Press Release

A USD 1.3 Billion Global Medical Terminology Software Market to Grow at a CAGR of Around 17.44% During 2024-30

The Global Medical Terminology Software Market size was valued at around USD 1.3 billion in 2023 & is estimated to grow at a CAGR of around 17.44% during the forecast period, i.e., 2024-30 to reach USD 4.7 billion by 2030, cites MarkNtel Advisors in the recent research report. The need to standardize patient data, improve data-related operations, save clinical information, streamline patient documentation procedures, and reduce medical errors are the main factors propelling market growth.

The exponential growth of medical tourism in fast-growing emerging economies such as India, the Philippines, Thailand, the UAE, Turkey, etc., owing to the low cost of medical procedures, is contributing to the growing integration of medical terminology software in healthcare settings. Additionally, a considerably high number of fatalities are reported each year across the globe due to a lack of proper diagnosis or any errors caused by an improper understanding of various terminology. As a result of this, healthcare service providers, doctors, and other industry stakeholders are exploring innovative ways to collect and maintain proper data records to get guidance in terms of paperwork, hence enhancing the performance of the overall system.

Furthermore, by formulating proactive policies and processes, governments across the globe have been deploying Health Information Technologies (HITs) in healthcare settings faster. As of 2022, the U.S. Department of Health and Human Services has offered funding opportunities in HIT under the Leading Edge Acceleration Projects (LEAP). In addition to raising health IT standards and solutions to improve communication and research on Social Determinants of Health (SDOH), the funding opportunity aims to develop tools for using EHR data for research.

In addition, the prominent competitors in the medical terminology software industry are heavily investing in R&D activities to produce new software & products integrated with present-day technologies and thereby enhance their position in the industry, further states the research report, “Global Medical Terminology Software Market Analysis, 2024.”

Segmentation Analysis

'Healthcare Providers' Segment Holds a Major Market Share

Based on the end-user, the market is further bifurcated into healthcare providers, healthcare payers, healthcare IT vendors, and others. The healthcare providers segment held the majority market share of medical terminology software in 2023. The dominance of the segment has been attributed to several factors, including patient safety concerns, the expanding use of EHRs and clinical decision support systems in hospitals, and the requirement for clinical interface terms throughout the healthcare system. Further, the use of medical terminology software allows healthcare professionals to rapidly identify possible health risks and accurately record patient histories, diagnoses, and treatment plans, thereby increasing its acceptance. Government-mandated quality standard compliance regulations for healthcare providers also contribute to the segment's growth. Furthermore, the shift to decentralized clinical trials is catalyzing global medical terminology software.

North America to Lead the Global Medical Terminology Software Market

North America is anticipated to hold the largest market share of the Medical Terminology Software Market globally in the forthcoming years. This dominance is fueled by an increasing preference for cloud-based solutions and uncompromising regulations concerning patient safety. Further, the increasing number of clinical trials driven by the significant prevalence of various diseases, the aging population, and the lack of efficacy of current diagnostic and treatment methodologies has initiated the adoption of medical terminology software in the region for better understanding and communication of medical terms.

Moreover, the presence of existing leading medical terminology software companies, along with the escalating adoption of healthcare IT (HCIT) technologies and the growing necessity for efficient patient record management to bolster operational efficiency, would further propel regional market growth in the foreseeable future.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including 3M, Clinical Architecture, Apelon, B2i Healthcare, Intelligent Medical Objects Inc., Wolters Kluwer, Carecom, Bitac, Hivework, BT Clinical Computing, Medicomp Systems, Inc., and others, are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the regions?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across the regions?
6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?