Medical Terminology Software Market by Application (Data Aggregation, Decision Support, Clinical Trials, Clinical Guidelines, Reimbursement, Public Health Surveillance, Quality Reporting, and Data Integration), Product and Service (Services and Platforms), End User (Healthcare Providers, Healthcare Payers, Healthcare IT Vendors, and Other): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026478 | Pages: 100 | Industry: Healthcare IT | Date: Sep 2022 | Type: Global

The market crossed the US$ 1.07 billion mark in 2022 and is expected to hit US$ 3.48 billion by 2030, recording a CAGR of 14.2% during the forecast period.

The medical terminology software market has grown significantly with the increase in new software technologies and product launches.

The demand for software responsible for medical terminologies is increasing as the data is humongous. Therefore, the companies are launching products, thereby meeting the current demand. In addition, the surge in need to maintain data integrity is aiding the market's growth. Healthcare consumers require consistent and ubiquitously available health and medical information which they can access. For instance, in Jan 2022, Wolters Kluwer announced the release of Digital Architect, a platform rich in delivering access to best-in-class health consumer content and clinical decision support for healthcare organizations as well as digital health technology and virtual care vendors. The increasing demand for healthcare software is expected to create enhanced business opportunities for solution providers of medical terminology software. Healthcare providers are expected to pace up with the rising adoption of medical terminology software. Further, other segments, such as healthcare payers and IT vendors, will likely gain traction during the forecasted year.

Within the report, the market is segmented into product and services, application, end-user, and geography. The market by products and services is bifurcated into services and platforms. By application, the market is segmented into data aggregation, decision support, clinical trials, clinical guidelines, reimbursement, public health surveillance, quality reporting, and data integration. Based on end-user, the market is segmented into healthcare providers, healthcare payers, healthcare IT vendors, and others. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Medical terminology is a far-reaching technology that empowers the growth of futuristic innovations.

Medical terminology is the vocabulary professionals use to describe the body, what it does, and the treatments they prescribe. Medical software is the system used within a medical context; for example, standalone software is used for therapeutic purposes or diagnostics. It is used as software that acts as an accessory to a medical device, used in the design, production, and testing of a medical device. Furthermore, the software provides quality control management of a medical device. It helps hospitals improve patient documentation processes and records the clinical information, and helps manage, integrate, extend, and deploy standard terminology in the healthcare sector.

Rising adoption in various industries is one of the major factors accelerating market growth.

The medical terminology software involves many stakeholders, from medical centers and hospitals to research companies, doctors, and pharmaceuticals. Electronic health records (EHR) are the most popular and crucial software that stores patient data, medical and family history, laboratory test results, and prescribed medical history. The vital feature of EHR is that the patients' health information can be managed and created by authorized providers. For instance, on 16th Aug 2022, SEQSTER, the leading patient-centric healthcare technology company, released SeqsterOS an operating system for patient registries and clinical studies. SEQSTER OS automates real-time RWD collection while providing the participant journey through the digital front door.

Recent strategic developments in the medical terminology software market

The medical terminology software market has undergone several significant developments, and a few of these have been mentioned below:

  • In September 2022, CuriMeta, a new real-world health data company, launched in collaboration with Missouri’s BJC Healthcare and Washington University School of Medicine (WashU Medicine). CuriMeta aims to improve precision medicine and accelerate medical research of complex diseases by sorting and analyzing dense clinical data
  • In March 2022, Thomas H. Lee Partners, L.P. acquired Intelligent Medical to support IMO’s product development and expand commercial relationships with hospitals and other healthcare providers
  • In January 2021, Wolters Kluwer partnered with Henry Schein to integrate Henry Schein MicroMD, practice management, and electronic medical record (EMR) solution with Health Language Clinical Interface Terminology (CIT) to map over a million medical abbreviations quickly, typos, vague terms, and acronyms to standardize terminology

The medical terminology software market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Wolters Kluwer N.V., 3M, Intelligent Medical Objects, Inc., Apelon, Inc., Clinical Architecture, LLC, CareCom, BiTAC, B2i Healthcare, BT Clinical Computing, and HiveWorx are among the prominent players operating in the market.

The target audience for the report:

  • Government bodies, such as regulating authorities and policymakers
  • Venture capitalists, private equity firms, and start-up companies
  • Healthcare Providers
  • Healthcare Payers
  • Healthcare IT Vendors
  • Research institutes, organizations, and consulting companies
  • Digital health technologies providers

Scope of the report:

In this report, the market has been segmented based on:

Application:

  • Data Aggregation
  • Decision Support
  • Clinical Trials
  • Clinical Guidelines
  • Reimbursement
  • Public Health Surveillance
  • Quality Reporting and Data Integration

Product and Service:

  • Services
  • Platforms

End User:

  • Healthcare Providers
  • Healthcare Payers
  • Healthcare IT Vendors
  • Other

Region:

  • North America
  • Europe
  • Asia Pacific
  • South & Central America
  • Middle East & Africa

Companies Profiled:

  • Wolters Kluwer N.V.
  • 3M
  • Intelligent Medical Objects, Inc.
  • Apelon, Inc.
  • Clinical Architecture, LLC
  • CareCom
  • BiTAC
  • B2i Healthcare
  • BT Clinical Computing
  • HiveWorx

Companies profiled:
- Wolters Kluwer N.V.
- 3M
- Intelligent Medical Objects, Inc.
- Apelon, Inc.
- Clinical Architecture, LLC
- CareCom
- BiTAC
- B2i Healthcare
- BT Clinical Computing
- HiveWorx

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