With rising medical errors and surging need to create comprehensive data source and transparency to provide patient’s care is escalating the overall medical terminology software market during 2020-25. Moreover, due to the adoption of HCIT technologies by various government bodies and the need for the maintenance of data integrity and uniformity in patient care is projected to surge the global medical terminology software market during 2020-25. Another major reason driving the growth is the upsurge in the exchange of correct data among healthcare payers and healthcare providers.
According to the MarkNtel Advisors’ research report, the CAGR of “Global Medical Terminology Software Market Analysis, 2020”, is expected to be around 17.6% during 2020-25.
Based on the application, the demand data aggregation segment grabbed the largest market share owing to the snowballing need for the reduction in medical errors and creating a consistent and comprehensive data source coupled with transparency in patient’s care in 2019. Quality reporting segment is anticipated to hold a substantial share in the market owing to the quick adoption of quality reporting the governments are taking initiatives to follow rules and regulations.
In 2019, the services segment led the global medical terminology software market on account of originating need for data standardization for patient’s care.
North America in 2019, captured the largest market share in 2019 due to developed medical facilities and usage of advanced medical technologies, generating a need for increasing patient’s counts and high adoption of HCIT technologies and the presence of some major leading manufacturers.
Asia-Pacific is witnessing a rise in the demand for medical terminology software as it bridges the gap between the general language and medical terminology. Moreover, India is a prominent market for medical terminology software with the availability of advanced medical facilities.
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. Clinical Architecture released a Symedical 2.1 version software solution on FHIR in 2018 for standardization and to integrate critical data and manage their clinical terminologies.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report on Global Medical Terminology Software Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecasted up to 2025.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Billion, while the market volume is measured in terms of units sold.
Q. What would be the CAGR of the Global Medical Terminology Software Market during 2020 to 2025?
A. The market size of Global Medical Terminology Software Market would register a CAGR of 17.6% during 2020-25.
Q. Which of the regions would be a bright spot for Global Medical Terminology Software Market during 2020-2025?
A. North America and Asia-Pacific region are expected to maintain considerable market share during 2020-25. Both regions would present substantial opportunities for competitors in Global Medical Terminology Software Market during the forecast period.
Q. Who are the key players or major competitors in Global Medical Terminology Software Market?
A. 3M, Clinical Architecture, Apelon, B2I Healthcare PTE Ltd., Intelligent Medical Objects, Inc., Wolters Kluwer, Carecom, Bitac, Hivework, BT clinical Computing etc. are few of the leading players with majority market share in Global Medical Terminology Software Market.
Q. Which segment would emerge as an opportunity area for player’s in Global Medical Terminology Software Market?
A. The services segment led the global medical terminology software market on account of originating need for data standardization for patient’s care.
Q. Does the report scope cover region wise market statistics also?
A. Yes, the scope of the report encompasses detailed region wise statistics such as market size, market segmentation based on various subcategories.
