2022-2088 is the forecast period in the market report.
The need for medical terminology software to reduce errors in healthcare and enable adequate patient treatment is growing rapidly around the world. It is widely used in clinical trials, insurance claims and reimbursements, public health monitoring, and other fields, and it helps healthcare facilities process patient records more efficiently. The market is driven by the growing demand to standardize patient data and reduce medical errors, as well as by numerous government initiatives to promote the implementation of health information technology (HCIT). Another important factor driving the global market is the significant investments made by the main market players in multiple research and development activities to produce new software and products integrated with modern technologies, thus improving their position in the sector. Rapid economic growth in developing countries has propelled a huge increase in healthcare spending and the overall development of healthcare infrastructure in these countries. This factor is anticipated to provide ample of new growth opportunities for the market in the upcoming years.
Medical terminology software simplifies patient documentation and facilitates the collection of clinical information. Medical terminology is the language used to describe framework elements and processes, medical procedures, diseases, disorders, and pharmacology. This terminology software is used to standardize patient information and manage structure. Several factors are helping the market to achieve growth. Factors such as growing urbanization and increasing specialization in minimizing medical errors to maintain information integrity will increase the market size in the future. It is an indispensable piece of software that helps medical institutes and hospitals keep track of standardized patient records. Many patients die from medical errors. Using this software, hospitals can minimize them on a large scale. The growing demand for patient data standardization, the growing demand for medical error checking, and the accumulation of large amounts of medical data are expected to drive the growth of the market. On the other hand, rapid urbanization in developing countries has led to the overall development of the healthcare industry and is expected to give the market a rise in growth during the estimated time period.
Growing concerns about medical errors are positively fuelling the expansion of the medical terminology software industry. The market for medical terminology software is also growing as a result of several government agencies implementing steps to adopting HCIT, as well as the disparity and fragmentation in the terminology content of healthcare organizations. Over the projected time period, the growing need for data integrity is expected to provide further growth opportunities for market players. The growth of the medical terminology software market is also expected to be fuelled by the growing demand for reliable data exchange between healthcare professionals and payers to streamline workflow, and this factor is expected to provide rising new growth opportunities for the market over the forecast period.
The healthcare industry is information-intensive, with patient information generated across all departments and points of care within a healthcare organization. However, this information can be useless if not properly integrated to create a complete and accurate patient record. As a number of healthcare IT tools are used within healthcare systems, there is a greater need for IT systems integration to aid in accurate decision-making by healthcare professionals at different points of care. Additionally, healthcare organizations' lack of interoperability with a regional or national healthcare IT platform for sharing data hampers the full exploitation of healthcare IT solutions.
Lack of awareness among healthcare professionals on the use of this software, along with fears of using new healthcare solutions instead of old techniques, may limit the growth of the global medical terminology software market. Reluctance to adopt software terminology packages instead of traditional methods and a lack of a skilled healthcare work force in underdeveloped nations is expected to be a major challenge for the market’s growth over the forecast period.
The report provides an in-depth analysis of the global Medical Terminology Software market, including market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. The increasing demand for various Medical Terminology Software in various healthcare IT applications has led the increasing demand for market and is expected to witness growth at a specific CAGR from 2021-2028.
The global Medical Terminology Software market comprises of different market segments like products and services, applications, end users and geography.
By product and service, the Medical Terminology Software market includes the key segments of
The service segment is expected to be the largest segment and grow with at the highest growth rate in the medical terminology software market over the forecast period. Rising demand for patient data standardization, increasing need to correct medical errors and the need to streamline large amounts of healthcare delivery data is expected to drive the demand for medical terminology software services in the coming years. On the other hand, the platforms segment is expected to grow at a high rate over the forecast period.
Medical terminology software platforms help to significantly improve system integration, interoperability, and data analysis. This is an important factor which is expected to drive the growth of the segment.
The Medical Terminology Software market has major applications in
The quality reporting segment is anticipated to lead the market over the estimated time period. The strong growth of this segment is attributed to government initiatives in various countries implementing multiple regulations to encourage the adoption of quality reporting.
Also, the data aggregation segment is expected to witness highest growth during the forecast period. Factors responsible for the growth of this segment include the growing interest focus in reducing medical errors and the need to create a consistent and comprehensive data source, and to the improvement performance measurement in patient care.
The Medical Terminology Software market has major end users like
The healthcare providers segment is further segmented into healthcare service providers and health information exchanges. The healthcare payers segment is further segmented into private payers and public payers. The healthcare provider segment is expected to experience the highest growth rate in the medical terminology software market during the forecast period. The large share and high growth of this segment is due to increasing adoption of healthcare IT (HCIT), increasing focus on patient safety, significant growth in healthcare expenditure, rising error rates health care, rising health care costs, transfer of risk from payers to providers, and government mandates to comply with quality standards.
The global Medical Terminology Software market is studied for the following regions
Over the forecast period, North America is expected to hold the largest share of the medical terminology software market. The growth of the North American medical terminology software market is driven by factors such as the high adoption rate of healthcare IT adoption, regulatory requirements related to patient safety, and the presence of leading players in the region.
The European Union is expected to have the second largest share of the medical terminology software market thanks to the introduction of the ICD-11 guidelines, especially in emerging markets. Asia-Pacific is expected to become the fastest growing region for the global medical terminology software market. This is due to the growing demand to minimize medical errors due to misinterpretation of patient data in the Asia-Pacific region. Also, the presence of developed economies like China, India, and Japan is further contributing to healthy growth in the market.
Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global Medical Terminology Software market. Additionally, a complete analysis of changes in the global Medical Terminology Software market’s expenditure, economic and international policies on the supply and demand side is included in this report. The report also studies the impact of the pandemic on global economies, international trade, business investments, GDP, and marketing strategies of key players present in the market.
The arrival of COVID-19 in 2020 impacted the global healthcare market, especially in the first months of the year. The global medical terminology market, on the other hand, has seen promising growth prospects. Due to the rapid spread of the virus, many people fell ill, and since the symptoms were not yet known, a lot of patient data was collected. As a result, there has been a significant increase in demand for medical terminology software to reliably capture and organize information, and to provide better therapy and patient care. Additionally, growing public interest in COVID-19 vaccine testing, treatment, and dissemination has fuelled the demand for medical terminology software. In addition, numerous governments around the world have supported the use of this software to maintain the continuity of healthcare operations with accurate and timely updates, i.e. foreseeing profitable growth potential for the global market in the coming years.
The competitive landscape analysis of the Medical Terminology Software market is majorly focused on expanding the global growth of Medical Terminology Software with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in Medical Terminology Software has led to the growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the consumer which is further contributing to healthy growth in the market.
The key players studied in the market are
January 2021: Wolters Kluwer partnered with Henry Schein to integrate Henry Schein MicroMD, a practice management and electronic medical record (EMR) solution, with Health Language Clinical Interface Terminology (CIT) to quickly map over a million medical abbreviations, typos, incomplete terms, and acronyms so as to standardize terminology.
December 2020: CareCom and J2 Interactive have entered into a strategic partnership to launch a new offering, J2 Managed Terminology, which delivers cloud-hosted, best-of-breed clinical terminology services to provider networks, payers, health information exchanges, and software vendors serving the healthcare industry.
By product and service, the Medical Terminology Software market includes key segments of services and platforms. The service segment is expected to be the largest segment and grow at the highest growth rate in the medical terminology software market over the forecast period. The Medical Terminology Software market has major applications in data aggregation, reimbursement, public health surveillance, data integration, decision support, clinical trials, quality reporting and clinical guidelines. The quality reporting segment is anticipated to lead the market over the estimated time period due to government initiatives in various countries implementing multiple regulations to encourage the adoption of quality reporting. The Medical Terminology Software market has major end users like healthcare providers, healthcare payers, healthcare it vendors, and others. The healthcare providers segment is further segmented into healthcare service providers and health information exchanges. The healthcare payers segment is further segmented into private payers and public payers. The healthcare provider segment is expected to experience the highest growth rate in the medical terminology software market during the forecast period. The global Medical Terminology Software market is studied for the following regions: North America, Europe, Asia-Pacific and Rest of the World (RoW). North America is expected to hold the largest share of the medical terminology software market over the forecast period.
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What would be forecast period in the market report?
2022-2088 is the forecast period in the market report.
Which is the leading application segment for Medical Terminology Software market?
The quality reporting segment has accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.
Which region is gaining majority of market share during the forecast period (2022-2028)?
North America is expected to gain major market share during the forecast period (2022-2028).