July 21, 2020
According to the research report titled ‘Global Medical Terminology Software Market Size study, by Product & Services (Services, Platform), by Application (Data Aggregation, Reimbursement, Public Health Surveillance, Data Integration, Clinical Trials, Others), by End-User (Healthcare Providers, Healthcare Payers, Healthcare IT Vendors, Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global medical terminology software market size accounted for USD 707 million in the year 2019 and is expected to grow with a CAGR of 20.5% through 2026.
For those uninitiated, medical terminology is used to precisely describe the structure of the human body such as its components, processes, procedures operated upon it and provisions concerning it. Medical terminology software is widely used to control patient data as well as to manage large healthcare data collection.
Increasing focus towards reducing medical errors & frauds along with government initiatives for promoting Healthcare Information Technology (HCIT) are major factors driving the growth of global medical terminology software industry. In fact, as per the survey by National Health Care Anti-Fraud Association, proportion of healthcare frauds across the globe increased to 25% in the year 2015 from merely 6% in 2008, which then reached 52% in the year 2018.
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Emphasis on standardization of patient data is fostering the demand for medical terminology software, which in turn is aiding the market expansion. However, inclination towards employing conventional practices instead of terminology solutions may act as a restraining factor to the overall market growth.
As per product & services type, the market is segmented into platform and services. Elaborating on the application spectrum, global medical terminology software industry is fragmented into clinical trials, data integration, public health surveillance, reimbursement, data aggregation, and others. While the end-user scope of the market comprises of healthcare IT vendors, healthcare providers, healthcare payers, and others.
Considering the geographical landscape, North America accounts for a substantial share in the overall market and is predicted to expand significantly during the forecast period, primarily driven by growing inclination towards adopting HCIT technologies, strict regulatory scenario pertaining to patient safety and high concentration of major companies in the region.
The report further states that APAC medical terminology software industry is poised to accumulate massive returns in the ensuing years. Focus towards reducing medical errors occurring due to incorrect interpretation of patient information is augmenting the regional demand.
The prominent companies operating in global medical terminology software market are HiveWorx Pvt. Ltd., BT Clinical Computing, B2i Healthcare, BITAC, CareCom A/S, Apelon Inc., Clinical Architecture LLC, Intelligent Medical Objects Inc., 3M Co., and Wolters Kluwer N.V. among others.