The global medical terminology software market was valued at $0.9 billion in 2022, and is projected to reach $2.6 billion by 2032, growing at a CAGR of 10.9% from 2023 to 2032.Medical terminology software is a specialized software that provides definitions, pronunciations, and translations of medical terms, as well as information on diseases, treatments, and procedures. This software is designed to help healthcare professionals communicate effectively with each other and with patients, and to ensure accuracy and consistency in medical records. In addition, it can also help to streamline the documentation process, making it easier for healthcare professionals to create and manage medical records. The medical terminology software can be integrated into EHRs to help healthcare professionals document patient information accurately and consistently. Medical terminology software can help healthcare professionals to accurately code and bill for medical procedures.
One of the major factors driving the growth of the medical terminology software market are the rise in the adoption of electronic health records (EHRs). Electronic health records enable healthcare providers to access patient information quickly and easily, without having to sift through paper records. This saves time and improves efficiency, allowing providers to focus on providing better care to patients. For instance, according to 2021 report by The Office of the National Coordinator for Health Information Technology (ONC), 96% of general acute care hospitals had adopted electronic health records.
Furthermore, the growing focus on quality reporting and regulatory compliance among healthcare providers across the world drives the growth of medical terminology software market. For instance, in order to comply with regulatory requirements and to improve quality reporting, healthcare providers are Increasingly adopting standardized terminologies, such as SNOMED CT, L Inc, and ICD-10. Medical terminology software can help organizations implement these terminologies and ensure that they are used consistently across the enterprise. Furthermore, Medical terminology software can help improve the accuracy and efficiency of clinical documentation by providing clinicians with tools that suggest appropriate terms and codes based on the clinical context. This can help reduce errors and ensure that the appropriate codes are used for quality reporting.
In addition, surge in the prevalence of noncommunicable diseases (NCDs) has significantly contributed in the growth of the medical terminology software market. NCDs are chronic diseases that require long-term management and treatment, which involves a lot of documentation and record-keeping. Medical terminology software can help healthcare professionals efficiently document and manage patient information, reducing errors and streamlining the process of data entry. This has become Increasingly important as the number of patients with NCDs has grown, creating a greater need for accurate and efficient record-keeping. NFor instance according to the 2022 factsheet of WHO, each year, 17 million people die from a NCD before age 70; 86% of these premature deaths occur in low- and middle Income countries. However, data privacy issues might restrain the growth of the medical terminology software market. Moreover, the integration of artificial intelligence (AI) into medical terminology software presents various new growth opportunities.
The medical terminology software market is segmented into application, end user and region. By application, the market is categorized into clinical trials data aggregation, reimbursement, quality reporting, and others. On the basis of end user, the market is categorized into healthcare providers, healthcare payers, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
One of the major factors driving the growth of the medical terminology software market are the rise in the adoption of electronic health records (EHRs). Electronic health records enable healthcare providers to access patient information quickly and easily, without having to sift through paper records. This saves time and improves efficiency, allowing providers to focus on providing better care to patients. For instance, according to 2021 report by The Office of the National Coordinator for Health Information Technology (ONC), 96% of general acute care hospitals had adopted electronic health records.
Furthermore, the growing focus on quality reporting and regulatory compliance among healthcare providers across the world drives the growth of medical terminology software market. For instance, in order to comply with regulatory requirements and to improve quality reporting, healthcare providers are Increasingly adopting standardized terminologies, such as SNOMED CT, L Inc, and ICD-10. Medical terminology software can help organizations implement these terminologies and ensure that they are used consistently across the enterprise. Furthermore, Medical terminology software can help improve the accuracy and efficiency of clinical documentation by providing clinicians with tools that suggest appropriate terms and codes based on the clinical context. This can help reduce errors and ensure that the appropriate codes are used for quality reporting.
In addition, surge in the prevalence of noncommunicable diseases (NCDs) has significantly contributed in the growth of the medical terminology software market. NCDs are chronic diseases that require long-term management and treatment, which involves a lot of documentation and record-keeping. Medical terminology software can help healthcare professionals efficiently document and manage patient information, reducing errors and streamlining the process of data entry. This has become Increasingly important as the number of patients with NCDs has grown, creating a greater need for accurate and efficient record-keeping. NFor instance according to the 2022 factsheet of WHO, each year, 17 million people die from a NCD before age 70; 86% of these premature deaths occur in low- and middle Income countries. However, data privacy issues might restrain the growth of the medical terminology software market. Moreover, the integration of artificial intelligence (AI) into medical terminology software presents various new growth opportunities.
The medical terminology software market is segmented into application, end user and region. By application, the market is categorized into clinical trials data aggregation, reimbursement, quality reporting, and others. On the basis of end user, the market is categorized into healthcare providers, healthcare payers, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the medical terminology software market analysis from 2022 to 2032 to identify the prevailing medical terminology software market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the medical terminology software market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global medical terminology software market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Application
- Quality Reporting
- Reimbursement
- Data Aggregation
- Clinical Trials
- Others
By End User
- Healthcare Providers
- Healthcare Payers
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- Australia
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East Africa
Key Market Players
- West Coast Informatics Inc
- BT Clinical Computing
- Hiveworx
- Rhapsody
- Intelligent Medical Objects Inc.
- TermSolution Gmbh
- SNOMED International
- Clinical Architecture, LLC.
- Wolters Kluwer N.V
- 3M Company
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY APPLICATION
CHAPTER 5: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY END USER
CHAPTER 6: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Medical Terminology Software Market,' The medical terminology software market was valued at $934.68 million in 2022, and is estimated to reach $2.6 billion by 2032, growing at a CAGR of 10.9% from 2023 to 2032.Medical terminology software is a specialized tool designed to assist healthcare professionals in managing and understanding the complex language of medical terms, codes, and abbreviations. It serves as a comprehensive reference and database that contains an extensive collection of medical terms, their meanings, definitions, and proper usage within the healthcare domain.These software solutions are equipped with advanced search functionalities, allowing users to quickly locate specific medical terms and their related information. They often include features such as spell-checking, synonym suggestions, and auto-completion to enhance accuracy and efficiency in medical documentation. Additionally, medical terminology software incorporates various coding systems, such as ICD-10 (International Classification of Diseases) and SNOMED CT (Systematized Nomenclature of Medicine - Clinical Terms), which are widely used for medical classification, billing, and reporting purposes.
Key factors driving the growth of the medical terminology software market include rise in the adoption of electronic health records (EHRs) and growing focus on quality reporting and regulatory compliance among healthcare providers. Electronic health records have gained immense popularity and have become a standard in healthcare organizations worldwide. EHRs provide a digital platform for healthcare professionals to store, manage, and exchange patient health information. With the transition from paper-based records to electronic systems, the need for standardized medical terminologies has become crucial.
Medical terminology software plays a vital role in EHRs by facilitating the standardized capture, storage, and retrieval of patient data. These software solutions ensure consistent use of medical codes, abbreviations, and clinical terminology, thereby enhancing interoperability, data accuracy, and overall efficiency. As healthcare organizations increasingly adopt EHR systems, the demand for robust medical terminology software has significantly increased. For instance, according to the 2021 report by The Office of the National Coordinator for Health Information Technology (ONC), 86% of general acute care hospitals had adopted an electronic health record (EHR).
In addition, there has been a growing emphasis on quality reporting and regulatory compliance in the healthcare industry. Healthcare providers are required to adhere to various regulatory standards and reporting requirements set by government agencies, such as the Centers for Medicare and Medicaid Services (CMS) in the United States. These regulations often mandate the use of standardized medical terminologies for accurate and consistent reporting. Medical terminology software enables healthcare providers to comply with these regulations by providing them with the necessary tools to map clinical concepts to standardized terminologies, such as SNOMED CT (Systematized Nomenclature of Medicine Clinical Terms) or ICD-10 (International Classification of Diseases, 10th revision). These software solutions streamline the process of capturing and reporting healthcare data, ensuring compliance with regulatory requirements and improving the quality of care.
Furthermore, medical terminology software also supports data analysis and population health management initiatives. By using standardized medical terminologies, healthcare organizations can effectively aggregate and analyze patient data, identify trends, conduct research, and improve decision-making processes.
Increasing demand for clinical decision support systems (CDSS) and the integration of artificial intelligence (AI) into medical terminology software offers incredible growth opportunity to the key players in the market medical terminology software market. Clinical decision support systems are computer-based tools that assist healthcare professionals in making informed decisions about patient care.
They analyze patient data, medical knowledge, and other relevant information to provide suggestions for diagnosis, treatment, and patient management. CDSS help enhance patient safety, improve healthcare outcomes, and reduce healthcare costs. Medical terminology software plays a crucial role in CDSS by providing standardized and structured terminologies for coding and organizing patient data. These software solutions enable healthcare professionals to accurately document patient information, ensuring consistency and interoperability across different healthcare settings. The demand for CDSS is increasing as healthcare organizations strive to optimize clinical workflows, improve diagnosis accuracy, and enhance patient care quality. In addition
The medical terminology software market is segmented into application, end user, and region. By application, the market is categorized into clinical trials, data aggregation, reimbursement, quality reporting, and others. On the basis of end user, the market is categorized into healthcare providers, healthcare payers, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
The key players profiled in the study include Major key players that operate in the global medical terminology software market are 3M, BT Clinical Computing, TermSolution Gmbh, SNOMED International, Clinical Architecture, LLC., Intelligent Medical Objects Inc, Wolters Kluwer N.V, West Coast Informatics inc, Hiveworx, and Rhapsody.
Key Market Insights
- By applications, the quality reporting segment was highest contributor to the market in 2022.
- By end user, the healthcare providers segment dominated the market in terms of revenue in 2022. However, the others segment is anticipated to grow at the highest CAGR during the forecast period.
- Region wise, North America generated the largest revenue in 2022. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
Companies Mentioned
- West Coast Informatics inc
- BT Clinical Computing
- Hiveworx
- Rhapsody
- Intelligent Medical Objects Inc.
- TermSolution Gmbh
- SNOMED International
- Clinical Architecture, LLC.
- Wolters Kluwer N.V
- 3M Company
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 243 |
| Published | June 2023 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value ( USD | $ 0.9 billion |
| Forecasted Market Value ( USD | $ 2.6 billion |
| Compound Annual Growth Rate | 11.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
