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.