Identification of Need for Minimizing Medical Errors Providing Impetus to Growth of Medical Terminology Software Market. Global Medical Terminology Software Market Research Report, by Product & Service Services, Platforms, Application Public Health Surveillance, Data Integration, Clinical Trials, End User Healthcare Providers, Payers, IT vendors—Forecast till 2023
The global medical terminology software market is segmented on the basis of product & service, application, and end user.
The Medical Terminology Software Market Report, by product & service, is categorized into services and platforms.
Based on application, the medical terminology software market is segmented into data aggregation, reimbursement, public health surveillance, data integration, decision support, clinical trials, quality reporting, and clinical guidelines.
On the basis of end user, the market is segmented into healthcare providers, healthcare payers, and healthcare IT vendors. The healthcare providers subcategory is further divided into healthcare service providers and health information exchanges. The healthcare payer’s subcategory is further divided into private payers and public payers
Some of the key players in the global medical terminology software market are
Intelligent Medical Objects
BT Clinical Computing
Medical Terminology Software Market: Highlights
It is estimated that the global medical terminology software market is expected to register a CAGR ~20% during the forecast period of 2018–2023.
Medical terminology software industry will witness a strong growth it is beneficial in enhancing the efficiency of a laboratory by providing operators with increased inventory control and tracking, including greater flexibility to address changing needs of the laboratory and business conditions.
The rising focus on minimizing medical errors, government initiatives for HCIT adoption, and disparity and fragmentation in the terminology content of healthcare organizations are anticipated to fuel the growth of the market. On the other hand, the restricted access to systems in emerging countries is expected to hamper the growth of the market.
The global medical terminology software market is conquered by several players. The key players are involved in new product launches, as well as strategic collaborations to brace their position in the market. For instance, in 2016, Wolters Kluwer (Netherlands) announced a partnership with HealthCore, Inc., (US), a clinical outcomes research subsidiary of Anthem, Inc. (US), to provide data normalization services to the California Integrated Data Exchange through its health language enterprise terminology management platform. This initiative is anticipated to open new avenues for the firm to cater to the untapped markets in this region.
The Americas is expected to hold a major share in the global medical terminology software market can be attributed to the growing demand for accurate data exchange between healthcare providers and payers to streamline workflows in the region.
Europe is expected to hold the second largest share in the medical terminology software market due to the increasing need to maintain data integrity is expected to provide further growth opportunities for market players in the coming years.
Asia-Pacific was projected to be the fastest growing region for the global medical terminology software market due to the high adoption of HCIT technologies, regulatory requirements regarding patient safety. The Middle East and Africa holds the least share in the market due to fewer initiatives taken by the government.
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