Medical Terminology Software Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis (2017 To 2021) and Forecast (2022 To 2028)

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Medical Terminology Software Market: By Product (Platforms and Services), By Application (Data Aggregation, Decision Support, Clinical Trials, Clinical Guidelines, Reimbursement, Public Health Surveillance, Quality Reporting, Others), By End User (Healthcare IT Vendors, Healthcare Payers, Healthcare Providers and Other End Users) and Geography

 

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Report

Description

Medical Terminology Software Market size was valued at USD 849.8 million in 2021 and expected to reach a value of USD 3,080.7 million by 2028, witnessing a CAGR of 20.2% during the forecast period 2022-2028. Some of the key factors fueling the market growth include government initiatives for HCIT acceptance, rising focus on minimizing medical errors and increasing need to create a consistent and comprehensive data source together with transparency in patient care. However, unwillingness to use terminology software over conventional practices is the major factor hindering the market growth. In addition, high growth in emerging economies provides huge growth opportunity for the market. This report studies Global market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, the global report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global medical terminology software market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product opportunities).

Key Market Developments:

 

In March 2022, Clinical Architecture, a leading provider of healthcare interoperability and data quality solutions, has announced the release of newest product offering, SeekDx. It provides a smart, clinician friendly diagnosis search that returns an appropriate ICD-10-CM code and clinically oriented SNOMED CT code that streamlines the documentation of patient diagnoses and health concerns in the inpatient and ambulatory setting.

In June 2018, Tieto and CareCom signed a strategic partnership solving the challenge of semantic interoperability for healthcare IT systems. The agreement is strengthening the cooperation and product offering for CareCom’s terminology platform, HealthTerm.

Medical Terminology Software Market

MARKET SUMMARY
-
20.2%
  • Study Period– 2022 – 2028
  • Base Year– 2021
  • CAGR– 20.2%
  • Largest Market– Asia-Pacific
  • Fastest Growing Market– North-America

Medical Terminology Software Market

  • The report on global medical terminology software market gives historical, current and future market sizes (US$ Bn) based on product, application, end user and region.
  • medical terminology software market report gives comprehensive outlook across the region with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
  • Key stakeholders of the global medical terminology software market report include suppliers, manufacturers, marketers, policy makers, and healthcare service providers engaged in global medical terminology software products.
Key Players
  • 3M
  • Intelligent Medical Objects
  • Clinical Architecture
  • B2i Healthcare
  • Bitac
Medical Terminology Software Market

Drivers And Restraints

Many medical errors are preventable. But hospitals continue to have trouble with keeping them from harming patients. Thousands of patients die as a result of medical errors. A recent study in BMJ estimates that the deaths of over 250,000 patients were directly caused by a preventable error that affected their care. To make real progress toward reducing errors and never events, facilities must be committed to making significant changes. Medical terminology software are used to regulate patient data and handle the addition of large amounts of healthcare data. The software also deals with the increasing need to control medical errors. The rising need to limit medical errors and the growing demand for the normalisation of patient data along with the accumulation of large amounts of healthcare data is likely to drive the growth of the market.


North-America got significant share

Medical Terminology Software Market

North America accounted for larger revenue share in global medical terminology software market with considerable CAGR. The growth in this region is due to presence of leading market players in the region, growing demand for accurate data exchange between healthcare providers and payers to streamline workflows and increasing regulatory requirements regarding patient safety. Asia Pacific held substantial market share during estimated period owing to improving healthcare infrastructure, growing medical tourism and rising healthcare insurance coverage in the region. China and India are the major contributors for the growth of the market in the region.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Key Findings of the Report

  • This market expanding at significant CAGR over 2021 to 2027 due to rising focus on minimizing medical errors
  • Based on product, platforms segment accounted for larger market revenue share in 2018 and projected gain market revenue share over the forecast period
  • Players focusing on innovation of newer products and collaboration strategies to retain market position in global medical terminology software market

Key

Key Features of the Report

Medical Terminology Software Market Segmentation


Location

GEOGRAPHY

Frequently Asked Questions

2021 is the base year and 2028 is the forecast year.

The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).

In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.


Report

Table Of Content

1. Executive Summary
2. Global Medical Terminology Software Market Introduction
2.1. Global Medical Terminology Software Market – Taxonomy
2.2. Global Medical Terminology Software Market –Definitions
2.2.1. Product and Service
2.2.2. Application
2.2.3. End User
3. Global Medical Terminology Software Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Global Medical Terminology Software Market Dynamic Factors – Impact Analysis
3.6. Global Medical Terminology Software Market – Competition Landscape
3.7. Epidemiology
4. Global Medical Terminology Software Market Analysis,2017-2021 and Forecast, 2022-2028
4.1. Market Analysis,2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
4.2. Year-over-Year (Y-o-Y) Growth Analysis (%)
4.3. Market Opportunity Analysis
5. Global Medical Terminology Software Market, By Product and Service, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
5.1. Services
5.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.1.3. Market Opportunity Analysis
5.2. Platforms
5.2.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.2.3. Market Opportunity Analysis
6. Global Medical Terminology Software Market Forecast, By Application, 2017-2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
6.1. Data Aggregation
6.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.1.3. Market Opportunity Analysis
6.2. Decision Support
6.2.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.2.3. Market Opportunity Analysis
6.3. Clinical Trials
6.3.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.3.3. Market Opportunity Analysis
6.4. Clinical Guidelines
6.4.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.4.3. Market Opportunity Analysis
6.5. Reimbursement
6.5.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.5.3. Market Opportunity Analysis
6.6. Public Health Surveillance
6.6.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.6.3. Market Opportunity Analysis
6.7. Quality Reporting
6.7.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.7.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.7.3. Market Opportunity Analysis
6.8. Others
6.8.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.8.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.8.3. Market Opportunity Analysis
7. Global Medical Terminology Software Market, By End User, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
7.1. Healthcare Providers
7.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.1.3. Market Opportunity Analysis
7.2. Healthcare Payers
7.2.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.2.3. Market Opportunity Analysis
7.3. Healthcare IT Vendors
7.3.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.3.3. Market Opportunity Analysis
7.4. Other End Users
7.4.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.4.3. Market Opportunity Analysis
8. Global Medical Terminology Software Market Forecast, By Region, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
8.1. North America
8.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.1.3. Market Opportunity Analysis
8.2. Europe
8.2.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.2.3. Market Opportunity Analysis
8.3. Asia-Pacific
8.3.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.3.3. Market Opportunity Analysis
8.4. Latin America
8.4.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.4.3. Market Opportunity Analysis
8.5. Middle East and Africa
8.5.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
8.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.5.3. Market Opportunity Analysis
8.6. Global Medical Terminology Software Market – Opportunity Analysis Index, By Product and Service, Application, End User and Region, 2022-2028
9. North America Medical Terminology Software Market Analysis,2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
9.1. By Product and Service Analysis 2017-2021 and Forecast 2022-2028by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
9.1.1. Services
9.1.2. Platforms
9.2. Application Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
9.2.1. Data Aggregation
9.2.2. Decision Support
9.2.3. Clinical Trials
9.2.4. Clinical Guidelines
9.2.5. Reimbursement
9.2.6. Public Health Surveillance
9.2.7. Quality Reporting
9.2.8. Others
9.3. End User Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
9.3.1. Healthcare Providers
9.3.2. Healthcare Payers
9.3.3. Healthcare IT Vendors
9.3.4. Other End Users
9.4. Country Analysis 2017-2021 and Forecast 2022-2028by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
9.4.1. USA
9.4.2. Canada
9.5. North America Medical Terminology Software Market – Opportunity Analysis Index, By  Product and Service, Application, End User, and Country, 2022-2028
9.6. North America Medical Terminology Software Market Dynamics – Trends
10. Europe Medical Terminology Software Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
10.1. By Product and Service Analysis 2017-2021 and Forecast 2022-2028by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
10.1.1. Services
10.1.2. Platforms
10.2. Application Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
10.2.1. Data Aggregation
10.2.2. Decision Support
10.2.3. Clinical Trials
10.2.4. Clinical Guidelines
10.2.5. Reimbursement
10.2.6. Public Health Surveillance
10.2.7. Quality Reporting
10.2.8. Others
10.3. End User Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
10.3.1. Healthcare Providers
10.3.2. Healthcare Payers
10.3.3. Healthcare IT Vendors
10.3.4. Other End Users
10.4. Country Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
10.4.1. Germany
10.4.2. UK
10.4.3. France
10.4.4. Spain
10.4.5. Italy
10.4.6. Russia
10.4.7. Poland
10.4.8. Rest of Europe
10.5. Europe Medical Terminology Software Market – Opportunity Analysis Index, By  Product and Service, Application, End User, and Country, 2022-2028
10.6. Europe Medical Terminology Software Market Dynamics – Trends
11. Asia-Pacific Medical Terminology Software Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
11.1. By Product and Service Analysis 2017-2021 and Forecast 2022-2028by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
11.1.1. Services
11.1.2. Platforms
11.2. Application Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
11.2.1. Data Aggregation
11.2.2. Decision Support
11.2.3. Clinical Trials
11.2.4. Clinical Guidelines
11.2.5. Reimbursement
11.2.6. Public Health Surveillance
11.2.7. Quality Reporting
11.2.8. Others
11.3. End User Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
11.3.1. Healthcare Providers
11.3.2. Healthcare Payers
11.3.3. Healthcare IT Vendors
11.3.4. Other End Users
11.4. Country Analysis2017-2021 and Forecast 2022-2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
11.4.1. Japan
11.4.2. China
11.4.3. India
11.4.4. ASEAN
11.4.5. Australia & New Zealand
11.4.6. Rest of Asia-Pacific
11.5. Asia-Pacific Medical Terminology Software Market – Opportunity Analysis Index, By  Product and Service, Application, End User, and Country, 2022-2028
11.6. Asia-Pacific Medical Terminology Software Market Dynamics – Trends
12. Latin America Medical Terminology Software Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
12.1. By Product and Service Analysis 2017-2021 and Forecast 2022-2028by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
12.1.1. Services
12.1.2. Platforms
12.2. Application Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
12.2.1. Data Aggregation
12.2.2. Decision Support
12.2.3. Clinical Trials
12.2.4. Clinical Guidelines
12.2.5. Reimbursement
12.2.6. Public Health Surveillance
12.2.7. Quality Reporting
12.2.8. Others
12.3. End User Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
12.3.1. Healthcare Providers
12.3.2. Healthcare Payers
12.3.3. Healthcare IT Vendors
12.3.4. Other End Users
12.4. Country Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
12.4.1. Brazil
12.4.2. Mexico
12.4.3. Argentina
12.4.4. Rest of Latin America
12.5. Latin America Medical Terminology Software Market – Opportunity Analysis Index, By  Product and Service, Application, End User, and Country, 2022-2028
12.6. Latin America Medical Terminology Software Market Dynamics – Trends
13. Middle East and Africa Medical Terminology Software Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
13.1. By Product and Service Analysis 2017-2021 and Forecast 2022-2028by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
13.1.1. Services
13.1.2. Platforms
13.2. Application Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
13.2.1. Data Aggregation
13.2.2. Decision Support
13.2.3. Clinical Trials
13.2.4. Clinical Guidelines
13.2.5. Reimbursement
13.2.6. Public Health Surveillance
13.2.7. Quality Reporting
13.2.8. Others
13.3. End User Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
13.3.1. Healthcare Providers
13.3.2. Healthcare Payers
13.3.3. Healthcare IT Vendors
13.3.4. Other End Users
13.4. Country Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
13.4.1. Gulf Cooperation Council (GCC) Countries
13.4.2. Israel
13.4.3. South Africa
13.4.4. Rest of MEA
13.5. MEA Medical Terminology Software Market – Opportunity Analysis Index, By  Product and Service, Application, End User, and Country, 2022-2028
13.6. MEA Medical Terminology Software Market Dynamics – Trends
14. Competition Landscape 
14.1. Strategic Dashboard of Top Market Players
14.2. Company Profiles (Introduction, Financial Analysis, Application& Service Offerings, Key Developments, Strategies, and SWOT Analysis)
14.2.1. Wolters Kluwer (Netherlands)
14.2.2. 3M (US)
14.2.3. Intelligent Medical Objects (US)
14.2.4. Apelon (US)
14.2.5. Clinical Architecture (US)
14.2.6. CareCom (Denmark)
14.2.7. Bitac (Spain)
14.2.8. B2i Healthcare (Hungary)
14.2.9. BT Clinical Computing (Belgium)
14.2.10. HiveWorx (Ireland)
15. Research Methodology
16. Key Assumptions and Acronyms

Report

Company Profile

  • 3M (US)
  • Intelligent Medical Objects (US)
  • Apelon (US)
  • Clinical Architecture (US)
  • CareCom (Denmark)
  • Bitac (Spain)
  • B2i Healthcare (Hungary)
  • BT Clinical Computing (Belgium)
  • HiveWorx (Ireland)

Description

Medical Terminology Software Market size was valued at USD 849.8 million in 2021 and expected to reach a value of USD 3,080.7 million by 2028, witnessing a CAGR of 20.2% during the forecast period 2022-2028. Some of the key factors fueling the market growth include government initiatives for HCIT acceptance, rising focus on minimizing medical errors and increasing need to create a consistent and comprehensive data source together with transparency in patient care. However, unwillingness to use terminology software over conventional practices is the major factor hindering the market growth. In addition, high growth in emerging economies provides huge growth opportunity for the market. This report studies Global market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, the global report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global medical terminology software market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product opportunities).

Key Market Developments:

 

In March 2022, Clinical Architecture, a leading provider of healthcare interoperability and data quality solutions, has announced the release of newest product offering, SeekDx. It provides a smart, clinician friendly diagnosis search that returns an appropriate ICD-10-CM code and clinically oriented SNOMED CT code that streamlines the documentation of patient diagnoses and health concerns in the inpatient and ambulatory setting.

In June 2018, Tieto and CareCom signed a strategic partnership solving the challenge of semantic interoperability for healthcare IT systems. The agreement is strengthening the cooperation and product offering for CareCom’s terminology platform, HealthTerm.

ASIA PACIFIC OFFICE

Precision Business Insights, 5th Floor, Mohan’s Elite, Opp : Bharat Petroleum Pump, Khanamet Road, Hitech City, Hyderabad – 500084

EUROPE OFFICE

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