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Medical Terminology Software Market – By Type, By Application, By End Use – Global Forecast, 2024 to 2032
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Medical Terminology Software Market
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Premium Report Details
Base Year: 2023
Companies covered: 15
Tables & Figures: 152
Countries covered: 19
Pages: 133
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Medical Terminology Software Market Size
The global medical terminology software market size was valued at around USD 1.2 billion in 2023 and is estimated to grow at 14.7% CAGR from 2024 to 2032. Enhancing integration specifications, as well as the increasing rate of non-communicable diseases, are all factors favoring the growth of the market.
The non-communicable disease burden, which includes diabetes, obesity, heart disease, and certain respiratory illnesses, has been on the rise and is a crucial factor propelling medical terminology software market expansion. Medical providers are able to provide more efficient and effective care with high standards of coding accuracy and effective and enhanced capturing of clinical data due to the availability of medical terminology software
The World Health Organization (WHO) estimates that NCDs are the leading cause of mortality globally, claiming 74% of all deaths. As a result, extensive and detailed medical records are critical to managing patients suffering from these diseases for purposes of treatment tracking and prevention. Unlike before, emerging economies are experiencing these high levels of NCDs coupled with exceedingly fast development of the medical IT landscape.
Medical terminology software is a specialized type of software designed to manage, standardize, and integrate medical vocabulary and terminology within healthcare systems. This software facilitates consistent communication and interoperability across different healthcare applications and platforms by aligning medical terms with established standards.
Medical Terminology Software Market Trends
Technological advancements are driving significant growth in the market, enhancing data accuracy, and clinical decision-making.
Medical Terminology Software Market Analysis
Based on type, the market is segmented into platform and services. In 2023, the platform segment of the market led the way, generating a substantial USD 671.8 million.
The medical terminology software market is segmented by application into quality reporting, reimbursement, data aggregation, clinical trials, and other applications. The quality reporting segment is projected to reach USD 1.3 billion by 2032.
By end use, the medical terminology software market is divided into healthcare providers, healthcare payers, healthcare IT vendors, and other end users. Within the healthcare providers segment, there are further distinctions between healthcare service providers and health information exchanges. Similarly, the healthcare payers’ segment is divided into private and public payers. In 2023, healthcare providers led the market with a 40.7% share.
The U.S. medical terminology software market is forecasted to reach USD 1.4 billion by 2032. In 2023, the U.S. led the North American market, generating a revenue of USD 432.2 million.
Between 2024 and 2032, the Asia Pacific medical terminology software market is set for significant growth.
The UK is poised for substantial growth in the global medical terminology software market.
Japan is set to experience notable growth in its medical terminology software market during the forecast period.
Medical Terminology Software Market Share
Due to the rise in demand for usable and error-free healthcare data systems, the market of medical terminology software is becoming incredibly competitive. While the market is led by a few big names, smaller companies are slowly taking up their stride by providing better terminology and interoperability management in developed areas such as North America.
There is a clear shift of focus towards the advancements made recently in powering data with AI analytics and adding natural language processing (NLP) for the purpose of enabling the standardization of terms. Companies are developing alliances with healthcare providers and IT companies with the intention to offer optimal integration in both quality and accuracy of the solutions provided. Therefore, in this fast, current, dynamic environment, being on top of the game is dependent on the ability to constantly innovate and comply with technical standards.
Medical Terminology Software Market Companies
Prominent players operating in the medical terminology software industry include:
USP For the Top Players:
Medical Terminology Software Industry News:
Medical terminology software market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 – 2032 for the following segments:
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Market, By Type
Market, By Application
Market, By End Use
The above information is provided for the following regions and countries: