Product Code: GVR-4-68040-098-0
AI In Medical Coding Market Growth & Trends
The global AI in medical coding market size is expected to reach USD 5.71 billion by 2030, based on a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 13.7% from 2023 to 2030. Several drivers propel artificial intelligence (AI) in medical coding, such as the increasing complexity of healthcare coding processes. The growing volume of healthcare data necessitates advanced technologies to streamline and automate coding operations. AI can efficiently analyze large amounts of data, identify patterns, and accurately assign codes, improving efficiency and reducing billing errors.
The COVID-19 pandemic significantly impacted AI in the medical coding industry, driven by the increased volume of healthcare data and the need for efficient processes to manage the surge in COVID-19 cases. This has led to the accelerated adoption of AI-powered solutions. Furthermore, the shift to remote work and the rise of telehealth services have amplified the demand for AI in medical coding to enable remote access and analysis of medical records. These pandemic-driven changes in the market are projected to have a lasting impact, fueling substantial growth in the coming years.
Automated medical coding offers numerous benefits to healthcare providers, improving efficiency, accuracy, and revenue cycle management. By leveraging artificial intelligence and machine learning algorithms, automated systems can quickly and accurately analyze medical documentation, extract relevant information, and assign appropriate codes. This eliminates the need for manual coding, saving time and reducing the risk of human errors. Automated systems also enhance compliance with coding guidelines and regulations, reducing the chances of audits and denials. Furthermore, it improves revenue cycle management by accelerating the coding process, optimizing reimbursement, and reducing backlogs. With automated medical coding, healthcare providers can streamline operations, focus on patient care, and achieve better financial outcomes.
Moreover, key players in the market are launching innovative solutions and services to maintain a competitive edge. For instance, in November 2020, Diagnoss introduced an AI assistant to reduce medical coding errors, addressing a critical challenge in healthcare billing processes. The AI assistant utilizes advanced algorithms to analyze medical documentation, identify potential errors, and provide real-time suggestions for accurate coding. The solution aims to improve accuracy, reduce claim denials, and optimize revenue cycle management. This innovative solution could enhance operational efficiency and financial performance for healthcare providers, ultimately improving patient care and cost savings.
Similarly, in September 2022, AGS Health unveiled an artificial intelligence platform designed for end-to-end revenue cycle management and medical coding. This innovative platform incorporates AI capabilities to optimize various aspects of the revenue cycle, including medical coding, billing, claims management, and reimbursement. By leveraging advanced algorithms and automation, AGS Health's AI platform aims to enhance operational efficiency, reduce billing errors, accelerate payment cycles, and improve overall revenue performance for healthcare providers. This launch shows the growing adoption of AI in the healthcare industry and its potential to transform medical coding processes.
AI In Medical Coding Market Report Highlights
- Based on component, the outsourced segment accounted for the highest revenue share in 2022. Its revenue share was 66.8% and is expected to grow at the fastest CAGR of 14.5% over the forecast period
- Healthcare providers opt to outsource their medical coding needs to minimize administrative expenses. This approach aids in cost reduction, time savings, and the streamlining of workflows
- North America held the majority share of 31.8% in 2022. Due to technological advancements and improved healthcare infrastructure, the market in North America is projected to have a significant share throughout the forecast period
Table of Contents
Chapter 1 Methodology and Scope
- 1.1 Market Segmentation And Scope
- 1.2 Market Definition
- 1.3 Research Methodology
- 1.3.1 Information Procurement
- 1.3.1.1 Purchased Database
- 1.3.1.2 GVR's Internal Database
- 1.3.2 Primary Research:
- 1.4 Research Scope And Assumptions
- 1.5 Estimation Process
- 1.6 List Of Data Sources
Chapter 2 Executive Summary
- 2.1 Artificial Intelligence in Medical Coding Market Outlook
- 2.2 Artificial Intelligence in Medical Coding Market Segment Outlook
- 2.3 Artificial Intelligence in Medical Coding Market Competitive Insights
- 2.4 Artificial Intelligence in Medical Coding Market Snapshot
Chapter 3 Artificial Intelligence in Medical Coding Market Variables, Trends & Scope
- 3.1 Penetration And Growth Prospect Mapping
- 3.2 Pricing Analysis
- 3.3 User Perspective Analysis
- 3.3.1 Consumer Behavior Analysis
- 3.3.2 Market Influencer Analysis
- 3.4 Market Lineage Outlook
- 3.4.1 Parent Market Outlook
- 3.4.2 Ancillary Market Outlook
- 3.5 Regulatory Framework
- 3.6 Market Dynamics
- 3.6.1 Market Driver Analysis
- 3.6.2 Market Restraint Analysis
- 3.6.3 Industry Challenge
- 3.7 Artificial Intelligence In Medical Coding Market Analysis Tools
- 3.7.1 Artificial Intelligence In Medical Coding Market - Porter's Analysis
- 3.7.1.1 Bargaining Power Of The Supplier
- 3.7.1.2 Bargaining Power Of The Buyer
- 3.7.1.3 Threat Of New Entrants
- 3.7.1.4 Threat Of Substitution
- 3.7.1.5 Competitive Rivalry
- 3.7.2 Pestel Analysis
- 3.7.2.1 Political And Legal Landscape
- 3.7.2.2 Economic And Social Landscape
- 3.7.2.3 Technological Landscape
- 3.8 Impact Of COVID-19 On Artificial Intelligence In Medical Coding Market
Chapter 4 Artificial Intelligence in Medical Coding Market: Component Estimates & Trend Analysis
- 4.1 Artificial Intelligence In Medical Coding Market: Component Movement Analysis, 2023 & 2030 (USD Million)
- 4.2 In-house
- 4.2.1 In-house Market Estimates And Forecasts, 2018 - 2030 (USD Million)
- 4.3 Outsourced
- 4.3.1 Outsourced Market Estimates And Forecasts, 2018 - 2030 (USD Million)
Chapter 5 Artificial Intelligence In Medical Coding Market: Regional Business Analysis
- 5.1 Regional Market Snapshot
- 5.2 North America
- 5.2.1 North America Digital Patient Monitoring Devices Market Estimates And Forecast, 2018 - 2030 (USD Million)
- 5.2.2 U.S.
- 5.2.2.1 U.S. Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.2.2.2 Key Country Dynamics
- 5.2.2.3 Regulatory Framework
- 5.2.2.4 Reimbursement Scenario
- 5.2.3 Canada
- 5.2.3.1 Canada Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.2.3.2 Key Country Dynamics
- 5.2.3.3 Regulatory Framework
- 5.2.3.4 Reimbursement Scenario
- 5.3 Europe
- 5.3.1 Europe Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.3.2 UK
- 5.3.2.1 UK Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.3.2.2 Key Country Dynamics
- 5.3.2.3 Regulatory Framework
- 5.3.2.4 Reimbursement Scenario
- 5.3.3 Germany
- 5.3.3.1 Germany Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.3.3.2 Key Country Dynamics
- 5.3.3.3 Regulatory Framework
- 5.3.3.4 Reimbursement Scenario
- 5.3.4 Spain
- 5.3.4.1 Spain Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.3.4.2 Key Country Dynamics
- 5.3.4.3 Regulatory Framework
- 5.3.4.4 Reimbursement Scenario
- 5.3.5 France
- 5.3.5.1 France Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.3.5.2 Key Country Dynamics
- 5.3.5.3 Regulatory Framework
- 5.3.5.4 Reimbursement Scenario
- 5.3.6 Italy
- 5.3.6.1 Italy Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.3.6.2 Key Country Dynamics
- 5.3.6.3 Regulatory Framework
- 5.3.6.4 Reimbursement Scenario
- 5.3.7 Denmark
- 5.3.7.1 Denmark Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.3.7.2 Key Country Dynamics
- 5.3.7.3 Regulatory Framework
- 5.3.7.4 Reimbursement Scenario
- 5.3.8 Sweden
- 5.3.8.1 Sweden Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.3.8.2 Key Country Dynamics
- 5.3.8.3 Regulatory Framework
- 5.3.8.4 Reimbursement Scenario
- 5.3.9 Norway
- 5.3.9.1 Norway Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.3.9.2 Key Country Dynamics
- 5.3.9.3 Regulatory Framework
- 5.3.9.4 Reimbursement Scenario
- 5.4 Asia Pacific
- 5.4.1 Asia-pacific Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.4.2 Japan
- 5.4.2.1 Japan Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.4.2.2 Key Country Dynamics
- 5.4.2.3 Regulatory Framework
- 5.4.2.4 Reimbursement Scenario
- 5.4.3 China
- 5.4.3.1 China Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.4.3.2 Key Country Dynamics
- 5.4.3.3 Regulatory Framework
- 5.4.3.4 Reimbursement Scenario
- 5.4.4 India
- 5.4.4.1 India Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.4.4.2 Key Country Dynamics
- 5.4.4.3 Regulatory Framework
- 5.4.4.4 Reimbursement Scenario
- 5.4.5 South Korea
- 5.4.5.1 South Korea Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.4.5.2 Key Country Dynamics
- 5.4.5.3 Regulatory Framework
- 5.4.5.4 Reimbursement Scenario
- 5.4.6 Thailand
- 5.4.6.1 Thailand Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.4.6.2 Key Country Dynamics
- 5.4.6.3 Regulatory Framework
- 5.4.6.4 Reimbursement Scenario
- 5.4.7 Australia
- 5.4.7.1 Australia Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.4.7.2 Key Country Dynamics
- 5.4.7.3 Regulatory Framework
- 5.4.7.4 Reimbursement Scenario
- 5.5 Latin America
- 5.5.1 Latin America Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.5.2 Brazil
- 5.5.2.1 Brazil Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.5.2.2 Key Country Dynamics
- 5.5.2.3 Regulatory Framework
- 5.5.2.4 Reimbursement Scenario
- 5.5.3 Mexico
- 5.5.3.1 Mexico Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.5.3.2 Key Country Dynamics
- 5.5.3.3 Regulatory Framework
- 5.5.2.4 Reimbursement Scenario
- 5.5.4 Argentina
- 5.5.4.1 Argentina Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.5.4.2 Key Country Dynamics
- 5.5.4.3 Regulatory Framework
- 5.5.4.4 Reimbursement Scenario
- 5.5 MEA
- 5.5.1 MEA Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.5.2 South Africa
- 5.5.2.1 South Africa Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.5.2.2 Key Country Dynamics
- 5.5.2.3 Regulatory Framework
- 5.5.2.4 Reimbursement Scenario
- 5.5.3 Saudi Arabia
- 5.5.3.1 Saudi Arabia Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.5.3.2 Key Country Dynamics
- 5.5.3.3 Regulatory Framework
- 5.4.3.4 Reimbursement Scenario
- 5.5.4 UAE
- 5.5.4.1 UAE Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.5.4.2 Key Country Dynamics
- 5.5.4.3 Regulatory Framework
- 5.5.2.4 Reimbursement Scenario
- 5.5.5 Kuwait
- 5.5.5.1 Kuwait Digital Patient Monitoring Devices Market, 2018 - 2030 (USD Million)
- 5.5.5.2 Key Country Dynamics
- 5.5.5.3 Regulatory Framework
- 5.5.5.4 Reimbursement Scenario
Chapter 6 Competitive Analysis
- 6.1 Recent Developments And Impact Analysis By Key Market Participants
- 6.2 Company/competition Categorization (Key Innovators, Market Leaders, And Emerging Players)
- 6.3 Company Market Position Analysis
- 6.4 Company Market Share Analysis (%)
Chapter 7 Company Profiles
- 7.1 Participants' Overview
- 7.2 Financial Performance
- 7.3 Participant Categorization
- 7.3.1 Acquisition
- 7.3.2 Product/service Launch
- 7.3.3 Partnerships/collaborations
- 7.3.4 Others