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.
Market Segmentation
Based on the Application:
Of them all, the Data Aggregation application acquired the largest share of the Global Medical Terminology Software Market in previous years. Aggregating patient data & optimally utilizing it can help medical experts curate more efficient treatment methods to save the lives of thousands of people. It further provides critical information for strategic planning and devising improved healthcare systems. The growing requirements for a consistent & comprehensive data source and the surging demand for enhanced performance measurement & transparency across patient care services are accelerating the need for medical terminology software across many hospitals & clinics worldwide and, as a result, fueling the overall market growth.
On the other hand, the demand for medical terminology software for Quality Reporting is likely to witness the fastest growth during 2021-26. It owes to the active efforts of governments of different countries globally for encouraging the adoption & effective utilization of medical terminology software to allow medical professionals to evaluate & report the quality of care provided to their patients.
Regional Landscape
Geographically, the Global Medical Terminology Software Market expands across:
Of all regions globally, North America is projected to attain the largest share in the Medical Terminology Software Market through 2026. The increasing inclination toward cloud-based solutions, stringent regulations regarding patient safety, and the mounting trend of semantic interoperability are the prime aspects projected to drive the market across North America through 2026.
In addition, the extensive presence of prominent medical terminology software providers, particularly across the US, the mounting adoption of Healthcare IT (HCIT) technologies, and the growing need for adequate management of patient records to enhance the operational efficiency shall further boost the regional market in the upcoming timeline.
On the other hand, with the enhancing healthcare infrastructure, growing healthcare insurance coverage, and rapidly expanding medical tourism, Asia-Pacific is expected to observe the fastest market growth over the forecast years, with India & China to remain the prime markets.
Market Dynamics:
Key Driver: Surging Need to Reduce Medical Errors to Save Patient Lives
The burgeoning demand for medical terminology solutions across various hospitals worldwide to organize patient data, minimize medical errors, and store extensive healthcare information in order to save the lives of patients are the prime aspects projected to drive the Global Medical Terminology Software Market during 2021-26. In addition, various government initiatives for promoting the adoption of HCIT to improve clinical data operations shall also promote the growth of the global market in the years to come.
Possible Restraint: Doubtful Attitude toward Using New-Age Healthcare Solutions
The hesitancy in utilizing modern healthcare solutions over traditional methods and the lack of knowledge among healthcare professionals to use this software might restrain the growth of the Global Medical Terminology Software Market during 2021-26.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Medical Terminology Software Market is expecting around 21.11% CAGR during 2021-26.
A. Various government initiatives across different countries for promoting the adoption of HCIT to improve clinical data operations is the key factor expected to drive the Global Medical Terminology Software Market through 2026.
A. The Quality Reporting application of medical terminology software is projected to emerge as an area of remunerative opportunities for the leading players in the Global Medical Terminology Software Market over the forecast years.
