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Medical Terminology Software Market Size

Report ID: GMI12197
Published Date: Nov 2024
Report Format: PDF

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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. The rising prevalence of non-communicable diseases and increasing interoperability requirements are driving the growth of market.

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The rising prevalence of non-communicable diseases (NCDs) such as cardiovascular diseases, diabetes, and respiratory illnesses are significantly driving the growth of the market. As the demand for accurate data management, record-keeping, and standardized medical language grows, healthcare providers are turning to medical terminology software to streamline and improve clinical documentation, ensure coding accuracy, and enhance communication across care teams.

According to the World Health Organization (WHO), NCDs account for around 74% of all global deaths. Hence, managing these diseases necessitates extensive and detailed medical records to track patient health, monitor treatments, and support preventive measures. This growth is mirrored in developing nations where the burden of NCDs is increasing, and healthcare IT infrastructure is rapidly evolving to meet these challenges.

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 Report Attributes
Report Attribute	Details
Base Year:	2023
Medical Terminology Software Market Size in 2023:	USD 1.2 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	14.7%
2024 – 2032 Value Projection:	USD 4.1 Billion
Historical Data for:	2021 – 2023
No. of Pages:	133
Tables, Charts & Figures:	152
Segments covered:	Type, Application, End Use, and Region
Growth Drivers:	Rising prevalence of non-communicable diseases Growing demand for reducing medical errors Growing adoption of electronic health records (EHRs) Increasing interoperability requirements
Pitfalls & Challenges:	Data privacy and security concern High cost associated to implementation and maintenance

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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The global medical terminology software industry was valued at approximately USD 1.2 billion in 2023 and is estimated to grow at a 14.7% CAGR from 2024 to 2032, driven by the rising prevalence of non-communicable diseases and increasing interoperability requirements.

The platform segment of the market generated USD 671.8 million in 2023, highlighting its critical role in enabling efficient data integration across key healthcare applications.

The U.S. market recorded USD 432.2 million in 2023 and is forecasted to reach USD 1.4 billion by 2032, driven by the push for seamless electronic health record (EHR) integration.

Key players in the industry include 3M, Apelon, B2i Healthcare, BiTAC, BT Clinical Computing, CareCom, Cerner Corporation, and Clinical Architecture.