Medical Terminology Software Market: Growing Demand for Accurate Data Exchange

What This Report Will Provide?

This study involved four major activities in estimating the current size of the medical terminology software market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market.

The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the size of segments and subsegments.

Expected Revenue Growth:

[138 Pages Report]
The 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%Major Growth Boosters:

The growth in this market is driven by factors such as the rising focus on minimizing medical errors, government initiatives for HCIT adoption, and disparity and fragmentation in the terminology content of healthcare organizations.

Key Questions Addressed in The Report:

1. Who are the top 10 players operating in the global medical terminology software market?
2. What are the drivers, restraints, opportunities, and challenges in the medical terminology software Industry?
3. What are the opportunities for stakeholders and provide details of the competitive landscape for key players?
4. What will be growth of medical terminology software in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa?

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Recent Developments:

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.

Regional Growth Analysis:

Geographically, the global medical terminology software industry is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The large share of North America is attributed to the high adoption of HCIT technologies, regulatory requirements regarding patient safety, the presence of leading market players in the region, and growing demand for accurate data exchange between healthcare providers and payers to streamline workflows.

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Key Players:

Prominent players in the medical terminology software market are Wolters Kluwer (Netherlands), Intelligent Medical Objects (US), Apelon (US), Clinical Architecture (US), 3M (US), CareCom (Denmark), Bitac (Spain), B2i Healthcare (Hungary), BT Clinical Computing (Belgium), and HiveWorx (Ireland).

Intelligent Medical Objects is the leading player in the medical terminology software market. IMO develops, manages, and licenses medical terminology and HCIT software applications that allow clinicians to capture clinical intent at the point-of-care. IMO offers an enterprise platform that hosts its dictionaries and services to meet the day-to-day terminology needs of its customers.