According to the new market research report “Medical Terminology Software Market by Application (Data Aggregation, Reimbursement, Decision Support, Clinical Trials), Product & Service (Services and Platforms), End User (Healthcare Provider, Payer, IT Vendor) – Global Forecast to 2024“, published by MarketsandMarkets™, the Medical Terminology Software Industry is projected to reach USD 1,786 million by 2024 from USD 707 million in 2019, at a CAGR of 20.4% during the forecast period.
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The growth in this market is driven by factors such as the rising focus on minimizing medical errors, government initiatives for HCIT adoption, and disparity and fragmentation in the terminology content of healthcare organizations. The increasing need to maintain data integrity is expected to provide further growth opportunities for market players in the coming years.
The data aggregation segment to account for the largest market share in 2018
On the basis of application, the Medical Terminology Software Market is segmented into data aggregation, data integration, decision support, clinical guidelines, reimbursement, quality reporting, clinical trials, and public health surveillance. The data aggregation segment accounted for the largest share of the Medical Terminology Software Industry in 2018. The large share of this segment can be attributed to the growing focus on reducing medical errors and the need to create a consistent and comprehensive data source and improve performance measurement and transparency in patient care.
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The services segment is expected to dominate the Medical Terminology Software Industry during the forecast period of 2019 to 2024
Based on product & service, the Medical Terminology Software Market is segmented into services and platforms. The services segment is expected to account for the largest share of the Medical Terminology Software Industry in 2018. The large share of this segment can be attributed to the increasing demand for the standardization of patient data and the rising need to curb medical errors and the accumulation of large amounts of healthcare data.
North America to dominate the Medical Terminology Software Market in 2018
North America is expected to account for the largest share of the Medical Terminology Software Industry, followed by Europe and the Asia Pacific. The large share of North America is attributed to the high adoption of HCIT technologies, regulatory requirements regarding patient safety, the presence of leading market players in the region, and growing demand for accurate data exchange between healthcare providers and payers to streamline workflows.
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Prominent players in the Medical Terminology Software Market are Wolters Kluwer (Netherlands), 3M (US), Intelligent Medical Objects (US), Apelon (US), Clinical Architecture (US), CareCom (Denmark), Bitac (Spain), B2i Healthcare (Hungary), BT Clinical Computing (Belgium), and HiveWorx (Ireland).
Intelligent Medical Objects is the leading player in the medical terminology software industry. IMO develops, manages, and licenses medical terminology and HCIT software applications that allow clinicians to capture clinical intent at the point-of-care. IMO offers an enterprise platform that hosts its dictionaries and services to meet the day-to-day terminology needs of its customers.