Global Medical Terminology Software Market Overview
Medical terminology software is the efficient, accurate, and effective approach to sematic interoperability. It is used in order to precisely describe the human body including its components, processes, conditions affecting it, and procedures performed upon it. It is also one of the keys to true interoperability between systems and integrating data in world of electronic health records (EHRs). The rising concerns regarding medical errors, which is driving the medical terminology software market growth in a positive way. For instance, according to according to (Journal of Patient Safety, 2013) medical errors the 3rd leading cause of death in America, behind heart disease and cancer. In addition, the developing economies and mounting need to maintain data integrity is expected to provide opportunities to the target market in forecast period. Medical terminology is a vocabulary that is used to precisely describe the human body, including its components, processes, diseases that affect it, and procedures that are performed on it. In the field of medicine, medical terminology is utilised, and software is used to help bridge the gap between clinical terminology and ordinary language. Medical terminology software makes patient documentation easier to understand and captures clinical data. The Global Medical Terminology Software Market accounted for US$ 833.7 million in 2020 and is estimated to be US$ 4999.42 million by 2030 and is anticipated to register a CAGR of 19.8%.
Global Medical Terminology Software Market Dynamics
Government initiatives to use Healthcare Information Technology (HCIT)
The market is likely to grow as the medical sector and hospitals place a greater emphasis on reducing medical errors while keeping uniform patient information. Government initiatives to use Healthcare Information Technology (HCIT) to improve clinical data operations are projected to drive the medical terminology software market forward. The rising demand for patient data standardization, the need to reduce medical errors, and the gathering of enormous amounts of medical data are all likely to boost market growth. However, market expansion has been hindered by concerns such as apprehension over using language solutions instead of traditional techniques. In addition, major market players have taken part in the launch of new products in order to strengthen their market position.
Furthermore, rising demand for advanced healthcare data software is likely to provide commercial potential for medical terminology software solution providers.
Global Medical Terminology Software Market Segmentation
Source: Prophecy Market Insights |Disclaimer: Data is only a representation. Actual data may vary in the final report.
The global medical terminology software market report segments the market on the basis of application, end-user and region.
The application segment includes Data Aggregation, Decision Support, Clinical Trials, Reimbursement, Quality Reporting, Clinical Guidelines, Public Health Surveillance, and Data Integration. On the basis of end-user the Global Medical Terminology Software Market has been segmented Healthcare Providers, Healthcare Payers, Healthcare It Vendors, and Others.
Regional Insights:
Global Medical Terminology Software Market accounted for US$ 833.7 million in 2020 and is estimated to be US$ 4999.42 million by 2030 and is anticipated to register a CAGR of 19.8%. On region the Global Medical Terminology Software Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America holds a significant proportion of the medical terminology software market due to existence of large medical terminology software suppliers and the increasing usage of advanced technologies in the healthcare sector. Due to increased investment by major players to deliver healthcare solutions across the region, the medical terminology software market in Asia Pacific is predicted to grow the quickest over the forecast period.
Report Scope:
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Attribute |
Details |
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Base year for estimation |
2020 |
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Forecast period |
2020 – 2029 |
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Market representation |
Revenue in USD Million & CAGR from 2020 – 2029 |
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Market Segmentation |
By Application - Data Aggregation, Decision Support, Clinical Trials, Reimbursement, Quality Reporting, Clinical Guidelines, Public Health Surveillance, and Data Integration By End User – Healthcare Providers, Healthcare Payers, Healthcare It Vendors, and Others |
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Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029. For the purpose of this study, has segmented the Global Medical Terminology Software Market report based on Application, End User and Region.
Global Medical Terminology Software Market, By Region:
- North America
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- U.S.
- Canada
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- Europe
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- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
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- Asia Pacific
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- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
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- Latin America
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- Brazil
- Mexico
- Rest of Latin America
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- Middle East & Africa
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- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
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Global Medical Terminology Software Market Key Players
The key players operating in the medical terminology software market are Wolters Kluwer N.V., Intelligent Medical Objects, Inc., Apelon, Inc., Clinical Architecture LLC, 3M Company, CareCom, Inc., Optimum Hotel Brokerage LLC, B2i Healthcare, BT Clinical Computing Ltd. and HiveWorx.
Global Medical Terminology Software Market Company Profile
- Acelity L.P. Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Wolters Kluwer N.V.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Intelligent Medical Objects, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Apelon, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Clinical Architecture LLC
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- 3M Company
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- CareCom, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Optimum Hotel Brokerage LLC
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- B2i Healthcare
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- BT Clinical Computing Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- HiveWorx
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
Global Medical Terminology Software Market Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
- Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
- Market Purview
- Executive Summary
- Key Findings—Global Outlook for Wound Closure Strategies
- Key Questions this Study will Answer
- Market Snippet, By Application
- Market Snippet, By End-User
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Dynamics
- Global Medical Terminology Software Market , By Application, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Data Aggregation
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Decision Support
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Clinical Trials
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Reimbursement
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Quality Reporting
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Clinical Guidelines
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Public Health Surveillance
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Data Integration
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Medical Terminology Software Market , By End-User, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Healthcare Providers
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Healthcare Payers
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Healthcare IT Vendors
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Others
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Medical Terminology Software Market , By Region, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Regional Trends
- North America
- Market Size and Forecast (US$ Mn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Mn), By End-User, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Mn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Mn), By End-User, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- UK
- France
- Germany
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Mn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Mn), By End-User, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- India
- Japan
- South Korea
- China
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Mn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Mn), By End-User, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Mn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Mn), By End-User, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- GCC
- Israel
- South Africa
- Rest of Middle East
- Overview
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Company Profiles
- Acelity L.P. Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Wolters Kluwer N.V.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Intelligent Medical Objects, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Apelon, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Clinical Architecture LLC
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- 3M Company
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- CareCom, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Optimum Hotel Brokerage LLC
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- B2i Healthcare
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- BT Clinical Computing Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- HiveWorx
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- The Last Word
- Future Impact
- About Us
- Contact
FAQs
The global medical terminology software market is segmented based on Application, End User & Region.
The market is likely to grow as the medical sector and hospitals place a greater emphasis on reducing medical errors while keeping uniform patient information.
North America holds a significant proportion of the medical terminology software market due to existence of large medical terminology software suppliers and the increasing usage of advanced technologies in the healthcare sector
The key players operating in the medical terminology software market are Wolters Kluwer N.V., Intelligent Medical Objects, Inc., Apelon, Inc., Clinical Architecture LLC, 3M Company, CareCom, Inc., Optimum Hotel Brokerage LLC, B2i Healthcare, BT Clinical Computing Ltd. and HiveWorx