The global ICD-10 market was estimated to be worth US$ 18.78 billion in 2022, and over the forecast period, it is anticipated to expand at a CAGR of 10.0%. The estimated value of the global market in 2032 is US$18.78 billion. Market expansion is being driven by the expanding need for a standard language in medical documentation to simplify hospital billing procedures.
The World Health Organisation (WHO) introduced the ICD -10 system, a new classification of diseases, in October 2015. It categorises and keeps track of diseases, their symptoms, as well as the origins of injuries and unusual findings. ICD-10 categorises diseases using codes.
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These codes are used to give better disease information, which helps to raise the standard of patient care.
The ICD-10 market refers to the global market for products and services related to the International Classification of Diseases, Tenth Revision (ICD-10) coding system. The ICD-10 coding system is used by healthcare providers and payers to accurately code and classify medical diagnoses and procedures.
One of the main drivers of the ICD-10 market is the increasing adoption of electronic health records (EHRs) by healthcare providers. EHRs are used to store and manage patient health information, and they require accurate and consistent coding of medical diagnoses and procedures. The ICD-10 coding system provides a more detailed and comprehensive set of codes compared to its predecessor, ICD-9, which allows for more accurate and specific coding of medical conditions and procedures.
Another key driver of the market is the increasing focus on healthcare quality and cost control. The ICD-10 coding system provides a more detailed and comprehensive set of codes, which enables healthcare providers to more accurately track and measure patient outcomes, identify areas for improvement, and optimize treatment plans. This can lead to better quality of care, improved patient outcomes, and reduced healthcare costs.
The ICD-10 market is also being driven by regulatory requirements. In many countries, including the United States, the use of the ICD-10 coding system is mandated by law. This has led to a significant increase in demand for ICD-10 coding products and services, as healthcare providers and payers need to ensure compliance with regulatory requirements.
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Global ICD-10 Market: Key Players
The World Health Organization (WHO) is the sole developer and publisher of ICD-10 codes, while the system is adopted by government agencies and other regulating bodies.
Global ICD-10 Market: Market Segmentation
Segmentation on basis of type:
- ICD-10-CM (Clinical Modification)
- ICD-10-PCS (Procedure Coding System)
Segmentation on basis of End-user:
- Healthcare providers
- Coders
- IT professionals
- Insurance carriers
- Government agencies
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