Medical Terminology Software Market to grow by USD 1,705.83 million from 2022 to 2027, Market driven increasing demand for medical terminology software - Technavio
NEW YORK, Sept. 24, 2023
NEW YORK, Sept. 24, 2023 /PRNewswire/ -- The "Medical Terminology Software Market by end-user (Healthcare providers, Healthcare payers, and Healthcare IT vendors), type (Services and Platforms), and geography (North America, Europe, APAC, South America, and Middle East and Africa) - Forecast and Analysis 2023-2027" report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the medical terminology software market between 2022 and 2027 is USD 1,705.83 million. Increasing demand for medical terminology software is the key factor driving the growth of the market. Mapping represents a significant barrier to interoperability due to the differences in vocabulary or terminology found in different EHRs. As a result, demand for medical terminology software has advanced as it delivers clinically verified terminology, proactively recognises information gaps, and enhances data quality. For example, Intelligent Medical Objects Inc. provides terminology solutions, such as IMO Core, which not only provide descriptions written in a language familiar to the clinician but also adapt the clinician's language to rigid administrative coding systems and simplify workflows to access and scrutinize critical patient data. Consequently, such factors are anticipated to fuel the demand for medical terminology software, which in turn increase the growth of the medical terminology software market during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
Challenges associated with the development of healthcare software restrict the growth of the market.
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The medical terminology software market has been segmented by end-user (Healthcare providers, Healthcare payers, and Healthcare IT vendors), type (Services and Platforms), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
- The market share growth by the healthcare providers segment will be significant during the forecast period. The healthcare provider segment in the medical terminology software market refers to the group of end users that use medical terminology software in their healthcare facilities or organizations. Such end users incorporate numerous healthcare organizations that deliver medical services and care to patients, such as hospitals, clinics, doctors' offices, long-term care facilities, and other healthcare institutions. There is a need for medical terminology software among hospitals, pharmacies, and other healthcare-related businesses to manage redundant patient information in hospitals. For instance, in Budget 2023, the President of the United States announced a USD 5 billion commitment to ARPA-H, which would significantly advance direct federal funding for medical research and development. Such major investment will fuel transformative innovation in health research and accelerate the adoption and uptake of health discoveries, with an initial focus on cancer and disorders. These factors are expected to drive the growth of medical terminology software in the healthcare provider segment, which in turn will accelerate the growth of the global medical terminology software market during the forecast period.
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Key Companies in the Medical Terminology Software Market:
3M Co., Apelon Inc., B2i Healthcare Pte Ltd, BT Clinical Computing, Clinical Architecture LLC, Dreamsoft4u, Epic Systems Corp., Henry Schein Inc., HiveWorx, Intelligent Medical Objects Inc., Medaara Healthcare Solutions, Meditab Software Inc., Medocomp Systems Inc., Regenstrief Institute, Rhapsody, SNOMED International, West Coast Informatics LLC, Wolters Kluwer NV, BITAC MAP SL, and Spellex Corp.
- How do the major trends impact the market?
- How big is the North America market?
- How do the key drivers and challenges impact the market?
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Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-user
Market Segmentation by Type
Drivers, Challenges, & Trends
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