Portland, OR, June 28, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Medical Terminology Software Market by Application (Clinical Trials Data Aggregation, Reimbursement, Quality Reporting, And Others), and End user (Healthcare providers, Healthcare Payers And Others): Global Opportunity Analysis and Industry Forecast, 2023-2033". According to the report, the global medical terminology software industry generated $ 0.9 billion in 2022, and is anticipated to generate $2.6 billion by 2032, witnessing a CAGR of 10.9% from 2023 to 2032.
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Prime determinants of growth
The rise in adoption of Electronic Health Records (EHRs), surge in the prevalence of noncommunicable diseases (NCDs) and growing focus on quality reporting, and regulatory compliance among healthcare providers across the world drive the growth of the global medical terminology software market. However, the data privacy issue might restrict the market growth. Moreover, the integration of artificial intelligence (AI) into medical terminology software presents new opportunities in the coming years.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $0.9 billion |
| Market Size in 2032 | $2.6 billion |
| CAGR | 10.9% |
| No. of Pages in Report | 243 |
| Segments covered | Application, End User, And Region |
| Drivers | Rise in the adoption of Electronic Health Records (EHRs) Increasing demand for clinical decision support systems Growing focus on quality reporting and regulatory compliance among healthcare providers |
| Opportunities | Integration of artificial intelligence (AI) into medical terminology software |
| Restraints | Data privacy issues |
Covid-19 Scenario
- The COVID-19 pandemic had a positive impact on the medical terminology software market, owing to the rise in the adoption of medical terminology software in hospitals, as hospitals were receiving a lot of patient-related data to provide treatment and care to patients by using patient-related data information.
- The pandemic resulted in increased demand for healthcare data analytics. As healthcare providers struggled to keep up with the sheer volume of COVID-19 patients, there was a need for software solutions that could help analyze patient data and identify patterns and trends.
- However, the COVID-19 pandemic also had some negative impacts on the medical terminology software market. Many healthcare providers faced significant financial challenges, which led to budget cuts and reduced investment in new technologies.
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The quality reporting segment to maintain its leadership status throughout the forecast period
Based on application, the quality reporting segment held the highest market share in 2022, accounting for more than one-fourth of the global medical terminology software market revenue, owing to the government's increased efforts to enhance healthcare quality outcomes and set quality assessment standards. However, the reimbursement segment is projected to manifest the highest CAGR of 11.7% from 2023 to 2032. This is attributed to the wide application of medical terminology software in a seamless and error-free reimbursement process.
The healthcare providers segment to maintain its leadership status throughout the forecast period
Based on end users, the healthcare providers segment held the highest market share in 2022, accounting for nearly half of the global medical terminology software market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the demand for medical terminology software among hospitals, pharmacies, and other healthcare-related forms to manage the surplus in the amount of patient information in hospitals. The same segment is also projected to manifest the highest CAGR of 11.4% from 2023 to 2032.
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North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than half of the global medical terminology software market revenue, and is likely to dominate the market during the forecast period. This is attributed to an increase in the adoption of EHRs by healthcare institutes, a high number of clinical trials, and a surge in healthcare infrastructure. An upsurge in healthcare expenditure in emerging economies is anticipated to offer lucrative opportunities for market expansion. However, the Asia-Pacific region is expected to witness the fastest CAGR of 12.6% from 2023 to 2032. This is owing to an increase in investments for the development of medical terminology software and a rise in the number of key players developing medical terminology software,.
Leading Market Players: -
- 3M Company
- BT Clinical Computing
- TermSolutions GmbH
- SNOMED International
- Clinical Architecture, LLC
- Intelligent Medical Objects Inc.
- Wolters Kluwer N.V.
- West Coast Informatics Inc.
- Hiveworx
- Rhapsody
The report provides a detailed analysis of these key players in the global medical terminology software market. These players have adopted collaborations as strategy to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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