Polaris Market Research recently published [115+ Pages] research report on “Medical Terminology Software Market Share, Size, Trends, Industry Analysis Report, By End-Use (Healthcare Providers, Healthcare Payers, Healthcare IT Vendors, Others); By Software Application; By Region; Segment Forecast, 2022 – 2030” in its research database.
According to the research report, the global medical terminology software market size was valued at USD 0.86 billion in 2021 and is expected to reach USD 4.19 Billion by 2030, growing at a CAGR of 19.37% during the forecast period.
What is Medical Terminology Software? How Big is Medical Terminology Software Market?
Medical terminology software is used to organize a huge amount of additional information in the medical sector and manage the data of individual patients. This software is majorly used to lessen medical mistakes and provide the correct treatment to the patient. It simplifies the patient’s documentation and assists in capturing medical information.
Medical terminology is used by medical assistants, nurses, doctors, and pharmacists. Also used by billing authorities and medical coders. Medical terminology software market share is uplifting because it aids to reduces the mistakes which take place in a clinic. Increasing specialization in reducing medical errors is also responsible for the market’s rise.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Key Highlights of the Report
- A comprehensive analysis, which includes an assessment of the parent market
- Evaluation of growth opportunities in key segments and regions
- Crucial changes in industry dynamics
- Detailed company profiling of leading players in the market
- Current, historical, and projected size of the industry by both value and volume
- Reliable industry value chain and supply chain analysis
- Recommendations to companies for strengthening their presence in the industry
Some of the Top Market Players Are:
- Apelon Inc
- B2i Healthcare
- BT Clinical Computing
- Clinical Architecture LLC
- Intelligent Medical Objects Inc.
- Wolters Kluwer N.V.
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Growth Driving Factors
- Gathering a large amount of data in the clinical sector is expected to raise the industry
Medical terminology software market demand is rising due to rising government measures to raise hospital I.T. utilization and inconsistency in clinical terminologies utilized by several healthcare industries. Also, the rising requirement to reduce healthcare errors is uplifting the market. Rising government initiatives towards I.T. acceptance in hospitals are also driving the industry. The increased demand for interoperability between several healthcare departments is responsible for the significant market share.
Moreover, increasing demand to control healthcare mistakes is driving the market. Gathering a large amount of data in the clinical sector is expected to raise the medical terminology software market size. Also, the rapid rise in the awareness of medical terminology software is responsible for the industry’s considerable market share. This software also aids in enhancing patient safety by decreasing the risk of misunderstandings created by incorrect terminology. The leading cause of worldwide death is medical error which is expected to propel the market.
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- In 2022, Thomas H. Lee Partners, L.P. agreed to pay USD 1.5 billion for Intelligent Medical Objects in order to boost product development and grow commercial connections with hospitals and other healthcare providers.
- In 2022, Clinical Architecture, LLC launched SeekDx, which offers intelligent, doctor-friendly solutions that map diagnoses to the appropriate SNOMED CT code and ICD-10 CM code.
- Healthcare providers accounted for the highest market share
On the basis of end-use, the medical terminology software market segmentations are classified into healthcare providers, healthcare payers, healthcare I.T. vendors, and others. Out of all the healthcare providers segment is dominating the industry. The accountable factors for the dominance of the segment are rising consumer safety issues, growing requirements for clinical interface terminology in the healthcare system, and rising implementation of EHR & clinical decision support systems in hospitals.
- Quality reporting is considered the significant-growing segment
On the basis of software applications, the quality reporting segment is accounted for as the fastest-growing segment. The factors responsible for the segment’s significant growth are the rising government’s efforts to boost healthcare quality outcomes and set quality assessment standards. Also, the reimbursement sector is anticipated to rise at a considerable rate over the assessment period due to a rapid rise in hospitalizations and subsequent claim filings.
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Medical Terminology Software Market: Report Scope
|Market Outlook for 2030||USD 4.19 Billion|
|Market Size 2022 Value||USD 1.02 Billion|
|Expected CAGR Growth||19.37% from 2022 – 2030|
|Forecast Year||2022 – 2030|
|Top Market Players||Apelon, Inc, BiTAC, B2i Healthcare, BT Clinical Computing, CareCom, Clinical Architecture, LLC, HiveWorx, Intelligent Medical Objects, Inc., Wolters Kluwer N.V., 3M.|
|Segments Covered||By Software Application, End-Use, By Region|
|Customization Options||Customized purchase options are available to meet your research needs. Explore customized purchase options|
- North America is accounted for the significant market share
On a geographical basis, the North American region is considered as the highest medical terminology software market share. This region is dominating the market owing to the development of favorable government initiatives and assistance programs. The Centers launched the Medicare Promoting Interoperability Program for Medicare and Medicaid Services in the United States to support hospitals and professionals in using approved EHR systems.
Moreover, Europe is anticipated to grow at a considerable rate over the foreseen period. This is due to rising government initiatives in the form of funding for the use of digital platforms in hospitals. Further, Asia Pacific is also predicted to grow at a considerable rate over the assessment period due to the increasing number of institutions and increased spending on public health monitoring.
Browse the Detail Report “Medical Terminology Software Market Share, Size, Trends, Industry Analysis Report, By End-Use (Healthcare Providers, Healthcare Payers, Healthcare IT Vendors, Others); By Software Application; By Region; Segment Forecast, 2022 – 2030” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/medical-terminology-software-market
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Key Questions Answered in The Report Include:
- What is the current market size in various regions with promising growth opportunities?
- What will the size and growth rate be in the forecast period?
- What are the key factors driving the industry?
- What are the business growth strategies adopted by developed and developing regions?
- What are the key outcomes of the five forces analysis?
- Who are the leading players active in the market?
- What’s the competition in this industry, both company, and country-wise?
Polaris Market Research has segmented the medical terminology software market report based on the software application, end-use, and region:
By End-Use Outlook
- Healthcare Providers
- Healthcare Payers
- Healthcare I.T. Vendors
By Software Application Outlook
- Data Aggregation
- Public Health Surveillance
- Data Integration
- Decision Support
- Clinical Trials
- Quality Reporting
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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