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 observed during the historical period can be attributed to several factors, including the increase in healthcare data volume, improvements in coding accuracy and efficiency, compliance with stringent regulatory requirements, optimization of revenue cycle management, and the integration of AI in medical coding 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%. The anticipated growth in the forecast period can be attributed to advancements in natural language processing (NLP), the ongoing evolution of healthcare coding standards, the expansion of telehealth services, the adoption of AI-driven Clinical Documentation Improvement (CDI), and an increasing demand for healthcare analytics. Prominent trends expected in the forecast period encompass the digitization of the healthcare industry, automated coding assistance, improvements in coding quality, interoperability with electronic health records, and the implementation of risk adjustment coding solutions.

The increasing need for coding services is poised to drive the growth of the artificial intelligence in the medical coding market in the foreseeable future. Coding services involve the crucial process of translating healthcare diagnoses, procedures, and medical services into universal medical alphanumeric codes, facilitating accurate billing, insurance claim processing, and reimbursement. AI's integration into medical coding brings about heightened efficiency, accuracy, and adaptability, delivering benefits to healthcare organizations, medical coders, and patient care. As reported in 2022 by the American Bureau of Labor Statistics, a U.S.-based government agency, employment for medical coders saw an 8% increase during the same year. This upward trend underscores the surge in demand for coding services, driving the growth of the artificial intelligence in the medical coding market.

Prominent companies engaged in artificial intelligence in the medical coding market are at the forefront of developing innovative technologies, exemplified by Natural Language Processing (NLP), to enhance contextual understanding within patient conversations. NLP enables machines to interpret human-generated spoken or written data by recognizing the context within which words are used. In March 2023, Liguamatics, a UK-based software company, launched the Healthcare Product Suite, a solution designed to transform unstructured electronic health record data into actionable patient insights. Leveraging NLP, this suite extracts valuable information from unstructured data sources such as EHRs, patient portals, and call center notes. Linguamatics' NLP Data Factory offers scalable and automated NLP transformation for various healthcare applications, supporting the analysis of a wide range of healthcare data. Wolters Kluwer's Health Language Data Interoperability Solution further allows organizations to harmonize structured, semi-structured, and unstructured data from diverse sources in the healthcare domain.

In May 2021, Iodine Software LLC, a U.S.-based healthcare technology company utilizing artificial intelligence to address provider challenges, acquired Artifact Health, Inc. for an undisclosed amount. This strategic acquisition extends Iodine's clinical predictions and insights platform beyond clinical documentation, addressing significant midcycle revenue leakage issues in the health system through the addition of mobile-based physician query capabilities. Artifact Health Inc., based in the U.S., is a company specializing in the application of AI in medical coding.

Major companies operating in the artificial intelligence in medical coding market report are 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.

North America was the largest region in the artificial intelligence in medical coding market in 2023. The regions covered in the artificial intelligence in medical coding market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the artificial intelligence in medical coding market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The artificial intelligence in medical coding market consists of revenues earned by entities by providing artificial intelligence techniques to automate the coding process in the healthcare industry. The market value includes the value of related goods sold by the service provider or included within the service offering. The artificial intelligence in medical coding market also consists of sales of AI-powered solutions to enhance the efficiency, accuracy, and speed of medical coding, particularly in clinical trials. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

AI in medical coding refers to the utilization of artificial intelligence and machine learning techniques to automate the coding process within the healthcare industry. This involves employing advanced software tools that analyze patient data to generate accurate medical codes.

The primary component types of artificial intelligence in medical coding encompass in-house and outsourced solutions. Outsourced solutions involve the delegation of medical coding services to specialized vendors or companies offering AI-powered solutions for medical coding. Various technologies, including machine learning, natural language processing (NLP), and generative AI, are employed in this process. End-users benefiting from these applications include healthcare providers, medical billing companies, and payers.

The artificial intelligence in medical coding market research report is one of a series of new reports that provides artificial intelligence in medical coding market statistics, including artificial intelligence in medical coding industry global market size, regional shares, competitors with artificial intelligence in medical coding market share, detailed artificial intelligence in medical coding market segments, market trends, and opportunities, and any further data you may need to thrive in the artificial intelligence in medical coding industry. This artificial intelligence in medical coding market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.