Medical Coding Market to Reach $15.3B by 2033, Report Finds

According to a new Future Market Insights study, the medical coding industry is anticipated to reach a valuation of $6.7 billion in 2023 and climb to $15.3 billion by 2033 at a CAGR of 8.6% over the 2023 to 2033 forecast period. The market is growing as more medical coding service providers are becoming available and as more hospitals are using cutting-edge healthcare solutions including electronic health records (EHRs), revenue cycle management (RCM) software, and mobile health apps.

The following causes are driving the demand for medical coding:

• Need for patient data management has increased
• Technology development and better healthcare infrastructure
• Increasing demand for hospital billing procedures to be simplified
• The growing number of people who have chronic diseases
• A rise in automation technology use in the healthcare industry
• Developments in the field of natural language processing
• Demand for a remote coding solution has grown
• Increasing reliance on cloud-based services and artificial intelligence in healthcare
• Throughout the anticipated timeframe, North America will dominate the medical coding market