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Medical Terminology Software Market by Application (Data Aggregation, Reimbursement, Decision Support, Clinical Trials), Product & Service (Services and Platforms), End User (Healthcare Provider, Payer, IT Vendor) - Global Forecast to 2024

  • ID: 4759757
  • Report
  • Region: Global
  • 139 Pages
  • Markets and Markets
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The Global Medical Terminology Software Market is Projected to Grow at a CAGR of 20.4% During 2019–2024

FEATURED COMPANIES

  • 3M
  • Apelon
  • B2i Healthcare
  • Bitac
  • BT Clinical Computing
  • Carecom
  • MORE

“The global medical terminology software market is projected to grow at a CAGR of 20.4% during 2019–2024.”

The global medical terminology software market is projected to reach USD 1,786 million by 2024 from USD 707 million in 2019, at a CAGR of 20.4% from 2019 to 2024. The growth of this market is driven by factors such as the rising focus on minimizing medical errors, government initiatives for HCIT adoption, and disparity and fragmentation in the terminology content of healthcare organizations. The increasing need to maintain data integrity is expected to provide further growth opportunities for market players in the coming years. However, the reluctance to use terminology software over conventional practices will pose a major challenge to the growth of the medical terminology software market during the forecast period.

“Quality reporting to register the highest growth during the forecast period”

On the basis of application, the medical terminology software market is segmented into data aggregation, data integration, decision support, clinical guidelines, reimbursement, quality reporting, clinical trials, and public health surveillance. The quality reporting segment is expected to register the highest growth during the forecast period. Rising government initiatives to implement regulations promoting the adoption of quality reporting is a key factor driving the growth of this segment.

“The healthcare providers segment is expected to witness the highest growth due to the increasing need to minimize medical errors”

Based on end user, the medical terminology software market is broadly segmented into healthcare providers, healthcare payers, HCIT vendors, and other end users. The healthcare providers segment is expected to register the highest growth during the forecast period. This can be attributed to the increasing demand for minimizing medical errors arising due to the incorrect interpretation of patient data.

“APAC to be the fastest-growing region in the medical terminology software market during the forecast period”

The Asia Pacific market is projected to register the highest growth rate during the forecast period. Factors such as improving healthcare infrastructure, rising healthcare insurance coverage, and growing medical tourism in the region are driving the growth of the medical terminology software market in the Asia Pacific. Asian countries such as India, China, Malaysia, and Indonesia are in the early stages of adopting healthcare IT solutions including medical terminology solutions, while countries like Australia, New Zealand, and Singapore are at the forefront.

The breakdown of primary participants is listed below:

  • By End User: Tier 1 - 27%, Tier 2 - 37%, and Tier 3 - 36%
  • By Designation: C-level - 46%, Director-level - 36%, and Others - 18%
  • By Region: North America - 39%, Europe - 23%, Asia Pacific - 15%, Latin America - 8%, and the Middle East & Africa - 15%

Prominent players in the medical terminology software market are Wolters Kluwer, 3M, Intelligent Medical Objects, Apelon, Clinical Architecture, CareCom, Bitac, B2i Healthcare, BT Clinical Computing, and HiveWorx.

Research Coverage:
The report analyzes the various type of medical terminology software and their adoption patterns. It aims at estimating the market size and future growth potential of the global medical terminology software market for different segments such as application, product & service, end user, and region. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or any combination of the below mentioned five strategies for strengthening their presence in the market.

This report provides insights on the following pointers:

  • Market Penetration: Comprehensive information on the product portfolios offered by the top players in the global medical terminology software market. The report analyzes the global medical terminology software market by application, product & service, end user, and region
  • Product Development/Innovation: Detailed insights on the upcoming trends and new product launches in the global medical terminology software market
  • Market Development: Comprehensive information on the lucrative emerging regions by application, product & service, and end user
  • Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the global medical terminology software market
  • Competitive Assessment: In-depth assessment of market ranking, growth strategies, and products of leading players in the global medical terminology software market
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Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • 3M
  • Apelon
  • B2i Healthcare
  • Bitac
  • BT Clinical Computing
  • Carecom
  • MORE

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Limitations
1.7 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.2 Market Size Estimation
2.3 Market Breakdown and Data Triangulation
2.4 Assumptions for the Study

3 Executive Summary

4 Premium Insights
4.1 Medical Terminology Solutions: Market Overview
4.2 North America: Medical Terminology Solutions Market, By Product & Service (2018)
4.3 Medical Terminology Solutions Market: Geographic Growth Opportunities
4.4 Regional Mix: Medical Terminology Solutions Market (2019–2024)

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Focus on Minimizing Medical Errors
5.2.1.2 Government Initiatives for HCIT Adoption
5.2.1.3 Disparity and Fragmentation in the Terminology Content of Healthcare Organizations
5.2.2 Opportunities
5.2.2.1 Emerging Markets
5.2.2.2 Increasing Need to Maintain Data Integrity
5.2.3 Challenges
5.2.3.1 Reluctance to Use Terminology Solutions Over Conventional Practices

6 Industry Insights
6.1 Industry Trends
6.1.1 Increasing Preference for Cloud-Based Solutions
6.1.2 Introduction to Icd-11 Guidelines
6.1.3 Growing Trend for Semantic Interoperability
6.2 Revenue Stream Models
6.3 Regulatory Analysis
6.4 Terminology Standards
6.5 Fast Healthcare Interoperability Resources (FHIR)

7 Medical Terminology Solutions Market, By Application
7.1 Introduction
7.2 Data Aggregation
7.2.1 Data Aggregation Accounted for the Largest Segment of the Market
7.3 Reimbursement
7.3.1 Terminology Solutions Play an Important Role in Ensuring Appropriate Reimbursement for Healthcare Services Rendered for Institutional Or Provider Claims
7.4 Public Health Surveillance
7.4.1 Population-Based Analytics Envelops Those Investigations That Benefit the Entire Population, Including Public Health Surveillance
7.5 Data Integration
7.5.1 Terminology Solutions Can Unify, Clean, and Normalize the Data Collected From Multiple Data Sources
7.6 Decision Support
7.6.1 Incorporation of Standardized Terminology in the Cdss Will Help Facilitate the Comparability of Medical Data
7.7 Clinical Trials
7.7.1 Use of Consistent Terminology Within and Between Studies is Critical to Enable an Efficient Clinical Trial Process
7.8 Quality Reporting
7.8.1 Governments Across Various Countries are Implementing A Number of Regulations to Encourage the Adoption of Quality Reporting
7.9 Clinical Guidelines
7.9.1 Development and Implementation of Guidelines is Intended to Organize and Provide the Best Available Evidence to Support Clinical Decision Making

8 Medical Terminology Solutions Market, By Product & Service
8.1 Introduction
8.2 Services
8.2.1 Services Account for the Largest Share of the Medical Terminology Solutions Market
8.3 Platforms
8.3.1 Platforms Provide A Single Source for All Terminology Needs

9 Medical Terminology Solutions Market, By End User
9.1 Introduction
9.2 Healthcare Providers
9.2.1 Healthcare Service Providers
9.2.1.1 Need to Capture and Document Large Amounts of Data in Healthcare Organizations—A Key Driver for Market Growth
9.2.2 Health Information Exchanges
9.2.2.1 Hies Provide Healthcare Professionals and Patients With Electronic Access to therapeutic Data, When and Where they Require It-A Major Factor Driving Growth
9.3 Healthcare Payers
9.3.1 Private Payers
9.3.1.1 Terminology Management Solutions Provide Private Payers With the Data Needed to Leverage Competitive Agreements During Provider Contract Negotiations
9.3.2 Public Payers
9.3.2.1 Increasing Government Initiatives to Improve Healthcare Coverage and Quality of Care are Driving the Adoption of Terminology Solutions Among Public Payers
9.4 Healthcare It Vendors
9.4.1 Medical Terminology Implementation Provides Various Benefits to Healthcare It Vendors
9.5 Other End Users

10 Medical Terminology Solutions Market, By Region
10.1 Introduction
10.2 North America
10.2.1 US
10.2.1.1 US Accounted for the Largest Share of the North American Medical Terminology Solutions Market in 2018
10.2.2 Canada
10.2.2.1 Canada is Projected to Grow at the Highest Cagr During the Forecast Period
10.3 Europe
10.3.1 High Growth in the Implementation of Various eHealth Initiatives Have Led to the Growth of the European Region
10.4 Asia Pacific
10.4.1 Improving Healthcare Infrastructure is Driving the Growth of This Regional Segment
10.5 Latin America
10.5.1 Promoting the Adoption of Ehrs By Healthcare Providers has Led to the Demand for Medical Terminology Solutions
10.6 Middle East & Africa
10.6.1 Countries in This Region are Focusing on Increasing their Healthcare Expenditure as A Primary Concern

11 Competitive Landscape
11.1 Overview
11.2 Ranking of Key Players, 2018
11.3 Competitive Scenario
11.3.1 Partnerships and Collaborations
11.3.2 Product Launches

12 Company Profiles
12.1 Wolters Kluwer
12.2 3M
12.3 Intelligent Medical Objects
12.4 Clinical Architecture
12.5 Apelon
12.6 Carecom
12.7 Bitac
12.8 B2i Healthcare
12.9 BT Clinical Computing
12.10 HiveWorx

13 Appendix
13.1 Insights of Industry Experts
13.2 Discussion Guide
13.3 Knowledge Store: Subscription Portal
13.4 Available Customizations
13.5 Related Reports
13.6 Author Details

List of Tables
Table 1 Standard Currency Conversion Rates
Table 2 Market Dynamics: Impact Analysis
Table 3 Medical Terminology Solutions Market, By Application, 2017–2024 (USD Million)
Table 4 Medical Terminology Solutions Market for Data Aggregation, By Region, 2017–2024
Table 5 North America: Medical Terminology Solutions Market for Data Aggregation, By Country, 2017–2024 (USD Million)
Table 6 Medical Terminology Solutions Market for Reimbursement, By Region, 2017–2024 (USD Million)
Table 7 North America: Medical Terminology Solutions Market for Reimbursement, By Country, 2017–2024 (USD Million)
Table 8 Medical Terminology Solutions Market for Public Health Surveillance, By Region, 2017–2024 (USD Million)
Table 9 North America: Medical Terminology Solutions Market for Public Health Surveillance, By Country, 2017–2024 (USD Million)
Table 10 Medical Terminology Solutions Market for Data Integration, By Region, 2017–2024 (USD Million)
Table 11 North America: Medical Terminology Solutions Market for Data Integration, By Country, 2017–2024 (USD Million)
Table 12 Medical Terminology Solutions Market for Decision Support, By Region, 2017–2024 (USD Million)
Table 13 North America: Medical Terminology Solutions Market for Decision Support, By Country, 2017–2024 (USD Million)
Table 14 Medical Terminology Solutions Market for Clinical Trials, By Region, 2017–2024 (USD Million)
Table 15 North America: Medical Terminology Solutions Market for Clinical Trials, By Country, 2017–2024 (USD Million)
Table 16 Medical Terminology Solutions Market for Quality Reporting, By Region, 2017–2024 (USD Million)
Table 17 North America: Medical Terminology Solutions Market for Quality Reporting, By Country, 2017–2024 (USD Million)
Table 18 Medical Terminology Solutions Market for Clinical Guidelines, By Region, 2017–2024 (USD Million)
Table 19 North America: Medical Terminology Solutions Market for Clinical Guidelines, By Country, 2017–2024 (USD Million)
Table 20 Medical Terminology Solutions Market, By Product & Service, 2017–2024 (USD Million)
Table 21 Medical Terminology Services Market, By Region, 2017–2024 (USD Million)
Table 22 North America: Medical Terminology Services Market, By Country, 2017–2024 (USD Million)
Table 23 Medical Terminology Platforms Market, By Region, 2017–2024 (USD Million)
Table 24 North America Terminology Platforms Market, By Country, 2017–2024 (USD Million)
Table 25 Medical Terminology Solutions Market, By End User, 2017–2024 (USD Million)
Table 26 Medical Terminology Solutions Market for Healthcare Providers, By Type, 2017–2024 (USD Million)
Table 27 Medical Terminology Solutions Market for Healthcare Providers, By Region, 2017–2024 (USD Million)
Table 28 North America: Medical Terminology Solutions Market for Healthcare Providers, By Country, 2017–2024 (USD Million)
Table 29 Medical Terminology Solutions Market for Healthcare Service Providers, By Region, 2017–2024 (USD Million)
Table 30 North America Medical Terminology Solutions Market for Healthcare Service Providers, By Country, 2017–2024 (USD Million)
Table 31 Medical Terminology Solutions Market for Health Information Exchanges, By Region, 2017–2024 (USD Million)
Table 32 North America: Medical Terminology Solutions Market for Health Information Exchanges, By Country, 2017–2024 (USD Million)
Table 33 Medical Terminology Solutions Market for Healthcare Payers, By Type, 2017–2024 (USD Million)
Table 34 Medical Terminology Solutions Market for Healthcare Payers, By Region, 2017–2024 (USD Million)
Table 35 North America: Medical Terminology Solutions Market for Healthcare Payers, By Country, 2017–2024 (USD Million)
Table 36 Medical Terminology Solutions Market for Private Payers, By Region, 2017–2024 (USD Million)
Table 37 North America: Medical Terminology Solutions Market for Private Payers, By Country, 2017–2024 (USD Million)
Table 38 Medical Terminology Solutions Market for Public Payers, By Region, 2017–2024 (USD Million)
Table 39 North America: Medical Terminology Solutions Market for Public Payers, By Country, 2017–2024 (USD Million)
Table 40 Medical Terminology Solutions Market for Healthcare It Vendors, By Region, 2017–2024 (USD Million)
Table 41 North America: Medical Terminology Solutions Market for Healthcare It Vendors, By Country, 2017–2024 (USD Million)
Table 42 Medical Terminology Solutions Market for Other End Users, By Region, 2017–2024 (USD Million)
Table 43 North America: Medical Terminology Solutions Market for Other End User, By Country, 2017–2024 (USD Million)
Table 44 Medical Terminology Solutions Market, By Region, 2017–2024 (USD Million)
Table 45 North America: Medical Terminology Solutions Market, By Country, 2017–2024 (USD Million)
Table 46 North America: Medical Terminology Solutions Market, By Application, 2017–2024 (USD Million)
Table 47 North America: Medical Terminology Solutions Market, By Product and Service, 2017–2024 (USD Million)
Table 48 North America: Medical Terminology Solutions Market, By End User, 2017–2024 (USD Million)
Table 49 North America: Medical Terminology Solutions Market for Providers, By Type, 2017–2024 (USD Million)
Table 50 North America: Medical Terminology Solutions Market for Payers, By Type, 2017–2024 (USD Million)
Table 51 Hospital Progress to Meaningful Use By Size, Type, and Urban/ Rural Location in the Us, 2016
Table 52 US: Medical Terminology Solutions Market, By Application, 2017–2024 (USD Million)
Table 53 US: Medical Terminology Solutions Market, By Product and Service, 2017–2024 (USD Million)
Table 54 US: Medical Terminology Solutions Market, By End User, 2017–2024 (USD Million)
Table 55 US: Medical Terminology Solutions Market for Providers, By Type, 2017–2024 (USD Million)
Table 56 US: Medical Terminology Solutions Market for Payers, By Type, 2017–2024 (USD Million)
Table 57 Canada: Medical Terminology Solutions Market, By Application, 2017–2024 (USD Million)
Table 58 Canada: Medical Terminology Solutions Market, By Product and Service, 2017–2024 (USD Million)
Table 59 Canada: Medical Terminology Solutions Market, By End User, 2017–2024 (USD Million)
Table 60 Canada: Medical Terminology Solutions Market for Providers, By Type, 2017–2024 (USD Million)
Table 61 Canada: Medical Terminology Solutions Market for Payers, By Type, 2017–2024 (USD Million)
Table 62 Europe: Medical Terminology Solutions Market, By Application, 2017–2024 (USD Million)
Table 63 Europe: Medical Terminology Solutions Market, By Product and Service, 2017–2024 (USD Million)
Table 64 Europe: Medical Terminology Solutions Market, By End User, 2017–2024 (USD Million)
Table 65 Europe: Medical Terminology Solutions Market for Providers, By Type, 2017–2024 (USD Million)
Table 66 Europe: Medical Terminology Solutions Market for Payers, By Type, 2017–2024 (USD Million)
Table 67 APAC: Medical Terminology Solutions Market, By Application, 2017–2024 (USD Million)
Table 68 APAC: Medical Terminology Solutions Market, By Product and Service, 2017–2024 (USD Million)
Table 69 APAC: Medical Terminology Solutions Market, By End User, 2017–2024 (USD Million)
Table 70 APAC: Medical Terminology Solutions Market for Providers, By Type, 2017–2024 (USD Million)
Table 71 APAC: Medical Terminology Solutions Market for Payers, By Type, 2017–2024 (USD Million)
Table 72 Latin America: Medical Terminology Solutions Market, By Application, 2017–2024 (USD Million)
Table 73 Latin America: Medical Terminology Solutions Market, By Product and Service, 2017–2024 (USD Million)
Table 74 Latin America: Medical Terminology Solutions Market, By End User, 2017–2024 (USD Million)
Table 75 Latin America: Medical Terminology Solutions Market for Providers, By Type, 2017–2024 (USD Million)
Table 76 Latin America: Medical Terminology Solutions Market for Payers, By Type, 2017–2024 (USD Million)
Table 77 Middle East & Africa: Medical Terminology Solutions Market, By Application, 2017–2024 (USD Million)
Table 78 Middle East & Africa: Medical Terminology Solutions Market, By Product and Service, 2017–2024 (USD Million)
Table 79 Middle East & Africa: Medical Terminology Solutions Market, By End User, 2017–2024 (USD Million)
Table 80 Middle East & Africa: Medical Terminology Solutions Market for Providers, By Type, 2017–2024 (USD Million)
Table 81 Middle East & Africa: Medical Terminology Solutions Market for Payers, By Type, 2017–2024 (USD Million)
Table 82 Growth Strategy Matrix (2015–2019)
Table 83 Partnerships and Collaborations, 2015–2018
Table 84 Product Launches, 2015–2018

List of Figures
Figure 1 Medical Terminology Solutions Market Segmentation
Figure 2 Research Design
Figure 3 Breakdown of Primary Interviews (Supply Side): By Company Type, Designation, and Region
Figure 4 Breakdown of Primary Interviews (Demand Side): By End User, Designation, and Region
Figure 5 Bottom-Up Approach
Figure 6 Top-Down Approach
Figure 7 Data Triangulation Methodology
Figure 8 Medical Terminology Solutions Market, By Application, 2019 vs. 2024 (USD Million)
Figure 9 Medical Terminology Solutions Market, By Product & Service, 2019 vs. 2024 (USD Million)
Figure 10 Medical Terminology Solutions Market, By End User, 2019 vs. 2024 (USD Million)
Figure 11 Geographical Snapshot of the Medical Terminology Solutions Market
Figure 12 Medical Terminology Solutions to Witness High Growth Due to the Rising Focus on Minimizing Medical Errors
Figure 13 Services Segment Accounted for the Largest Share of the North American Medical Terminology Solutions Market in 2018
Figure 14 Asia Pacific Region to Register the Highest Growth in the Medical Terminology Solutions Market During the Forecast Period
Figure 15 North America Will Continue to Dominate the Medical Terminology Solutions Market in 2024
Figure 16 Medical Terminology Solution Revenue Stream
Figure 17 Data Aggregation Segment to Dominate the Market During the Forecast Period
Figure 18 Services Will Continue to Dominate the Medical Terminology Solutions Market During the Forecast Period
Figure 19 Healthcare Providers to Continue to Dominate the Medical Terminology Solutions Market in 2024
Figure 20 EHR Adoption Rates in the US (2012–2017)
Figure 21 North America to Dominate the Market During the Forecast Period
Figure 22 Medical Terminology Solutions Market: Geographic Growth Opportunities
Figure 23 North America: Medical Terminology Solutions Market Snapshot
Figure 24 Office-Based Physician EHR Adoption in the US (2009–2017)
Figure 25 Percentage of Non-Federal Acute Care Hospitals, By Type, That Possess Certified Electronic Health Record Technology, 2017
Figure 26 Canada Emr Adoption By Primary Care Physicians (2012–2017)
Figure 27 eHealth Adoption in Europe, By Country, 2017
Figure 28 Cumulative Snomed Ct Implementation Status in India (2014–2018)
Figure 29 APAC: Medical Terminology Solutions Market Snapshot
Figure 30 Product Launches and Partnerships Were the Key Growth Strategies Adopted Between January 2015 and January 2019
Figure 31 Intelligent Medical Objects Led the Medical Terminology Solutions Market in 2018
Figure 32 Wolters Kluwer: Company Snapshot
Figure 33 3M: Company Snapshot

Note: Product cover images may vary from those shown
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  • 3M
  • Apelon
  • B2i Healthcare
  • Bitac
  • BT Clinical Computing
  • Carecom
  • Clinical Architecture
  • HiveWorx
  • Intelligent Medical Objects
  • Wolters Kluwer
Note: Product cover images may vary from those shown
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Note: Product cover images may vary from those shown
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