Medical Terminology Software Market Dynamics, Trend Analytics and Forecast to 2023

Market Synopsis:

The growth rate of the healthcare sector has intensified the need for advanced technology in the market for handling patient data efficiently. It has been reported in the study conducted by Market Research Future (MRFR) that the global medical terminology software market is poised to expand at 20% CAGR over the assessment period 2018 to 2023. The increasing demand for services provided by players in the healthcare sector is further expected to favor market growth.

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One of the primary needs of the booming healthcare sector is to minimize medical errors. This, in turn, is expected to catalyze the growth pace of the medical terminology software market in the forthcoming years. However, the large-scale penetration of conventional practices remains an impediment to market growth.

Competitive Dashboard:

Wolters Kluwer (Netherlands), Intelligent Medical Objects (US), 3M (US), Apelon (US), CareCom (Denmark), Clinical Architecture (US), Bitac (Spain), BT Clinical Computing (Belgium), B2i Healthcare (Hungary), and HiveWorx (Ireland).

Market Segmentation:

By product & service, the global Medical Terminology Software Market Trends has been bifurcated into services and platforms.

By application, the medical terminology software market has been segmented into reimbursement, data aggregation, public health surveillance, decision support, quality reporting, data integration, clinical trials, and clinical guidelines.

Based on end user, the global medical terminology software market has been segmented into healthcare payers, healthcare providers, and healthcare IT vendors. The healthcare payerssegmenthas been further bifurcated into private payers and public payers. Lastly, the healthcare providers segmenthas beensub-divided into healthcare service providers and health information exchanges.

Regional Analysis:

The geographical study of the global medical terminology software market spans across four regions - Americas, the Middle East and Africa (MEA), Asia Pacific, and Europe. Americas is prognosticated to account for the maximum market share and retain its forefront position over the next couple of years. The region has been observed to be quick in adopting innovative technologies. The advanced infrastructure of the region facilitates the early adoption of technologies, which is expected to aid the expansion of the medical terminology software market in the region across the review period. Healthcare sector of the region attracts special attention of the governments, which is anticipated to work in favor of the growth curve of the regional market in the forthcoming years. North America is likely to grow at a higher pace than that of South America owing to the presence of developed nations such as the U.S. and Canada.

Europe is also expected to witness rapid developments in the medical terminology software market in the upcoming years. It is likely to secure the second spot through the assessment period. The government of the region is poised to support the growth of the market in the region for facilitating developments in the healthcare sector. The shift in preferences towards technologically updated services is anticipated to generate excessive demand for the software in the years to come. In addition, the adoption of cloud-based technologies is expected to catapult the medical terminology software market on upward trajectory.

Asia Pacific is anticipated to strike the highest CAGR during the forecast period. The region is witnessing an expansion of the healthcare sector,which is prognosticated to boost adoption of advanced technologies for data handling. This, in turn, is projected to influence the expansion of the medical terminology software market in the region positively in the nearby future. In addition, the need for minimizing medical errs is also anticipated to resonate strong developmental opportunities over the next couple of years.