLOYMENT MODE AI IN MEDICAL CODING MARKET RESEARCH AND ANALYSIS BY, 2023-2031 ($ MILLION)
39. REST OF THE WORLD AI IN MEDICAL CODING MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
40. REST OF THE WORLD AI IN MEDICAL CODING MARKET RESEARCH AND ANALYSIS BY END USER, 2023-2031 ($ MILLION)
1. GLOBAL AI IN MEDICAL CODING MARKETSHARE BY COMPONENT, 2023 VS 2031 (%)
2. GLOBAL AI IN MEDICAL CODING MARKET SOFTWARE SHARE BY REGION, 2023 VS 2031 (%)
3. GLOBAL AI IN MEDICAL CODING MARKET SERVICES SHARE BY REGION, 2023 VS 2031 (%)
4. GLOBAL AI IN MEDICAL CODING MARKET SHARE BY DEPLOYMENT MODE, 2023 VS 2031 (%)
5. GLOBAL AI IN MEDICAL CODING BY IN-HOUSE MARKET SOFTWARE SHARE BY REGION, 2023 VS 2031 (%)
6. GLOBAL AI IN MEDICAL CODING MARKET BY OUTSOURCED SHARE BY REGION, 2023 VS 2031 (%)
7. GLOBAL AI IN MEDICAL CODING MARKET SHARE BY APPLICATION, 2023 VS 2031 (%)
8. GLOBAL AI IN MEDICAL CODING MARKET FOR AUTOMATED CODING SHARE BY REGION, 2023 VS 2031 (%)
9. GLOBAL AI IN MEDICAL CODING MARKET FOR CLINICAL DOCUMENTATION IMPROVEMENT SHARE BY REGION, 2023 VS 2031 (%)
10. GLOBAL AI IN MEDICAL CODING MARKET FOR NATURAL LANGUAGE PROCESSING SHARE BY REGION, 2023 VS 2031 (%)
11. GLOBAL AI IN MEDICAL CODING MARKET FOR FRAUD DETECTION AND COMPLIANCE MONITORING SHARE BY REGION, 2023 VS 2031 (%)
12. GLOBAL AI IN MEDICAL CODING MARKET FOR REVENUE CYCLE MANAGEMENT SHARE BY REGION, 2023 VS 2031 (%)
13. GLOBAL AI IN MEDICAL CODING MARKET FOR OTHER APPLICATION SHARE BY REGION, 2023 VS 2031 (%)
14. GLOBAL AI IN MEDICAL CODING MARKET SHARE BY END USER, 2023 VS 2031 (%)
15. GLOBAL AI IN MEDICAL CODING FOR HOSPITALS AND CLINICS MARKET SHARE BY REGION, 2023 VS 2031 (%)
16. GLOBAL AI IN MEDICAL CODING FOR MEDICAL BILLING COMPANIES MARKET SHARE BY REGION, 2023 VS 2031 (%)
17. GLOBAL AI IN MEDICAL CODING FOR HEALTHCARE PAYERS MARKET SHARE BY REGION, 2023 VS 2031 (%)
18. GLOBAL AI IN MEDICAL CODING FOR GOVERNMENT HEALTHCARE AGENCIES MARKET SHARE BY REGION, 2023 VS 2031 (%)
19. GLOBAL AI IN MEDICAL CODING FOR OTHER END USER MARKET SHARE BY REGION, 2023 VS 2031 (%)
20. GLOBAL AI IN MEDICAL CODING MARKETSHARE BY REGION, 2023 VS 2031 (%)
21. US AI IN MEDICAL CODING MARKET SIZE, 2023-2031 ($ MILLION)
22. CANADA AI IN MEDICAL CODING MARKET SIZE, 2023-2031 ($ MILLION)
23. UK AI IN MEDICAL CODING MARKET SIZE, 2023-2031 ($ MILLION)
24. FRANCE AI IN MEDICAL CODING MARKET SIZE, 2023-2031 ($ MILLION)
25. GERMANY AI IN MEDICAL CODING MARKET SIZE, 2023-2031 ($ MILLION)
26. ITALY AI IN MEDICAL CODING MARKET SIZE, 2023-2031 ($ MILLION)
27. SPAIN AI IN MEDICAL CODING MARKET SIZE, 2023-2031 ($ MILLION)
28. REST OF EUROPE AI IN MEDICAL CODING MARKET SIZE, 2023-2031 ($ MILLION)
29. INDIA AI IN MEDICAL CODING MARKET SIZE, 2023-2031 ($ MILLION)
30. CHINA AI IN MEDICAL CODING MARKET SIZE, 2023-2031 ($ MILLION)
31. JAPAN AI IN MEDICAL CODING MARKET SIZE, 2023-2031 ($ MILLION)
32. SOUTH KOREA AI IN MEDICAL CODING MARKET SIZE, 2023-2031 ($ MILLION)
33. REST OF ASIA-PACIFIC AI IN MEDICAL CODING MARKET SIZE, 2023-2031 ($ MILLION)
34. LATIN AMERICA AI IN MEDICAL CODING MARKET SIZE, 2023-2031 ($ MILLION)
35. MIDDLE EAST AND AFRICA AI IN MEDICAL CODING MARKET SIZE, 2023-2031 ($ MILLION)
