The Global Medical Terminology Software Market is growing significantly owing to increasing demand for data management and proper documentation in healthcare facilities. Medical terminology software help manage various healthcare terminologies and standards. It helps normalize medical lexicons and encodes clinical information for interoperability. The software allows mapping between various medical coding systems like SNOMED CT, ICD10, LOINC to facilitate integration of clinical data across healthcare organizations. It offers advantages like consistent documentation, reduction in medical errors, improve quality of patient care.
The Global Medical Terminology Software Market is estimated to be valued at US$ 1,439.9 Mn in 2024 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the Medical Terminology Software are Wolters Kluwer, 3M, Apelon, Intelligent Medical Objects, Clinical Architecture, Bitac, B2i Healthcare, HiveWorx, BT Clinical Computing, EzCoder, Savante International, Stryker, CloudPital, SoftMed Systems, DXC Technology Company, and GenoLogics. There is growing demand for medical terminology software from hospitals, healthcare providers, and insurance companies to streamline workflows and improve documentation. Major players are focusing on strategies like partnerships, acquisitions to strengthen their product portfolio and market presence. Technological advancements like artificial intelligence and machine learning are being integrated with terminology software to better identify clinical context and enhance clinical decision support.
Market Trends
Two major trends in the medical terminology software market include growing adoption of semantic interoperability solutions and usage of cloud-based platforms. Semantic interoperability allows integration of clinical data across disparate healthcare IT systems through standards-based representations of clinical concepts. More organizations are deploying terminology software with semantic interoperability capabilities. Cloud-based medical terminology software are also gaining traction as they offer benefits like flexible subscriptions, easy accessibility, lower upfront costs. Major players have launched SaaS versions of their terminology solutions to capitalize on this trend.
Market Opportunities
Growing demand from emerging markets like Asia Pacific and Latin America owing to increasing investments in digitalization of healthcare presents key opportunities. Development of terminology solutions integrated with advanced technologies like AI, machine learning to offer enhanced content structuring, clinical decision support is another major opportunity. Partnerships with clinical terminology standard developing organizations can help software players strengthen product content and interoperability support.
Impact of COVID-19 on Global Medical Terminology Software Market
The COVID-19 pandemic has significantly impacted the global medical terminology software market. The demand for medical terminology software surged during the pandemic as healthcare organizations needed to efficiently manage rising patient volumes and streamline operations. Medical terminology software helped healthcare providers easily search, retrieve and analyze critical medical data to provide effective treatment to COVID patients. It enabled contactless consultation and telehealth, reducing the risk of virus spread.
Pre-COVID, the market was growing at a steady pace due to rising need to manage regulatory compliance, digitize healthcare records and enhance data integration. However, during the peak of pandemic, the market witnessed exponential growth. Post-COVID, the demand is expected to remain high as healthcare systems have now realized the importance of digital tools and data analytics for improved management and preparedness against future health crises. Vendors are focusing on enhancing features to support remote working of medical staff, advance clinical research through real-world data analysis and establish global terminologies for seamless interoperability.
North America has been the largest regional market for medical terminology software accounting for over 40% of the global value largely contributed by the US market. This is due to advanced healthcare infrastructure, rising adoption of healthcare IT solutions and presence of major market players. However, the Asia Pacific region is emerging as the fastest growing regional market attributed to improving access to healthcare, government initiatives for modernization of healthcare systems and growing medical tourism industry in countries like India, China, Singapore, Thailand and Malaysia.
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