Market Definition
Adequately maintaining healthcare records of individuals is challenging for hospitals & healthcare institutes, and it adversely affects patients during their treatment. Every year, several patients die because of errors in their healthcare records. As a result, the demand for medical terminology software to minimize healthcare errors & enable appropriate treatment for patients is significantly surging worldwide. It has extensive usage in clinical trials, insurance claims & reimbursements, public health monitoring, etc., and helps healthcare centers efficiently manage patient records.
Market Insights
The Global Medical Terminology Software Market is expected to witness around 21.11% CAGR during the forecast period, i.e., 2021-26. The growth of the market is driven primarily by the increasing demand to uniform the patient data & reduce medical errors, coupled with various government initiatives for encouraging the adoption of Healthcare Information Technology (HCIT). Besides, the leading market players massively investing in numerous R&D activities to introduce new software & products integrated with modern technologies and thus strengthen their position in the industry is another crucial aspect driving the global market.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR (2021-2026) | 21.11% |
| Regions Covered | North America: USA, Canada, Mexico |
| Europe: Germany, UK, France, Italy, Spain | |
| Asia-Pacific: China, India, Japan, South Korea, Australia and Others | |
| South America: Brazil, Others | |
| Middle East & Africa: UAE, Saudi Arabia, South Africa | |
| Key Companies Profiled | 3M, Clinical Architecture, Apelon, B2I Healthcare PTE Ltd., Intelligent Medical Objects, Inc., Wolters Kluwer, Carecom, Bitac, Hivework, and BT Clinical Computing |
| Unit Denominations | USD Million/Billion |
Moreover, the burgeoning adoption of medical terminology software across numerous hospitals & healthcare institutes to enhance patient documentation processes, store clinical information, and improve data-related operations is another crucial aspect promoting the overall market growth.
In addition, the fragmentation in the terminology content of healthcare firms is also augmenting the demand for medical terminology software to enable them to manage patient data efficiently, thereby projecting remunerative growth prospects for the global market through 2026.
Covid-19 Positively Impacted the Global Medical Terminology Software Market
The advent of Covid-19 in 2020, with its high prevalence, shook the global healthcare sector, particularly during the initial months of 2020. However, the Global Medical Terminology Market witnessed lucrative growth opportunities. Many people fell sick owing to the rapid spread of the virus, and since the symptoms were yet to be discovered, it generated a massive amount of patient data. Hence, the need for medical terminology software observed a significant surge to consistently gather & manage information and provide better therapy & care to patients.
Furthermore, the increasing inclination of the public toward Covid-19 testing, treatments, & the deployment of vaccines also propelled the need for medical terminology software. Besides, various governments of different countries worldwide have been promoting the adoption of this software to ensure continuity in healthcare operations with accurate & rapid updates, i.e., projecting the profitable growth opportunities for the global market in the years to come.
