Growth of medical terminology software market is driven by factors like rising focus on minimizing medical errors, government initiatives for HCIT adoption, and disparity and fragmentation in the terminology content of healthcare organizations. 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.
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Medical Terminology Software Market Study by Decision Support, Healthcare Terms, Medical Education System for Clinical Trials and Medical Sectors to 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. 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.
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. APAC to be the fastest-growing region in the medical terminology software market during the forecast period.
The medical terminology software market driven by 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.
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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 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.
- In 2018, Clinical Architecture (US) launched Symedical on FHIR, its latest in Healthcare Content Management.
- In 2018, CareCom (Denmark) and Tieto (Finland), an IT software and service company, signed a strategic partnership solving the challenge of semantic interoperability for healthcare IT systems. Under this partnership, the companies intend to strengthen the cooperation and product offering for CareCom’s terminology platform, HealthTerm.
- In 2016, Wolters Kluwer (Netherlands) announced a partnership with Health Core, Inc., (US), a clinical outcomes research subsidiary of Anthem, Inc. (US), to provide data normalization services to the California Integrated Data Exchange through its health language enterprise terminology management platform.
Complete Details on Medical Terminology Software Market by Application, Product & Service, End User – Global Forecast to 2024 Now at https://www.reportsnreports.com/contacts/inquirybeforebuy.aspx?name=2057021 .
Reason to Buy this Report –
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.
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. Rising government initiatives to implement regulations promoting the adoption of quality reporting is a key factor driving the growth of this segment.
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