Computer Assisted Coding Software Market

The market has been segmented based on deployment model as cloud-based and on-premises. The cloud-based segment is estimated to account for a larger share of the market in 2023 and is projected to grow at a higher CAGR during the forecast period. The growth of the cloud-based segment is attributed to the increasing adoption of cloud-based solutions by healthcare providers, as they are more flexible, scalable, and cost-effective.

The on-premises segment is expected to constitute a considerable share of the market in 2023 but is projected to grow at a lower rate than the cloud-based segment due to the escalating preference for the latter by providers.

The Computer Assisted Coding Software Market is segmented into various applications, including Inpatient Coding, Outpatient Coding, Emergency Department Coding, Physician Coding, and Other Applications. Among these segments, Inpatient Coding held the largest market share, accounting for over 35% of the global revenue in 2023. The segment is expected to maintain its dominance throughout the forecast period, driven by the increasing number of hospital admissions and the need for accurate and efficient coding of inpatient medical records. Outpatient Coding is another significant segment, with a market share of over 25% in 2023.

The segment is expected to grow steadily over the forecast period, supported by the rising demand for outpatient services and the need for accurate coding of outpatient medical records. Emergency Department Coding is also a growing segment, with a market share of over 15% in 2023. The segment is expected to expand significantly over the forecast period, driven by the increasing number of emergency department visits and the need for accurate and timely coding of emergency department medical records. Physician Coding is another important segment, with a market share of over 10% in 2023.

ICD-10-CM Coding dominated the market in 2023 and is expected to continue its dominance during the forecast period. The increasing adoption of ICD-10-CM coding standards in various healthcare facilities globally is driving the growth of this segment. CPT Coding is another significant segment, owing to its wide acceptance in outpatient settings and physician billing. HCPCS Coding is also gaining traction due to its role in coding procedures and services not covered by CPT codes.

DRG Coding, used for classifying patient diagnoses and procedures for reimbursement purposes, is expected to witness steady growth.Other Coding Types, such as SNOMED-CT and LOINC, are gaining adoption in specific applications and are expected to contribute to the overall market growth.

The Computer Assisted Coding Software Market is segmented by end-user into hospitals, medical practices, insurance companies, outsourcing vendors, and other end-users. Hospitals are the largest end-user segment, accounting for over 50% of the global market revenue in 2023. The growing adoption of electronic health records (EHRs) and the increasing need to improve coding accuracy and efficiency are driving the growth of this segment. Medical practices are the second largest end-user segment, with a market share of around 25%.

The increasing number of medical practices using EHRs and the need to improve coding accuracy and efficiency are driving the growth of this segment.

The Computer Assisted Coding Software Market is segmented by Coding Level into Automated Coding, Assisted Coding, and Review Coding. Automated Coding is expected to hold the largest market share in 2024, due to its ability to automate repetitive tasks and improve coding accuracy. Assisted Coding is expected to grow at the fastest CAGR during the forecast period, as it provides a balance between automation and human oversight. Review Coding is expected to account for a significant share of the market, as it ensures the accuracy and completeness of coded data.

The Computer Assisted Coding Software Market revenue for Automated Coding is expected to reach USD 4.5 billion by 2024, growing at a CAGR of 15%. The market for Assisted Coding is expected to reach USD 2.3 billion by 2024, growing at a CAGR of 18%. The market for Review Coding is expected to reach USD 1.2 billion by 2024, growing at a CAGR of 14%. The growth of the Computer Assisted Coding Software Market is driven by the increasing demand for accurate and efficient coding, the need to reduce coding errors, and the rising adoption of electronic health records.