The global ICD-10 market was valued US$ 18.78 billion in 2022, and it is expected to grow at a CAGR of 10.0% over the forecast period. By 2032, the global market is expected to be worth US$ 18.78 billion. The growing requirement for a uniform language in medical documentation to streamline hospital billing operations is driving market expansion.
Attributes
Details
ICD-10 Market CAGR
10%
ICD-10 Market Size 2022
US$ 18.78 billion
ICD-10 Market Size 2032
US$ 18.78 billion
International Classification of Diseases (ICD) -10 is a new system, launched in October 2015 by the World Health Organization (WHO). It classifies and monitors diseases, their symptoms, and track causes of injury and abnormal findings. ICD-10 uses codes to classify the diseases.
These codes are used to provide better information of diseases thus helping in improving the quality of patient care. For instance, data captured by ICD-10 can help to provide better understanding of complications and help to frame clinically robust algorithms.
The applications of ICD-10 include noting diseases on health records, tracking the trends in epidemiology, and assisting in decisions made for medical reimbursement. The WHO develops and publishes these ICD-10 codes, and institutions such as governments and regulating bodies adopt it.
In the U.S., ICD-10 has been split into two systems. This includes ICD-10-CM (Clinical Modification) which is used for diagnostic coding. Second is ICD-10-PCS (Procedure Coding System) which is used for inpatient hospital procedure coding. The U.S.-specific ICD-10 conform to WHO's ICD-10 layout as well as allowing the addition of other details found in U.S. healthcare.
Before ICD-10 was adopted on October 1st 2015, ICD-9 was in use in the U.S. However, the need for more elaborate listings of diseases and conformity to modern healthcare practices gave rise to the implementation of ICD-10. ICD-10 codes offer more number of classification options as compared ICD-9.
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The Shining Light of the Market
The need for quality measurement and medical error reduction for patient safety led to the improvement of ICD-9 and the creation of ICD-10. ICD-10-CM has 69,000 diagnosis codes compared to ICD-9-CM's 14,000 codes. This more correctly represents the problem's specificity. ICD-10 also has a greater number of combination codes than ICD-9, which had a limited number of combination codes. This boosts the ICD-10 market adoption trends.
Second, the need for a large amount of medical data for clinical research drives demand for ICD-10. With all of the information in one place, it is much easier to retrieve data for clinical study.
Rising insurance fraud and insurance concerns related to misinterpretation of medical papers are also driving demand for ICD-10, particularly in developed countries.
Frequent categorization system revisions, combined with increased use of coding and billing methods in hospital revenue cycle management, are likely to create considerable ICD-10 market growth potential during the forecast period.
However, the deployment of ICD-10 by healthcare professionals across the country proved to be quite costly, which results in restraining the ICD-10 market growth. This is due to the fact that each healthcare provider, together with other organisations in the chain, employs at least 100 physicians. As a result, adopting it throughout the chain becomes prohibitively expensive for providers.
North America dominated the ICD-10 market, accounting for the greatest revenue share. The high adoption rate of sophisticated healthcare solutions in everyday hospital operations, as well as the availability of a large number of medical coding solution providers, is projected to contribute to the region's dominance throughout the forecast period.
Increasing awareness of the availability of advanced hospital solutions, increased penetration of private healthcare insurance companies, and an increase in the number of medical coding outsourcing companies in Asia Pacific are some of the key factors expected to drive profitable regional growth of the market for ICD-10.
Furthermore, the Asia Pacific market for ICD-10 is likely to benefit from factors such as improving healthcare facilities and booming medical tourism in countries such as China, India, Malaysia, and Thailand.
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.
Aidéo Technologies said in April 2020 that it would provide free access to its AI-enabled medical coding engine Gemini AutoCode to healthcare organisations and revenue cycle management companies in response to COVID-19.
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Global ICD-10 Market: Drivers and Restraints
Need for quality measurement and medical error reduction for the safety of patients led to the improvisation of ICD-9 and creation of ICD-10. ICD-10-CM contains 69,000 diagnosis codes as compared to 14,000 codes of ICD-9-CM. This captures the specificity of the problem more accurately. ICD-10 also provides a large number of combination codes in comparison to ICD-9 which had limited combination codes.
Secondly, need for a large amount of medical data for the purpose of clinical research also drives the demand for ICD-10. With the availability of all the information at one place, it becomes easy to extract information for clinical research.
However, the implementation of ICD-10 across the country by healthcare providers proves to be very costly. This is because each healthcare provider has a minimum of 100 physicians under it along with other entities in the chain. Therefore, implementing it across the chain becomes very expensive for the providers.
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.
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The report covers exhaustive analysis on
Global ICD-10Market Segments
Global ICD-10Market Dynamics
Historical Actual Market Size, 2012 - 2014
Global ICD-10Market Size & Forecast 2015 to 2025
Supply & Demand Value Chain
Global ICD-10 Market Current Trends/Issues/Challenges
Technology
Value Chain
Global ICD-10 Market Drivers and Restraints
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments.
