Chicago, August 3, 2022 (GLOBE NEWSLETTER) — According to a new report from MarketsandMarkets™, the medical terminology software market is expected to reach USD 2.5 billion in 2027, up from an estimated USD 1.0 billion in 2022, growing at a CAGR of 19.3% over the forecast period. Growth in this market is driven by the use of consistent, standardized clinical terminology to help clinicians access and understand clinical data in healthcare applications, government initiatives to deploy HCIT solutions, and fragmentation in terms of medical content and infrastructure . However, the high costs of infrastructure and maintenance in developing countries are expected to curb market growth to some extent.
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The quality reporting segment is expected to see the highest growth rate in the medical terminology software market, by application
Based on the application, the quality reporting segment is expected to record the highest CAGR during the forecast period. Factors responsible for the growth of this segment are the benefits that the segment offers, such as improved patient safety, improvement of the quality of care, efficient healthcare and patient outcomes.
By end-users, the private payer segment accounted for the largest share of the medical terminology software market in 2021, by healthcare payers.
The private payer segment is estimated to have the largest end-user share of the healthcare payer market. The large share of the segment is attributed to the benefits offered to private payers such as benefits of standardization through fully integrated medical terminology management solutions to ensure more effective communication, less inconsistency and more streamlined administrative costs.
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North America dominated the medical terminology software market in 2021
North America accounted for the largest share of the medical terminology software market in 2021, followed by Europe and Asia Pacific. North America’s large share of the global market can be attributed to the presence of a strong IT infrastructure in the region, the high adoption rate of HCIT technologies, regulatory requirements related to patient safety and the growing demand for accurate data exchange between healthcare providers & payers to streamline workflows. The presence of major market players in the US and a large number of ambulatory healthcare facilities further contribute to the growth of the market in the region.
Major Players of Medical Terminology Software Market:
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Wolters Kluwer NV (Netherlands),
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3M (US),
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Intelligent Medical Objects, Inc. (US),
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Apelon, Inc. (US),
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Clinical Architecture, LLC (USA),
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CareCom (Denmark),
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BiTAC (Spain),
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B2i Healthcare (Hungary),
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BT Clinical Computing (Belgium), en
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HiveWorx (Ireland) are the main players in this market.
These companies mainly focus on strategies such as agreements, collaborations, partnerships and service launches to remain competitive and further increase their share of the medical terminology software market.
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Healthcare IT Market by products and services (healthcare provider solutions, healthcare payer solutions and HCIT outsourcing services), components (services, software, hardware), end user and region (2022 – 2026)
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