Report Scope & Overview:
The Medical Terminology Software Market Size was valued at USD 1239.76 million in 2022 and is expected to reach USD 5547 million by 2030 and grow at a CAGR of 20.6% over the forecast period 2023-2030. It is possible to define medical terminology as a language that is used to precisely explain the frame, along with its components, processes, conditions that affect it, and procedures that are carried out on it. Medical terminology is used in the field of medicine, and its software is used to help close the communication gap between clinical and everyday English. The clinical data collection process is facilitated and patient documentation is made simpler by the medical terminology software. Medical terminology is the language used to describe structural components, therapeutic interventions, pathologies, syndromes, and pharmacology.
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It is a concept used by medical professionals to describe the body, what it will do, and therefore the treatments they use. Any piece of software or system used from time to time in a medical setting is called medical software. Examples include independent software used for diagnostic or therapeutic purposes, software embedded within a medical device, thus software that drives a medical device or determines how to use it as software that acts as a supplement to a medical device, and software used for formulation, production, and testing of medical device. The system controls the internal controls of the medical device.
Increasing Attention to Reduce Medical Errors
Governmental Programs to Promote the Adoption of HCIT
Healthcare Organizations' Terminology Content Varies and Is Disparate
The Need to Maintain Data Integrity is Growing
Reluctance to Replace Customary Procedures with Terminology-Based Approaches
IMPACT OF COVID-19
Governments from all across the world are collaborating with pharmaceutical and biotechnology businesses to fight the COVID-19 outbreak, from promoting vaccine development to planning for problems with the supply chain for medications. Additionally, the R&D pipeline for the upcoming years has about 115 vaccine candidates and other compounds. Additionally, the demand for regularly used medications like hydroxychloroquine has increased significantly due to the care of COVID-19. There has been an increase in drug demand, which is anticipated to present COVID-19 management drug makers with lucrative business opportunities given the shortage of these medications in many industrialized nations. In the upcoming years, it is projected that the pharmaceutical and biotechnology industries would experience significant growth because to the need for COVID-19 vaccines and treatment medications.
By Product & Service
The services sector held the biggest market share for medical terminology software. The significant market share of this sector can be ascribed to the growing demand for patient data standardization, the rising urgency to prevent medical errors, and the creation of massive volumes of healthcare data.
The market for medical terminology software was dominated by the data aggregation sector. The significant market share of this category can be ascribed to the increased attention being paid to lowering medical errors, the requirement for developing a reliable and complete data source, and the need to enhance performance assessment and transparency in patient care.
By End User
Healthcare providers, providers, and IT vendors form market segments. Exchanging health information with other health service providers within a forum of healthcare providers. Public and private payers are another category of health payer’s category.
KEY MARKET SEGMENTS:
By Product & Service
Public Health Surveillance
By End User
Healthcare Information Exchanges
Healthcare Service Providers
Healthcare IT Vendors
Other End Users
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North America, Asia Pacific, Europe, Latin America, the Middle East & Africa, and the rest of the world are the several regions that make up the global market for medical terminology software. The significant market share of North America is attributable to the region's increased adoption of HCIT technologies, patient safety regulations, the presence of major industry participants, and the rising demand for precise data interchange between healthcare providers and payers to expedite workflows.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
Some of the major key players are as follows: Apelon, B2i Healthcare, CareCom, Bitac, Clinical Architecture, BT Clinical Computing, Clinical Architecture, BT Clinical Computing, 3M, HiveWorx, Intelligent Medical Objects, Wolters Kluwer and Other Players
|Market Size in 2022||US$ 1239.76 Million|
|Market Size by 2030||US$ 5547 Million|
|CAGR||CAGR of 20.6% From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Product & Service (Services, Platform)
• By Application (Data Aggregation, Decision Support, Clinical Guidelines, Data Integration, Reimbursement, Quality Reporting, Clinical Trials, Public Health Surveillance)
• By End User (Healthcare Providers (Healthcare Information Exchanges, Healthcare Service Providers), Healthcare Payers (Public, Private), Healthcare IT Vendors, Other End Users)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Apelon, B2i Healthcare, CareCom, Bitac, Clinical Architecture, BT Clinical Computing, Clinical Architecture, BT Clinical Computing, 3M, HiveWorx, Intelligent Medical Objects, Wolters Kluwer.|
|DRIVERS||• Increasing Attention to Reduce Medical Errors
• Governmental Programs to Promote the Adoption of HCIT
• Healthcare Organizations' Terminology Content Varies and Is Disparate
|RESTRAINTS||• Developing nations
• The Need to Maintain Data Integrity is Growing
Ans: The Medical Terminology Software Market size is projected to reach US$ 5547 Mn by 2030.
Ans: The Medical Terminology Software Market is to grow at a CAGR of 20.6% over the forecast period 2023-2030.
The Technology type is divided into two sub-segments Services and Platforms.
The challenge faced by the Medical Terminology Software market is Reluctance to Replace Customary Procedures with Terminology-Based Approaches.
Top-down, bottom-up, Quantitative, Qualitative Research, Descriptive, Analytical, Applied, and Fundamental Research.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
188.8.131.52 United Kingdom
184.108.40.206 South Korea
220.127.116.11 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Medical Terminology Software Market Segmentation, By Product & Service
9. Medical Terminology Software Market Segmentation, By Application
9.1 Data Aggregation
9.2 Decision Support
9.3 Clinical Guidelines
9.4 Data Integration
9.6 Quality Reporting
9.7 Clinical Trials
9.8 Public Health Surveillance
10. Medical Terminology Software Market Segmentation, By End User
10.1 Healthcare Providers
10.1.1 Healthcare Information Exchanges
10.1.2 Healthcare Service Providers
10.2 Healthcare Payers
10.3 Healthcare IT Vendors
10.4 Other End Users
11. Regional Analysis
11.2 North America
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 B2i Healthcare
12.5 Clinical Architecture
12.6 BT Clinical Computing
12.7 Clinical Architecture
12.8 BT Clinical Computing
13. Competitive Landscape
13.1 Competitive Benchmark
13.2 Market Share Analysis
13.3 Recent Developments
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The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
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We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
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