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 global ICD-10 market is anticipated to be worth US$ 18.78 billion in 2022, with a CAGR of 10.0% over the forecast period. The global market is anticipated to be valued US$ 18.78 billion by 2032. The increased need for standardised medical documentation to optimise hospital billing processes is driving market growth.
The World Health Organization launched the International Classification of Diseases (ICD) -10 system in October 2015. (WHO). It categorises and monitors diseases and their symptoms, as well as the causes of injuries and abnormal findings. ICD-10 codes are used to classify diseases.
These codes are used to offer improved disease information, hence enhancing the quality of patient care. For example, ICD-10 data can serve to provide a better understanding of problems and to define clinically robust algorithms.
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ICD-10 applications include identifying diseases on health records, following epidemiological patterns, and assisting in medical reimbursement choices. The WHO creates and publishes these ICD-10 codes, which are then adopted by entities such as governments and regulatory authorities.
ICD-10 has been divided into two systems in the United States. This contains ICD-10-CM (Clinical Modification), a diagnostic coding system. The second system is ICD-10-PCS (Procedure Coding System), which is used for coding inpatient hospital procedures. The US-specific ICD-10 conforms to the WHO’s ICD-10 architecture while also allows for the addition of additional details present in US healthcare.
Prior to the adoption of ICD-10 on October 1, 2015, ICD-9 was in use in the United States. However, the need for more detailed disease listings and compliance with modern healthcare practises led to the implementation of ICD-10. ICD-10 codes have more classification options than ICD-9 codes.
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.
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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.
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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.
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Global ICD-10 Market: Market Segmentation
Segmentation on basis of type:
Segmentation on basis of End-user:
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Dec 15, 2022
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