Mushrooming preference towards the usage of cloud-based solutions and the mandate for ICD-11 guidelines is surging the medical terminology software market. The software helps minimize the gap between medical terminology and general language. Evolving healthcare industry coupled with the rising integration of technology has further broadened the scope for the usage of clinical vocabulary. Therefore, in order to minimize the errors, the demand for medical terminology software is burgeoning across the globe.
With the growing adoption for HCIT technologies and disparity and terminology and fragmentation in the terminology content for patient’s care. Another major reason for the growth of the growing need for reducing medical errors coupled with the need for a data source with transparency in patient care. The penetration of medical terminology is driving the growth of medical terminology during 2020-25.
According to the MarkNtel Advisors’ research report, “Global Medical Terminology Software Market Analysis, 2020”, the medical terminology market is expected to grow at a CAGR of around 17.6% during 2020-25.
North America was the Major Market for Competitors
The North America region grabbed the largest market share in 2019, due to the presence of leading players introducing highly advanced technological innovations and strict regulations regarding patient safety. Moreover, the innovations in healthcare, spending of healthcare institutes and academia on advanced tools and technologies is highest in the region. Therefore, the region is set to maintain its dominance during the forecast period as well. However, the Asia-Pacific region is set to grow at a rapid pace owing to the improving healthcare infrastructure and surging medical insurance coverage. India is anticipated to show an increased demand as it is emerging as a lucrative market in the global healthcare market providing advanced medical treatment at low costs.
Countries such as Singapore, China, Australia and New Zealand are also opting for healthcare IT solutions. Europe and South America are witnessing rapid developments with the expansion of the advanced technologies and shifting preference towards technologically advanced software is aiding in the growth in the region.
Based on the end user, the medical terminology segment is sub-segmented into healthcare providers, healthcare payers and healthcare IT vendors. Healthcare providers grabbed the largest share on account of the rising occurrence of medical errors and need for the generating correct patient data.
In 2019, the data aggregation segment led the market with the highest market share due to increasing need for improvement in the data transparency of patient’s care and measurement and generation of correct data for patients care as revealed by MarkNtel Advisors’ in their research report, “Global Medical Terminology Software Market Analysis, 2020”.
According to the MarkNtel Advisors the major leading players are 3M, Clinical Architecture, Apelon, B2I Healthcare PTE Ltd., Intelligent Medical Objects, Inc., Wolters Kluwer, Carecom, Bitac, Hivework, BT clinical Computing among others. The companies are merging and partnering together for the expansion of the business. CareCom in Demark in 2018 came into a strategic partnership with Teito in Finland and IT software solution company and to manage the semantic interoperability of Healthcare IT systems.
“Global Medical Terminology Software Market Analysis, 2020”, provides comprehensive qualitative and quantitative insights on the industry potential, key factors such as trends, drivers, hotspots and opportunities and challenges available for medical terminology software providers across the globe. Moreover, the report also encompasses the key leading players in the industry, along with competitive benchmarking and competition matrix and company profiling.
1. By Product and Services (Services and Platforms)
2. By Application (Data Aggregation, Reimbursement, Public Health Surveillance, Data Integration, Decision Support, Clinical Trials, Quality Reporting, Clinical Guidelines)
3. By End-User (Healthcare providers, payers and IT vendors)
4. By Region (North America, South America, Europe, Middle East and Africa, Asia-Pacific)
5. By Country (United States, Canada, Mexico, Brazil, Argentina, Germany, Italy, United Kingdom, Spain, France, UAE, Saudi Arabia, South Africa, China, India, Japan, Australia, South Korea)
6. By Company (3M, Clinical Architecture, Apelon, B2I Healthcare PTE Ltd., Intelligent Medical Objects, Inc., Wolters Kluwer, Carecom, Bitac, Hivework, BT clinical Computing)
Key questions answered in the study:
1. What are the current and future trends of the global medical terminology software market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the globe?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the global medical terminology software market industry?
6. What are the customer orientation, purchase behavior, and expectations from global medical terminology software suppliers across various regions?