With the emergence and long-term Impact of COVID-19, Global AI in Medical Coding Market to reach USD 5.75 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global AI in Medical Coding Market is poised to raise up to USD 5.75 Billion by 2030. Artificial intelligence (AI) in medical coding refers to the incorporation of AI technology into the process of medical coding. Medical coding is the process of standardizing medical diagnoses, treatments, and services into codes. These codes are necessary for data analysis, billing, and reimbursement in the healthcare sector.
AI technologies are being increasingly utilized in medical coding to automate and enhance various aspects of the coding process, leading to increased accuracy, efficiency, and cost-effectiveness. Accordingly, the increase in demand for a standardized language to reduce insurance claim fraud and misinterpretations, and the rising focus on increasing the effectiveness of hospital billing and coding operations are primarily attributed to the global market expansion. Additionally, the rapid penetration of efficient healthcare solutions, coupled with the growing volume of healthcare data is augmenting the growth of the AI in medical coding market during the estimated period.
Geographically, the global AI in Medical Coding market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to the growing burden of chronic diseases in various countries and the expansion of healthcare infrastructure. Also, various key players in the market are increasingly launching innovative solutions and services to maintain a competitive edge further contributing to the regional market expansion.
Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecasting years. The regional market is expanding due to increasing expenditures on healthcare, rising initiatives by the government, increased burden of chronic illnesses, and outsourcing opportunities. APAC has developed into a robust market for medical coding because of the increasing emphasis on enhancing healthcare systems, adoption of advanced technologies such as AI, and establishment of new healthcare facilities.
The global AI in Medical Coding market is highly competitive owing to the presence of several key market players such as International Business Machines (IBM) Corporation, Fathom, Inc., Epic Systems Corporation, Clinion, BUDDI.AI, Cerner Corporation, CodaMetrix, and others.
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Key findings of the study suggest:
- Global AI in Medical Coding Market is anticipated to grow with a healthy growth rate of more than 13.7% over the forecast period 2023-2030.
- In the Component segment, outsourced emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the growing burden of chronic diseases in various countries and the expansion of healthcare infrastructure.
- Asia-Pacific is expected to grow at higher rate followed by North America during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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