Medical Terminology Software Market Research Report - Forecast till 2030

Medical Terminology Software Market Research Report, by Product & Service (Services, Platforms), Application (Public Health Surveillance, Data Integration, Clinical Trials), End User (Healthcare Providers, Payers, IT vendors)- Forecast till 2030

ID: MRFR/HC/6315-HCR | September 2022 | Region: Global | 160 Pages         

Medical Terminology Software Market

Medical Terminology Software Market is expected to register a CAGR 19% during the forecast period of 2020–2030.

Segmentation

By Product & service Services Platforms
By Application Public Health Surveillance Data Integration Clinical Trials
By End User Healthcare Providers Payers It Vendors

Key Players

  • Wolters Kluwer
  • 3M
  • Intelligent Medical Objects
  • Clinical Architecture
  • Apelon
  • Carecom
  • Bitac
  • B2i Healthcare
  • BT Clinical Computing
  • HiveWorx

Drivers

  • Rising need to curb medical errors
  • Increasing demand for the standardization of patient data along with the accumulation of large amounts of healthcare data
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Medical Terminology Software Market Overview


It is estimated that the global medical terminology software market is expected to register a CAGR 19% during the forecast period of 2022–2030. Medical terminology can be outlined as a language used to describe the frame together with its elements, processes, conditions touching it, and procedures performed upon it. It is employed in medication and healthcare, and its software is utilized to assist the bridging the gap between clinical terminology and general language. The medical terminology software simplifies patient documentation and facilitates the capture of clinical information. Medical terminology is the language used to describe elements and processes of the frame, medical procedures, diseases, disorders, and pharmacology. This terminology software is employed to standardize patient information and handle the build-up. Several factors help the market to gain growth. Such factors are rising urbanization and growing specialization in minimizing medical errors to maintain the information integrity will expand the market size in the future. It is essential software that helps medical institutes and hospitals keep up with standardized patient records. Many patients die due to medical errors; by using this, the hospitals can minimize it to a huge extent. The major key players of the market who impact the market size will improve the market globally.


Medical Terminology Software Market Segmentation


The global medical terminology software market is segmented on the basis of product & service, application, and end user.

The medical terminology software market, by product & service, is categorized into services and platforms.

Based on application, the medical terminology software market is segmented into data aggregation, reimbursement, public health surveillance, data integration, decision support, clinical trials, quality reporting, and clinical guidelines.

On the basis of end user, the market is segmented into healthcare providers, healthcare payers, and healthcare IT vendors. The healthcare providers subcategory is further divided into healthcare service providers and health information exchanges. The healthcare payers subcategory is further divided into private payers and public payers

On the basis of region, the global medical terminology software market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. The Americas is sub-segmented into North America and Latin America. The North American region is further segmented into the US and Canada. The European region is divided into two, namely, Western Europe and Eastern Europe. Western Europe is further classified into Germany, Italy, France, the UK, Spain, and the rest of Western Europe. The Asia-Pacific region is sub-segmented into Japan, China, India, Australia, South Korea, and the rest of Asia-Pacific. The medical terminology software market in the Middle East and Africa has been segmented into the Middle East and Africa.

 


Medical Terminology Software Market Key players


Some of the key players in the global medical terminology software market are Wolters Kluwer (Netherlands), 3M (US), Intelligent Medical Objects (US), Apelon (US), Clinical Architecture (US), CareCom (Denmark), Bitac (Spain), B2i Healthcare (Hungary), BT Clinical Computing (Belgium), and HiveWorx (Ireland).

Medical Terminology Software Regional Market Summary

Global Medical Terminology Software Market Share (%), by Region, 2017 Global Medical Terminology Software Market Share, by Region, 2017


Sources: Centers for Disease Control and Prevention (CDC), US Department of Health and Human Services, National Institutes of Health


It is projected that the Americas dominated the global medical terminology software market owing to the growth of the market in the North American region. This is largely attributed to factors such as increasing preference for cloud-based solutions along with the growing trend for semantic interoperability will support market growth in this region. Europe is expected to hold the second largest share in the medical terminology software market owing to the introduction to ICD-11 guidelines, especially in emerging markets.


Asia-Pacific was projected to be the fastest growing region for the global medical terminology software market. This owes to the increasing demand for minimizing medical errors arising due to the incorrect interpretation of patient data in the Asia-Pacific region. The Middle East and Africa holds the least share in the global medical terminology software market due to the presence of economically diverse countries, and fewer initiatives taken by the government.


Global Medical Terminology Software Market, by Product & Service


  • Services

  • Platforms


Global Medical Terminology Software Market, by Application


  • Data Aggregation

  • Reimbursement

  • Public Health Surveillance

  • Data Integration

  • Decision Support

  • Clinical Trials

  • Quality Reporting

  • Clinical Guidelines


Global Medical Terminology Software Market, by End User


  • Healthcare Providers

    • Healthcare Service Providers

    • Health Information Exchanges



  • Healthcare Payers

    • Private Payers

    • Public Payers



  • Healthcare It Vendors

  • Others


Global Medical Terminology Software Market, by Region


  • Americas

    • North America

      • US

      • Canada



    • Latin America



  • Europe

    • Western Europe

      • Germany

      • France

      • Italy

      • Spain

      • UK

      • Rest of Western Europe





  • Eastern Europe

  • Asia-Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Rest of Asia-Pacific



  • The Middle East & Africa

    • Middle East

    • Africa




Global Medical Terminology Software Market, Key Players


  • Wolters Kluwer

  • 3M

  • Intelligent Medical Objects

  • Clinical Architecture

  • Apelon

  • Carecom

  • Bitac

  • B2i Healthcare

  • BT Clinical Computing

  • HiveWorx


Recent Development


In May 2022


The Chicago-based Nasdaq company announced that it had completed the sale of the net assets of the Allscripts Hospital and Large Physician Practices. The business segment to Constellation Software Inc. (TSX: CSU) through its wholly-owned subsidiary N. Harris Computer Corporation ("Harris").


SmartFit, a well-known company for its gamified brain-body wellness and rehab solutions for all ages, announces a major software update focused on improving the health and happiness of assisted populations.


In March 2022


NVIDIA announced recently that Clara Holoscan MGX™, a platform for the medical device industry to develop and deploy real-time AI applications at the edge, is specifically designed to meet required regulatory standards.

Intended Audience



  • Medical device companies

  • Laboratories

  • Government institutions

  • Research and Development (R&D) companies

  • Medical research laboratories



Report Scope:

Report Attribute/Metric Details
  Market Size   1814.39 Million USD
  CAGR   2020-2030: 19%
  Base Year   2019
  Forecast Period   2030
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Product & Service, Application, And End User
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Wolters Kluwer (Netherlands), 3M (US), Intelligent Medical Objects (US), Apelon (US), Clinical Architecture (US), CareCom (Denmark), Bitac (Spain), B2i Healthcare (Hungary), BT Clinical Computing (Belgium), and HiveWorx (Ireland).
  Key Market Opportunities

  • Increased inventory control and tracking
  • New product launches
  •   Key Market Drivers

  • Rising need to curb medical errors
  • Increasing demand for the standardization of patient data along with the accumulation of large amounts of healthcare data


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    Frequently Asked Questions (FAQ) :

    The global medical terminology software market is projected growth of CAGR of 19% during the forecast period of 2020–2030.

    The rising focus on minimizing medical errors, government initiatives for HCIT adoption, and disparity and fragmentation in the terminology content of healthcare organizations are anticipated to fuel the growth of the Medical Terminology Software Market.

    Medical Terminology Software Market is segmented based on Product & Service, Application, And End User.

    The Application included in Public Health Surveillance, Data Integration and Clinical Trials.