Summary

U.S. Medical Coding Market Size & Trends

The U.S. medical coding market size was estimated at USD 21.89 billion in 2024 and is expected to grow at a CAGR of 10.00% from 2025 to 2033. Errors in billings, insurance fraud, and misinterpretations of medical documents result in large financial losses. Increasing losses due to ineffective medical billing and revenue cycle management are increasing the demand for revenue cycle management, including medical coding software and services. This, in turn, is estimated to drive market growth potential.

High adoption of digital technologies such as electronic health records, revenue cycle management software, mhealth applications, telehealth, and increasing efforts towards digitalization of healthcare in the U.S. are positively driving the growth of the U.S. medical coding industry. In 2021, about 88.2% of physicians' offices were using electronic health records in the U.S., as per data provided by the Centers for Disease Control and Prevention.

Moreover, increasing utilization of medical coding in the revenue cycle management process includes new revisions in codes to increase flexibility and scalability. The new ICD-11 was implemented in January 2022, including several new chapters that support electronic health records. It has approximately 55 thousand codes for the classification of disorders, diseases, injuries, and deaths. Moreover, many new codes were created during the COVID-19 pandemic for COVID-19 and telehealth. The World Health Organization introduced new ICD-10 codes, which came into effect between April and September 2020. Thus, the introduction and revisions of codes are positively impacting market growth

The Bureau of Labor Statistics, Office of Occupational Statistics and Employment Projections, estimated that the number of employees in medical records and health information is estimated to grow by 7% between 2021 and 2031. Certified medical coders are one of the most sought-after jobs in the U.S. Increasing demand for a universal language in medical documentation positively impacts the demand for medical coders and the coding industry.

The increasing workload on healthcare staff and physicians for medical coding is increasing the adoption of various automation solutions. For instance, according to a survey conducted by Athenahealth, physicians are working overtime for an average of 90 minutes for coding. There is an increase in the adoption of computer-assisted coding solutions for rapid, accurate, and efficient medical coding. Computer-assisted coding can increase productivity by 11-30%, as per a survey conducted by 3M.

Furthermore, the development of artificial intelligence (AI)-enabled medical coding is estimated to drive market growth. For instance, in August 2025, HGM Limited, through its U.S. subsidiary Healthcare Capital Holdings LLC (HCH), announced the acquisition of Aidéo Technologies LLC, a leader in AI-powered autonomous coding solutions. This acquisition expands HGM’s capabilities in revenue cycle management (RCM), medical coding, and healthcare analytics.

“Acquiring Aidéo Technologies is a major step towards our goal of building a comprehensive AI-driven healthcare services platform. Aidéo’s Autonomous Coding Platform, built on advanced AI, natural language processing, real-time analytics, and Large Language Models (LLM), delivers accuracy that surpasses manual and traditional CAC tools. Its HL7 interoperability ensures seamless communication with industry standard EHR systems, supporting surgical specialties, emergency departments, anesthesia, radiology, and RCM companies across the U.S.”
-Dr. Bhargav Thakkar, EVP Healthcare of HGM Limited.

U.S. Medical Coding Market Report Segmentation

This report forecasts revenue growth at the country level and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Grand View Research, Inc. has segmented the U.S. medical coding market report based on classification system, component, and medical specialty:

• Classification System Outlook (Revenue, USD Million, 2021 - 2033)
• ICD
• HCPCS
• CPT
• Component Outlook (Revenue, USD Million, 2021 - 2033)
• In-house
• Outsourced
o Onshore
o Offshore
• Medical Specialty Outlook (Revenue, USD Million, 2021 - 2033)
• Oncology
• Cardiology
• Anesthesia
• Radiology
• Pathology
• Pain Management
• Emergency Services
• Others

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Table of Contents

Table of Contents

Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Market Definitions
1.2.1. Product Segment
1.2.2. Application Segment
1.3. Information analysis
1.3.1. Market formulation & data visualization
1.4. Data validation & publishing
1.5. Information Procurement
1.5.1. Primary Research
1.6. Information or Data Analysis
1.7. Market Formulation & Validation
1.8. Market Model
1.9. Total Market: CAGR Calculation
1.10. Objectives
1.10.1. Objective 1
1.10.2. Objective 2
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Snapshot
2.3. Competitive Insights Landscape
Chapter 3. U.S. Medical Coding Market Variables, Trends, & Scope
3.1. Market Segmentation and Scope
3.2. Market Lineage Outlook
3.2.1. Parent Market Outlook
3.2.2. Related/Ancillary Market Outlook
3.3. Market Trends and Outlook
3.4. Market Driver Analysis
3.5. Market Restraint Analysis
3.6. Business Environment Analysis
3.6.1. PESTLE Analysis
3.6.2. Porter’s Five Forces Analysis
Chapter 4. U.S. Medical Coding Market: Classification System Estimates & Trend Analysis
4.1. U.S. Medical Coding Market: Classification System Movement and Market Share Analysis
4.2. U.S. Medical Coding Classification System Market: Segment Dashboard
4.3. ICD
4.3.1. ICD Market, 2021 - 2033 (USD Million)
4.4. CPT
4.4.1. CPT Market, 2021 - 2033 (USD Million)
4.5. HCPCS
4.5.1. HCPCS Market, 2021 - 2033 (USD Million)
Chapter 5. U.S. Medical Coding Market: Component Estimates & Trend Analysis
5.1. U.S. Medical Coding Market: Component Movement and Market Share Analysis
5.2. U.S. Medical Coding Component Market: Segment Dashboard
5.3. In-house
5.3.1. In-house Market, 2021 - 2033 (USD Million)
5.4. Outsourced
5.4.1. Outsourced Market, 2021 - 2033 (USD Million)
5.4.2. Onshore
5.4.2.1. Onshore Market, 2021 - 2033 (USD Million)
5.4.3. Offshore
5.4.3.1. Offshore Market, 2021 - 2033 (USD Million)
Chapter 6. U.S. Medical Coding Market: End Use Estimates & Trend Analysis
6.1. U.S. Medical Coding Market: Medical Specialty Movement and Market Share Analysis
6.2. U.S. Medical Coding Medical Specialty Market: Segment Dashboard
6.3. Oncology
6.3.1. Oncology Market, 2021 - 2033 (USD Million)
6.4. Cardiology
6.4.1. Cardiology Market, 2021 - 2033 (USD Million)
6.5. Anesthesia
6.5.1. Anesthesia Market, 2021 - 2033 (USD Million)
6.6. Radiology
6.6.1. Radiology Market, 2021 - 2033 (USD Million)
6.7. Pain Management
6.7.1. Pain Management Market, 2021 - 2033 (USD Million)
6.8. Pathology
6.8.1. Pathology Market, 2021 - 2033 (USD Million)
6.9. Emergency Services
6.9.1. Emergency Services Market, 2021 - 2033 (USD Million)
6.10. Others
6.10.1. Others Market, 2021 - 2033 (USD Million)
Chapter 7. Competitive Landscape
7.1. Participant’s Overview
7.2. Financial Performance
7.3. Company Market Position Analysis
7.4. Strategy Mapping
7.4.1. Expansion
7.4.2. Acquisition
7.4.3. Collaborations
7.4.4. New Product Launches
7.4.5. Partnerships
7.4.6. Others
7.5. Participant’s overview
7.5.1. STARTEK
7.5.1.1. Overview
7.5.1.2. Financial Performance
7.5.1.3. Product Benchmarking
7.5.1.4. Strategic Initiatives
7.5.2. Oracle
7.5.2.1. Overview
7.5.2.2. Financial Performance
7.5.2.3. Product Benchmarking
7.5.2.4. Strategic Initiatives
7.5.3. Maxim Healthcare Services
7.5.3.1. Overview
7.5.3.2. Financial Performance
7.5.3.3. Product Benchmarking
7.5.3.4. Strategic Initiatives
7.5.4. Paraxel International Corporation
7.5.4.1. Overview
7.5.4.2. Financial Performance
7.5.4.3. Product Benchmarking
7.5.4.4. Strategic Initiatives
7.5.5. Aviacode Inc.
7.5.5.1. Overview
7.5.5.2. Financial Performance
7.5.5.3. Product Benchmarking
7.5.5.4. Strategic Initiatives
7.5.6. Verisk Analytics, Inc.
7.5.6.1. Overview
7.5.6.2. Financial Performance
7.5.6.3. Product Benchmarking
7.5.6.4. Strategic Initiatives
7.5.7. Precyse Solutions, LLC
7.5.7.1. Overview
7.5.7.2. Financial Performance
7.5.7.3. Product Benchmarking
7.5.7.4. Strategic Initiatives
7.5.8. Medical Record Associates, LLC.
7.5.8.1. Overview
7.5.8.2. Financial Performance
7.5.8.3. Product Benchmarking
7.5.8.4. Strategic Initiatives