Europe Medical Coding Market

Europe Medical Coding Market Size (2023 to 2028)

The medical coding market size in Europe is expected to be valued at USD 10.03 billion by 2028 from USD 5.91 billion in 2023, growing at a CAGR of 11.16% between 2023 to 2028.

The growing prevalence of medical coding in hospitals across Europe majorly boosts the European medical coding market growth. Medical coding takes the patient's data, such as medical procedures, diagnosis, medical equipment, and medical service information, from the healthcare providers and converts it into a universal language. Medical coders play a significant role in the revenue cycle management team in the healthcare sector. Medical coder helps provide health-related documents by using medical coding language, reducing errors in healthcare bills.

The growing number of insurance frauds or reluctance in the healthcare sector also fuels the growth rate of the European market. Owing to the increasing number of chronic diseases such as cancer, cardiovascular, and arthritis among the population, people prefer taking treatment with advanced medical devices to increase the success rate of the operations. As per a recent survey, nearly 35% of the population suffers from chronic diseases. These results in increases in medical costs and demands for increasing insurance companies. Insurance companies need a complete healthcare-related document and billing details to reimburse medical insurance money. Inaccuracies in data and poor coding can also result in the denial of insurance policies.

In addition, due to the presence of documents in ordinary language, there may be a chance of fraud in insurance companies. All these provisions in the medical coding document drive the European market growth. Furthermore, increasing the availability of treatment in various countries also helps the development of market growth. Every hospital medical report is written in their respective countries' language, which only the healthcare provider in a particular region understands. In addition, medical coding can make a patient's health report understandable to healthcare professionals in other nations or areas if patients need treatment outside the region. Increasing adoption of advanced technologies such as machine learning and artificial intelligence is also a factor in the market's growth. Researchers are focusing on developing advanced software to fill the medical coding for clinical documents automatically. The growing number of research and development activities, increasing next-generation coding, increasing software approvals, and reimbursement solutions further supports the regional market growth.

On the other hand, the lack of skilled professionals in Europe primarily hampers the regional market growth. The high cost of the medical coding systems and difficulty maintaining the system further hinder the market growth. Data security concerns, updating thousands of codes, lack of proper software, and documentation errors are inhibiting the growth rate of the European market.

This research report on the Europe medical coding market has been segmented and sub-segmented into the following categories.

By Component:

• In-house
• Outsourced

Based on components, the outsourced segment had the leading share of the European medical coding market in 2022 and is expected to have a healthy CAGR during the forecast period.

By Classification System:

• International Classification of Diseases (ICD)
• Healthcare Common Procedure Code System (HCPCS)

Based on the classification system, the ICD segment accounted for the major share of the European market in 2022.

By End-User:

• Hospitals
• Diagnostic Centers

Based on end-user, the hospital segment led the market in 2022.

By Country:

• UK
• France
• Spain
• Germany
• Italy
• Russia
• Sweden
• Denmark
• Switzerland
• Netherlands
• Turkey
• Czech Republic
• Rest of Europe

The Europe medical coding market accounted for a notable share of the worldwide market in 2022 and is expected to grow at a healthy CAGR during the forecast period owing to the growing number of hospitals and increasing adoption of advanced technologies. ICD9 and ICD10 are the coding system used in Europe.

The UK accounted for a noteworthy share of the European market in 2022 and is expected to grow considerably during the forecast period owing to the increasing awareness programs by the training centers, increasing efforts by the key market players in the UK to spread awareness about the medical coding benefits in the healthcare sector and provider information regarding the training centers and the career growth in the medical coding sector. The growth of the UK market is further driven by the growing number of training centers for medical coding courses.

Germany is another potential market for medical coding in the European region. It is expected to grow at a steady CAGR during the forecast period owing to the growing number of medical coder jobs in Germany and the rising adoption of digital technology in hospitals. Many hospitals are adopting electronic health records and billing software to gather patient data in one place without any manual errors.

KEY MARKET PLAYERS:

3M Health Information Systems, Optum, Cerner Corporation, McKesson Corporation, Dolbey, Nuance Communications and Precyse Technologies are some of the notable players in the European medical coding market.