Market Research Report

Global Medical Terminology Software Market Research Report: Forecast (2021-2026)

By Product and Services (Services and Platforms), By Application (Data Aggregation, Reimbursement, Public Health Surveillance, Data Integration, Decision Support, Clinical Trials, ...Quality Reporting, Clinical Guidelines), By End-User (Healthcare providers, payers and IT vendors), By Region (North America, South America, Europe, Middle East and Africa, Asia-Pacific), 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), By Competitors (3M, Clinical Architecture, Apelon, B2I Healthcare PTE Ltd., Intelligent Medical Objects, Inc., Wolters Kluwer, Carecom, Bitac, Hivework, and BT Clinical Computing) Read more

  • Healthcare
  • Apr 2022
  • 192
  • HC44005

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.


Global Medical Terminology Software Market Research Report: Forecast (2021-2026)

Market Segmentation

Based on the Application:

  • Data Aggregation
  • Reimbursement
  • Public Health Surveillance
  • Data Integration
  • Decision Support
  • Clinical Trials
  • Quality Reporting
  • Clinical Guidelines

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:

  • North America
  • Latin America
  • Europe
  • Middle East & Africa
  • Asia-Pacific

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:

  1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Revenue) of the Global Medical Terminology Software Market?
  2. What are the region-wise industry size, growth drivers, and challenges?
  3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Medical Terminology Software Market?
  4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Medical Terminology Software Market based on the competitive benchmarking matrix?
  5. What are the key results derived from surveys conducted during the Global Medical Terminology Software Market study?

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.

  1. Introduction
    1. Product and Services Definition
    2. Research Process
    3. Assumptions
  2. Executive Summary
  3. Expert Verbatim- What our Experts Say?
  4. Global Medical Terminology Software Market Voice of Customer
    1. Brand Awareness
    2. End User Expectation
    3. Key Factors Impacting Vendor Selection
    4. Key Issues Encountered
    5. Vendor’s Receptiveness to Address Key Customer Issues
    6. Future Requirements
  5. Global Medical Terminology Software Market, 2016-2026F
    1. Market Size & Analysis
      1. Market Revenue
    2. Market Share & Analysis
      1. By Product and Services
        1. Services
        2. Platforms
      2. By Application
        1. Data Aggregation
        2. Reimbursement
        3. Public Health Surveillance
        4. Data Integration
        5. Decision Support
        6. Clinical Trials
        7. Quality Reporting
        8. Clinical Guidelines
      3. By End User
        1. Healthcare Providers
        2. Healthcare Payers
        3. Healthcare IT Vendors
      4. By Region
        1. North America
        2. Latin America
        3. Europe
        4. Middle East and Africa
        5. Asia-Pacific
      5. By Company
        1. Revenue Shares
        2. Strategic Factorial Indexing
        3. Competitor Placement in MarkNtel Quadrant
  6. North America Medical Terminology Software Market, 2016-2026F
    1. Market Size & Analysis
      1. Market Revenue
    2. Market Share & Analysis
      1. By Product and Services
      2. By Application
      3. By End User
      4. By Country
        1. United States
        2. Canada
        3. Mexico
    3. United States Medical Terminology Software Market, 2016-2026F
      1. Market Size & Analysis
        1. Market Revenue
      2. Market Share & Analysis
        1. By Product and Services
        2. By Application
        3. By End User
    4. Canada Medical Terminology Software Market, 2016-2026F
      1. Market Size & Analysis
        1. Market Revenue
      2. Market Share & Analysis
        1. By Product and Services
        2. By Application
        3. By End User
    5. Mexico Medical Terminology Software Market, 2016-2026F
      1. Market Size & Analysis
        1. Market Revenue
      2. Market Share & Analysis
        1. By Product and Services
        2. By Application
        3. By End User
  7. South America Medical Terminology Software Market, 2016-2026F
    1. Market Size & Analysis
      1. Market Revenue
    2. Market Share & Analysis
      1. By Product and Services
      2. By Application
      3. By End User
      4. By Country
        1. Brazil
        2. Others
    3. Brazil Medical Terminology Software Market, 2016-2026F
      1. Market Size & Analysis
        1. Market Revenue
      2. Market Share & Analysis
        1. By Product and Services
        2. By Application
        3. By End User
  8. Europe Medical Terminology Software Market, 2016-2026F
    1. Market Size & Analysis
      1. Market Revenue
    2. Market Share & Analysis
      1. By Product and Services
      2. By Application
      3. By End User
      4. By Country
        1. France
        2. Germany
        3. Italy
        4. United Kingdom
        5. Spain
        6. Others
    3. France Medical Terminology Software Market, 2016-2026F
      1. Market Size & Analysis
        1. Market Revenue
      2. Market Share & Analysis
        1. By Product and Services
        2. By Application
        3. By End User
    4. Germany Medical Terminology Software Market, 2016-2026F
      1. Market Size & Analysis
        1. Market Revenue
      2. Market Share & Analysis
        1. By Product and Services
        2. By Application
        3. By End User
    5. Italy Medical Terminology Software Market, 2016-2026F
      1. Market Size & Analysis
        1. Market Revenue
      2. Market Share & Analysis
        1. By Product and Services
        2. By Application
        3. By End User
    6. United Kingdom Medical Terminology Software Market, 2016-2026F
      1. Market Size & Analysis
        1. Market Revenue
      2. Market Share & Analysis
        1. By Product and Services
        2. By Application
        3. By End User
    7. Spain Medical Terminology Software Market, 2016-2026F
      1. Market Size & Analysis
        1. Market Revenue
      2. Market Share & Analysis
        1. By Product and Services
        2. By Application
        3. By End User
  9. Middle East and Africa Medical Terminology Software Market, 2016-2026F
    1. Market Size & Analysis
      1. Market Revenue
    2. Market Share & Analysis
      1. By Product and Services
      2. By Application
      3. By End User
      4. By Country
        1. UAE
        2. Saudi Arabia
        3. South Africa
        4. Others
    3. UAE Medical Terminology Software Market, 2016-2026F
      1. Market Size & Analysis
        1. Market Revenue
      2. Market Share & Analysis
        1. By Product and Services
        2. By Application
        3. By End User
    4. Saudi Arabia Medical Terminology Software Market, 2016-2026F
      1. Market Size & Analysis
        1. Market Revenue
      2. Market Share & Analysis
        1. By Product and Services
        2. By Application
        3. By End User
    5. South Africa Medical Terminology Software Market, 2016-2026F
      1. Market Size & Analysis
        1. Market Revenue
      2. Market Share & Analysis
        1. By Product and Services
        2. By Application
        3. By End User
  10. Asia-Pacific Medical Terminology Software Market, 2016-2026F
    1. Market Size & Analysis
    2. Market Revenue
    3. Market Share & Analysis
      1.    By Product and Services
      2.    By Application
      3.    By End User
      4.    By Country
        1.  China
        2.  India
        3.  Japan
        4.  Australia
        5.  South Korea
        6.  Others
    4. China Medical Terminology Software Market, 2016-2026F
      1.    Market Size & Analysis
        1.        Market Revenue
      2.    Market Share & Analysis
        1.        By Product and Services
        2.        By Application
        3.        By End User
    5. India Medical Terminology Software Market, 2016-2026F
      1.    Market Size & Analysis
        1.  Market Revenue
      2.    Market Share & Analysis
        1.   By Product and Services
        2.   By Application
        3.   By End User
    6. Japan Medical Terminology Software Market, 2016-2026F
      1.    Market Size & Analysis
        1.   Market Revenue
      2.    Market Share & Analysis
        1.   By Product and Services
        2.   By Application
        3.   By End User
    7. Australia Medical Terminology Software Market, 2016-2026F
      1.      Market Size & Analysis
        1.   Market Revenue
      2.    Market Share & Analysis
        1.    By Product and Services
        2.    By Application
        3.    By End User
    8. South Korea Medical Terminology Software Market, 2016-2026F
      1.      Market Size & Analysis
        1.   Market Revenue
      2.    Market Share & Analysis
        1.   By Product and Services
        2.   By Application
        3.   By End User
  11. Global Medical Terminology Software Market Policies, Regulations, Product and Services Standards
  12. Global Medical Terminology Software Market Trends & Insights
  13. Global Medical Terminology Software Market Dynamics
    1. Growth Drivers
    2. Challenges
    3. Impact Analysis
  14. Global Medical Terminology Software Market Hotspot & Opportunities
  15. Global Medical Terminology Software Market Key Strategic Imperatives for Success & Growth
  16. Global Competition Outlook
    1. Competition Matrix
      1. Product and Services Portfolio
      2. Brand Specialization
      3. Target Markets
      4. Target End Users
      5. Research & Development
      6. Strategic Alliances
      7. Strategic Initiatives
    2. Company Profiles (Business Description, Product and Services Segments, Business Segments, Financials, Strategic Alliances/ Partnerships, Future Plans)
      1. 3M
      2. Clinical Architecture
      3. Apelon
      4. BI Healthcare PTE Ltd
      5. Intelligent Medical Objects, Inc
      6. Wolters Kluwer
      7. Carecom
      8. Bitac
      9. Hivework
      10. BT Clinical Computing
  17. Disclaimer


Medical Terminology Software Market Segmentation