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.
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.
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.
|Market Size||1814.39 Million USD|
|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||
|Key Market Drivers||
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.