Artificial Intelligence in Medical Coding Market
“The Business Research Company recently released a comprehensive report on the Global Artificial Intelligence In Medical Coding Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, 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.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Pfizer Inc., Johnson & Johnson Services Inc., International Business Corporation, Medtronic Plc, Siemens Healthineers, Cerner Corporation, Fathom Inc., Nuance Communications Inc., M-Scribe Technologies LLC, Aideo Technologies LLC, Clinion IT Services Pvt. Ltd., BUDDI AI, CodaMetrix, 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
Artificial Intelligence In Medical Coding Market 2024 Key Insights:
• The Artificial Intelligence In Medical Coding Market is expected to grow to$4.64 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%.
• Rise of AI in Medical Coding Market Driven by Increasing Demand for Coding Services
• Natural Language Processing (NLP) In AI for Medical Coding
• North America was the largest region in the artificial intelligence in medical coding market in 2023.
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