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 Market 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.
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.
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Data aggregation dominates the medical terminology software market, by application
On the basis of application, the data aggregation segment accounted for the largest share of the medical terminology software market 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.
Services held the largest share of the medical terminology software market, by product & service, in 2018
On the basis of product & service, the services segment accounted for the largest share of the medical terminology software market 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 accumulation of large amounts of healthcare data.
North America held the largest share of the medical terminology software market in 2018; this trend is expected to continue during the forecast period
Geographically, the global medical terminology software industry is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. 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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Key Market Players
Prominent players in the medical terminology software market are Wolters Kluwer (Netherlands), Intelligent Medical Objects (US), Apelon (US), Clinical Architecture (US), 3M (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 market. 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. It serves as the foundational platform for healthcare enterprise needs, including clinical documentation and population health management. IMO terminology is used by more than 4,500 hospitals and 500,000 physicians daily.