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.
A new system called the International Classification of Diseases (ICD) -10 was introduced by the World Health Organization in October 2015. (WHO). 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. These codes are used to give better disease information, which helps to raise the standard of patient care.
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The ICD-10 Market refers to the market for software solutions, consulting services, and training programs related to the International Classification of Diseases, Tenth Revision (ICD-10). The ICD-10 is a medical classification system that is used by healthcare providers and insurance companies to classify and code diagnoses and procedures.
The market for ICD-10 is driven by the growing adoption of electronic health records (EHRs) and the need for standardized coding systems. The implementation of ICD-10 has led to increased accuracy and specificity in coding, which has helped healthcare providers and insurance companies to better track and analyze healthcare data.
The market is segmented by product type, end-user, and geography. The major product types include software solutions, consulting services, and training programs. The key end-users of ICD-10 include hospitals and clinics, insurance companies, and government bodies.
Competitive Landscape
ICD-10 codes are developed and published solely by the World Health Organization (WHO), and the system is used by government agencies and other governing authorities.
Client involvement through long-term contracts, as well as developing regional presence, is some of the primary techniques employed by these leaders in the market for ICD-10 to gain a competitive advantage.
Recent Occurrences
- Cooperation
Innoventrum and Dental Medical Billing formed cooperation in January 2021 to develop a superior credentialing programme for dental-to-medical cross-coding and billing. Candidates in the programme can obtain designations in nine disciplines, including dental implant coding, sleep apnea, oral surgery, sedation dentistry, and CBCT coding and reimbursement.
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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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