Medical Terminology Software Market size is set to grow by USD 2.75 billion from 2024-2028, Rising focus on minimizing medical errors boost the market, Technavio
NEW YORK, June 11, 2024 /PRNewswire/ -- The global medical terminology software market size is estimated to grow by USD 2.75 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 24% during the forecast period. Rising focus on minimizing medical errors is driving market growth, with a trend towards growing adoption of HCIT. However, challenges associated with the development of healthcare software poses a challenge. Key market players include 3M Co., Apelon Inc., B2i Healthcare Pte Ltd, BITAC MAP SL, 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, Spellex Corp., West Coast Informatics LLC, and Wolters Kluwer NV.
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Medical Terminology Software Market Scope
Report Coverage
Details
Base year 2023
Historic period
2018 - 2022
Forecast period
2024-2028
Growth momentum & CAGR Accelerate at a CAGR of 24%
Market growth 2024-2028
USD 2755.2 million
Market structure
Fragmented
YoY growth 2022-2023 (%) 20.16
Regional analysis
North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution North America at 45%
Key countries
US, Canada, UK, China, and Germany
Key companies profiled 3M Co., Apelon Inc., B2i Healthcare Pte Ltd, BITAC MAP SL, 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, Spellex Corp., West Coast Informatics LLC, and Wolters Kluwer NV
Market Driver
The healthcare industry's increasing use of Health Information and Communication Technology (HCIT) is fueling the demand for medical terminology software. HCIT applications, including workflow optimization, revenue management, and patient engagement, require coded data for reimbursement and reporting.
Medical terminology software translates free text into coded data, improving clinical, operational, and financial outcomes. AI in medical imaging enhances diagnoses and personalized treatment recommendations, driving the need for interoperability among healthcare providers, epidemiologists, and physicians. This trend will continue to expand the global medical terminology software market during the forecast period.
The market for Medical Terminology Software is thriving with advancements. Solutions help healthcare professionals manage and understand complex medical terminology. Recent trends include the integration of artificial intelligence and machine learning for improved accuracy and efficiency. These technologies enable automatic coding and diagnosis, reducing manual errors.
Additionally, cloud-based systems offer accessibility and flexibility for remote work. The market is projected to grow significantly due to the increasing demand for streamlined healthcare processes and regulatory compliance. Overall, Medical Terminology Software is a crucial investment for healthcare organizations seeking to enhance patient care and operational efficiency.
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Market Challenges
-- The healthcare software market, including medical terminology software,
faces numerous challenges. Regulations for third-party medical devices
and software categorization vary by region and country.
-- Compliance with healthcare standards like HL7 FHIR and MedMij requires
technical and security audits, which take time. Continuous industry
changes, such as new devices and compliance standards, necessitate
adaptability from developers. These factors may negatively impact the
growth of the medical terminology software market.
-- The Medical Terminology Software market faces several challenges in
providing accurate and efficient solutions. Errors in decoding medical
terminology can lead to misdiagnosis and incorrect treatment plans. The
complexity of medical terminology requires continuous updates and
expansions to keep up with new terms and their meanings. Additionally,
integrating these software solutions with electronic health records and
other healthcare systems can be a significant challenge.
-- Providers need user-friendly interfaces and seamless integration to
ensure effective communication between healthcare professionals and
accurate patient care. Furthermore, ensuring data security and privacy
is crucial in this market. Providers must comply with regulations such
as HIPAA and HITECH to protect sensitive patient information. Overall,
the Medical Terminology Software market must address these challenges to
provide valuable tools for healthcare professionals and improve patient
outcomes.
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Segment Overview
1. End-user
-- 1.1 Healthcare providers
-- 1.2 Healthcare payers
-- 1.3 Healthcare IT vendors
2. Type
-- 2.1 Services
-- 2.2 Platforms
3. Geography
-- 3.1 North America
-- 3.2 Europe
-- 3.3 APAC
-- 3.4 South America
-- 3.5 Middle East and Africa
1.1 Healthcare providers- Medical terminology software is a crucial tool for the healthcare providers industry, generating approximately half of the global market revenue in 2023. Hospitals, clinics, doctor offices, long-term care facilities, and rehabilitation centers use this software for accurate clinical documentation, coding, and information sharing. The growing need for managing patient data and adhering to coding guidelines drives the adoption of medical terminology software. Significant investments in health research and development, such as the USD5 billion commitment for ARPA-H in the 2023 US Budget, will further fuel the market growth during the forecast period.
For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) - Download a Sample Report
Research Analysis
The Medical Terminology Software Market is pivotal for healthcare organizations, enhancing interoperability across departments and enabling effective communication among providers. These solutions minimize medical errors in EHRs, ensuring patient safety. Compliance with government norms and reimbursement is streamlined via data aggregation and integration. Decentralized clinical trials, R&D, and clinical studies benefit from robust decision support systems. Additionally, data quality reporting and public health surveillance improve hospitalizations and claim submissions. Occupational Therapy Software, AI in healthcare, and ICT services in education also advance, optimizing medical billing processes and evolving to meet industry demands.
Market Research Overview
The Medical Terminology Software market, integral to enhancing clinical documentation and coding accuracy, now incorporates advanced solutions such as Occupational Therapy Software and AI in healthcare. These innovations streamline healthcare workflows and improve patient outcomes. Integration with EHRs and billing systems, along with features like spell-check and autocomplete, are standard. The growing adoption of digital health solutions and regulatory demands fuel this market's expansion. Additionally, the role of Information and Communications Technology Services in Education is crucial, providing the necessary training and support for effective utilization of these technologies in healthcare settings.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
-- End-user
-- Healthcare Providers
-- Healthcare Payers
-- Healthcare IT Vendors
-- Type
-- Services
-- Platforms
-- Geography
-- North America
-- Europe
-- APAC
-- South America
-- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
