Dublin, Sept. 20, 2022 (GLOBE NEWSWIRE) -- The "Medical Terminology Software Market by Application (Data Aggregation, Reimbursement, Data Integration, Clinical Trials), Products & Services (Services, Platforms), End User (Healthcare Providers, Healthcare Payers, IT Vendors) - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global medical terminology software market is projected to reach USD 2.5 billion by 2027 from an estimated USD 1.0 billion in 2022, at a CAGR of 19.3% during the forecast period.
Growth in this market is driven by the opportunities provided by the market such as emerging markets for medical terminology software market, and increasing need to maintain data integrity. However, the reluctance to use terminology solutions over conventional practices is a challenge that is expected to limit the growth of the market to a certain extent during the forecast period.
The data aggregation segment is projected to be the largest segment in the medical terminology software market, by application
Based on application, the data aggregation segment is projected to be the largest segment during the forecast period. Factors responsible for the growth of this segment are the increasing focus on reducing medical errors and the need to create a consistent and comprehensive data source and improve performance measurement in patient care.
Services was the largest & fastest-growing segment by the product & service of medical terminology software market in 2021
Services segment is projected to be the largest segment & grow at the highest growth rate in the medical terminology software market in 2021. The increasing demand for standardizing patient data, the rising need to rectify medical errors, and the need to streamline large amounts of healthcare data is expected to drive the demand for medical terminology software services in the coming years.
APAC to witness the highest growth rate during the forecast period
The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. Market growth in the APAC region is mainly driven by factors such as the government initiatives for the adoption of HCIT solutions, rising medical tourism, the growth of the geriatric population, improving healthcare insurance coverage, soaring healthcare expenditures, and growth in the purchasing power of consumers.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Medical Terminology Software Market Overview
4.2 Asia-Pacific: Medical Terminology Software Market, by Product & Service and End-User (2021)
4.3 Medical Terminology Software Market: Geographic Growth Opportunities
4.4 Regional Mix: Medical Terminology Software Market (2020-2027)
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Focus on Minimizing Medical Errors
5.2.1.2 Government Initiatives for Hcit Adoption
5.2.1.3 Disparity and Fragmentation in the Terminology Content of Healthcare Organizations
5.2.2 Restraints
5.2.2.1 It Infrastructural Constraints in Developing Countries
5.2.2.2 Interoperability Issues
5.2.3 Opportunities
5.2.3.1 Emerging Markets
5.2.3.2 Increasing Need to Maintain Data Integrity
5.2.4 Challenges
5.2.4.1 Reluctance to Use Terminology Solutions Over Conventional Practices
6 Industry Insights
6.1 Industry Trends
6.1.1 Increasing Preference for Cloud-Based Solutions
6.1.2 Introduction to Icd-11 Guidelines
6.1.3 Growing Trend of Semantic Interoperability
6.2 Revenue Stream Models
6.3 Regulatory Analysis
6.4 Terminology Standards
6.5 Fast Healthcare Interoperability Resources (Fhir)
7 Medical Terminology Software Market, by Application
7.1 Introduction
7.2 Data Aggregation
7.2.1 Without a Common Terminology for Aggregating Patient Data, the Potential for Medical Errors Can Increase - a Key Factor Driving Market Growth
7.3 Reimbursement
7.3.1 Terminology Solutions Play an Important Role in Ensuring Appropriate Reimbursement for Healthcare Services Rendered
7.4 Public Health Surveillance
7.4.1 Population-Based Analytics Includes Those Investigations That Benefit the Entire Population, Including Public Health Surveillance
7.5 Data Integration
7.5.1 Terminology Solutions Can Unify, Clean, and Normalize the Data Collected from Multiple Data Sources
7.6 Decision Support
7.6.1 Incorporation of Standardized Terminology in Cdss Will Help Facilitate the Comparability of Medical Data
7.7 Clinical Trials
7.7.1 Use of Consistent Terminology Within and Between Studies is Critical to Clinical Trial Processes
7.8 Quality Reporting
7.8.1 Governments Across Various Countries are Implementing a Number of Regulations to Encourage the Adoption of Quality Reporting
7.9 Clinical Guidelines
7.9.1 Implementation of Guidelines Helps Organize and Provide the Best Available Evidence to Support Clinical Decision-Making
8 Medical Terminology Software Market, by Product & Service
8.1 Introduction
8.2 Services
8.2.1 Services Contribute an Important Share to the Market due to Their Ability to Bridge Gaps in the Standardization of Data from Various Sources
8.3 Platforms
8.3.1 Platforms Provide a Single Source for All Terminology Needs
9 Medical Terminology Software Market, by End-User
9.1 Introduction
9.2 Healthcare Providers
9.2.1 Healthcare Service Providers
9.2.1.1 Need to Capture and Document Large Amounts of Data in Healthcare Organizations - a Key Driver for Market Growth
9.2.2 Health Information Exchanges
9.2.2.1 Hies Provide Healthcare Professionals and Patients with Electronic Access to Therapeutic Data When and Where They Require It
9.3 Healthcare Payers
9.3.1 Private Payers
9.3.1.1 Terminology Management Solutions Provide Private Payers with the Data Needed to Leverage Competitive Agreements During Provider Contract Negotiations
9.3.2 Public Payers
9.3.2.1 Increasing Government Initiatives to Improve Healthcare Coverage and Quality of Care are Driving the Adoption of Terminology Solutions Among Public Payers
9.4 Healthcare It Vendors
9.4.1 Medical Terminology Implementation Provides Various Benefits to Healthcare It Vendors
9.5 Other End-Users
10 Medical Terminology Software Market, by Region
10.1 Introduction
10.2 North America
10.2.1 US
10.2.1.1 Presence of Major Market Players in the Us Makes It the Largest Market for Medical Terminology Solutions
10.2.2 Canada
10.2.2.1 Canada is Projected to Register the Highest CAGR During the Forecast Period
10.3 Europe
10.3.1 Growing Implementation of Various Ehealth Initiatives Makes Europe a Lucrative Market for Medical Terminology Solutions
10.4 Asia-Pacific
10.4.1 Improving Healthcare Infrastructure in Several APAC Countries Drives Growth in this Regional Segment
10.5 Latin America
10.5.1 Favorable Government Initiatives in Several Latin American Countries Promote the Adoption of Medical Terminology Solutions
10.6 Middle East & Africa
10.6.1 Middle Eastern Countries are Investing in Ehrs to Support the Management of Data and Improve the Quality and Efficiency of Care Delivery
11 Competitive Landscape
11.1 Overview
11.2 Ranking of Key Players, 2021
11.3 Company Evaluation Matrix
11.3.1 Stars
11.3.2 Emerging Leaders
11.3.3 Pervasive Players
11.3.4 Participants
11.4 Competitive Situations and Trends
11.4.1 Product/Service Launches & Upgrades
11.4.2 Deals
12 Company Profiles
12.1 Intelligent Medical Objects, Inc.
12.2 Wolters Kluwer N.V.
12.3 Clinical Architecture, LLC
12.4 3M
12.5 Apelon, Inc.
12.6 Carecom
12.7 Bitac
12.8 B2I Healthcare
12.9 Bt Clinical Computing
12.10 Hiveworx
13 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/gn3r4
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