Global Medical Terminology Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Medical Terminology Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Medical terminology can be defined as a language that is used in order to precisely describe the human body including its components, processes, conditions affecting it, and procedures performed upon it. Medical terminology is used in the field of medicine and its software is used in order to aid the bridging of the gap between clinical terminology and general language. Medical terminology software simplifies patient documentation and facilitates the capture of clinical information.

Market Overview:

The latest research study on the global Medical Terminology Software market finds that the global Medical Terminology Software market reached a value of USD 643.65 million in 2022. It’s expected that the market will achieve USD 1723.48 million by 2028, exhibiting a CAGR of 17.84% during the forecast period.

The COVID-19 pandemic has raised new expectations for technologies including telemedicine and data interoperability, paving the way for a future of consumer-first healthcare. While the pandemic highlights the challenges already faced by community hospitals across the U.S. due to resource constraints, it provides an opportunity to find technology solutions that can drive optimal levels of patient engagement.

The United States announced the Interoperability and Patient Access Final Rule on March 9, 2020, and the Centers for Medicare and Medicaid Services set a timeline that will have a significant impact on healthcare organizations. And medical terminology software can help convert, normalize and transform data, standardize to USCDI, and transform complex medical terms into simple, easy-to-understand consumer language.

Rising incidence of COVID-19, government mandates, support and initiatives for HCIT solutions, the increasing use of big data in healthcare, high returns on investment for HCIT solutions, and the need to curtail escalating healthcare costs are the major factors driving the growth of the medical terminology software market.

Technological Factors

The global health information technology industry has always been driven by technology. From the latest technological advances in various application areas of global medical software, the medical software industry is mainly transformed in the direction of high intelligence, high visualization and high precision. Cloud computing, big data and other new technologies as the main driving force to lead the development of the industry, will promote the industry to a highly intelligent direction. Approximately 80% of all clinical data today is in an unstructured format, such as free text, or other formats that cannot be used by other IT systems for health and medical care. Therefore, lots of detailed and important information is lost. Medical terminology software transforms unstructured text into a structured and usable format, using AI algorithms and NLP (Natural Language Processing). These features minimize time spent on manual indexing, optimizes the work flow for health care professionals and improves data analysis and research.

Environmental Factors

The medical and health care industry is an important part of the economy. The market demand from aging and urbanization will drive the industry's steady growth, and multi-faceted policies will also benefit the industry's healthy development. The government is focusing on enhancing the healthcare industry's economies of scale and innovation, improving product quality and supply assurance systems, and accelerating the pace of internationalization. The healthcare industry is expected to continue to attract domestic and international investment.

Region Overview:

In global comparison, a significant portion of the revenue was generated in North America (46.74% in 2021).

Company Overview

Wolters Kluwer is one of the major players operating in the Medical Terminology Software market, holding a share of 30.12% in 2022.

Wolters Kluwer

Wolters Kluwer is a global provider of professional information, software solutions, and services for clinicians, accountants, lawyers, and tax, finance, audit, risk, compliance, and regulatory sectors.

Intelligent Medical Objects

Intelligent Medical Objects, Inc. has created the most widely-accepted medical terminology solution for the development, management, and licensing of medical vocabularies and software applications at healthcare organizations worldwide. IMO® medical vocabulary and mapping products effectively capture clinical intent and help EHRs preserve and communicate this across the entire spectrum of care. IMO® clinical terms are seamlessly mapped to all standard coding systems including ICD-9, ICD-10 and SNOMED®.

Segmentation Overview:

As for product types, the Data Aggregation segment held the largest market share in 2021.

Application Overview:

The market's largest segment by application is the segment Healthcare Providers, with a market share of 37.84% in 2021.

Key Companies in the global Medical Terminology Software market covered in Chapter 3:

3M
Bitac
Intelligent Medical Objects
CareCom
BT Clinical Computing
Wolters Kluwer
Clinical Architecture
Apelon
B2i Healthcare

In Chapter 4 and Chapter 14.2, on the basis of types, the Medical Terminology Software market from 2018 to 2029 is primarily split into:

Diagnosis
Procedure
Data Aggregation
Normalize
NLP Solutions
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Medical Terminology Software market from 2018 to 2029 covers:

Healthcare Providers
Healthcare Payers
Pharmaceutical Company
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)