Medical Terminology Software Market by Application (Data Aggregation, Reimbursement, Decision Support, Clinical Trials), Product & Service (Services and Platforms), End User (Healthcare Provider, Payer, IT Vendor) - Global Forecast to 2024
“The global medical terminology software market is projected to grow at a CAGR of 20.4% during 2019-2024.”
The global medical terminology software market is projected to reach USD 1,786 million by 2024 from USD 707 million in 2019, at a CAGR of 20.4% from 2019 to 2024. The growth of this market is driven by factors such as the rising focus on minimizing medical errors, government initiatives for HCIT adoption, and disparity and fragmentation in the terminology content of healthcare organizations. The increasing need to maintain data integrity is expected to provide further growth opportunities for market players in the coming years. However, the reluctance to use terminology software over conventional practices will pose a major challenge to the growth of the medical terminology software market during the forecast period.
“Quality reporting to register the highest growth during the forecast period”
On the basis of application, the medical terminology software market is segmented into data aggregation, data integration, decision support, clinical guidelines, reimbursement, quality reporting, clinical trials, and public health surveillance. The quality reporting segment is expected to register the highest growth during the forecast period. Rising government initiatives to implement regulations promoting the adoption of quality reporting is a key factor driving the growth of this segment.
“The healthcare providers segment is expected to witness the highest growth due to the increasing need to minimize medical errors”
Based on end user, the medical terminology software market is broadly segmented into healthcare providers, healthcare payers, HCIT vendors, and other end users. The healthcare providers segment is expected to register the highest growth during the forecast period. This can be attributed to the increasing demand for minimizing medical errors arising due to the incorrect interpretation of patient data.
“APAC to be the fastest-growing region in the medical terminology software market during the forecast period”
The Asia Pacific market is projected to register the highest growth rate during the forecast period. Factors such as improving healthcare infrastructure, rising healthcare insurance coverage, and growing medical tourism in the region are driving the growth of the medical terminology software market in the Asia Pacific. Asian countries such as India, China, Malaysia, and Indonesia are in the early stages of adopting healthcare IT solutions including medical terminology solutions, while countries like Australia, New Zealand, and Singapore are at the forefront.
The breakdown of primary participants is listed below:
By End User: Tier 1 - 27%, Tier 2 - 37%, and Tier 3 - 36%
By Designation: C-level - 46%, Director-level - 36%, and Others - 18%
By Region: North America - 39%, Europe - 23%, Asia Pacific - 15%, Latin America - 8%, and the Middle East & Africa - 15%
Prominent players in the medical terminology software market are Wolters Kluwer, 3M, Intelligent Medical Objects, Apelon, Clinical Architecture, CareCom, Bitac, B2i Healthcare, BT Clinical Computing, and HiveWorx.
The report analyzes the various type of medical terminology software and their adoption patterns. It aims at estimating the market size and future growth potential of the global medical terminology software market for different segments such as application, product& service, end user, and region. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies for strengthening their presence in the market.
This report provides insights on the following pointers:
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the global medical terminology software market. The report analyzes the global medical terminology software market by application, product & service, end user, and region
Product Development/Innovation: Detailed insights on the upcoming trends and new product launches in the global medical terminology software market
Market Development: Comprehensive information on the lucrative emerging regions by application, product & service, and end user
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the global medical terminology software market
Competitive Assessment: In-depth assessment of market ranking, growth strategies, and products of leading players in the global medical terminology software market
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