Learn More On The Artificial Intelligence In Medical Coding Market:
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According to The Business Research Company’s Artificial Intelligence In Medical Coding Global Market Report 2024, The artificial intelligence in medical coding market size has grown rapidly in recent years. It will grow from $2.4 billion in 2023 to $2.74 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to increasing healthcare data volume, coding accuracy and efficiency, stringent regulatory requirements, revenue cycle management optimization, integration with electronic health records (ehrs).
The artificial intelligence in medical coding market size is expected to see rapid growth in the next few years. It will grow to $4.64 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to natural language processing (nlp) advancements, continuous changes in healthcare coding standards, telehealth expansion, ai-driven clinical documentation improvement (cdi), increasing demand for healthcare analytics. Major trends in the forecast period include healthcare industry digitization, automated coding assistance, coding quality improvement, interoperability with electronic health records , risk adjustment coding solutions.
The increasing demand for coding services is expected to propel the growth of the artificial intelligence in medical coding market going forward. The Coding services refer to the process of translating healthcare diagnoses, procedures, and medical services into universal medical alphanumeric codes. This is essential for accurate billing, insurance claim processing, and reimbursement. AI in medical coding enhances the efficiency, accuracy, and adaptability of coding services, ultimately benefiting healthcare organizations, medical coders, and patient care. For instance, in 2022, according to American Bureau of Labor Statistics, a US-based Government agency, employment for medical coders is increases about 8% in 2022. Therefore, the rise in the demand for coding services is driving the growth of the artificial intelligence in medical coding market.
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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
Major companies operating in artificial intelligence in the medical coding market are developing innovative technology such as Natural Language Processing (NLP) to recognize the context within which words are used, allowing it to more accurately interpret patient conversations and capture the subtle nuances of a patient’s medical condition. Natural Language Processing (NLP) is a specialized branch of Artificial Intelligence (AI) that enables machines to understand and interpret human-generated spoken or written data. For instance, in March 2023, Liguamatics, a UK-based software company launched Healthcare Product Suite to turn unstructured electronic health record data into actionable patient insights. This suite leverages natural language processing (NLP) to extract valuable information from unstructured data sources such as EHRs, patient portals, and call center notes. The NLP Data Factory offered by Linguamatics provides scalable and automated NLP transformation for key applications, supporting a wide range of healthcare data. The Health Language Data Interoperability Solution by Wolters Kluwer also allows organizations to harmonize structured, semi-structured, and unstructured data from multiple sources in the healthcare domain.
The artificial intelligence in medical coding market report table of contents includes:
1. Executive Summary
2. Artificial Intelligence In Medical Coding Market Characteristics
3. Artificial Intelligence In Medical Coding Market Trends And Strategies
4. Artificial Intelligence In Medical Coding Market – Macro Economic Scenario
5. Global Artificial Intelligence In Medical Coding Market Size and Growth
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32. Global Artificial Intelligence In Medical Coding Market Competitive Benchmarking
33. Global Artificial Intelligence In Medical Coding Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Artificial Intelligence In Medical Coding Market
35. Artificial Intelligence In Medical Coding Market Future Outlook and Potential Analysis
36. Appendix
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