About Medical Terminology Software
The global Medical Terminology Software market is expected to witness high demand in the forecasted period due to The rising need to curb medical errors and the increasing demand for the standardization of patient data along with the accumulation of large amounts of healthcare data. Medical terminology software is used to standardize patient data and handle the accumulation of large amounts of healthcare data. The software also deals with the rising need to curb medical errors.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Competition among existing players is due to the Medical Terminology Software market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for Medical Terminology Software Market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Medical Terminology Software market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Wolters Kluwer (Netherlands), 3M (United States), Intelligent Medical Objects (United States), Apelon (United States), Clinical Architecture (United States), CareCom (Denmark), Bitac (Spain), B2i Healthcare (Hungary), BT Clinical Computing (Belgium) and HiveWorx (Ireland) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Cerner Corporation (United States), MEDITECH (United States) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Medical Terminology Software market by Type (Services and Platform), Application (Data Aggregation, Data Integration, Decision Support, Clinical Guidelines, Reimbursement, Quality Reporting, Clinical Trials and Public Health Surveillance) and Region.
On the basis of geography, the market of Medical Terminology Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by End User, the sub-segment i.e. Healthcare Providers will boost the Medical Terminology Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Disparity and Fragmentation in the Terminology Content of Healthcare Organizations and Growing Demand from Data Aggregation Segment
Market Growth Drivers:
Rising Focus on Minimizing Medical Errors and Government Initiatives for HCIT Adoption
Challenges:
Reluctance to Use Terminology Solutions Over Conventional Practices
Restraints:
Data privacy issue.
Opportunities:
High Demand from Emerging Markets and Increasing Need to Maintain Data Integrity
Market Leaders and their expansionary development strategies
In May 2023, Intelligent Medical Objects (IMO), a leading provider of clinical terminology management and data quality solutions for healthcare, announced that it has acquired Melax Technologies, Inc. (Melax Tech). Melax Tech empowers the healthcare and life sciences industries through use of Artificial Intelligence (AI) and Natural Language Processing (NLP) technologies to extract information from biomedical textual data to solve real-world problems.
In July 2023, Amazon Web Services (AWS) announced the launch of HealthScribe, deepening its commitment to augmenting healthcare delivery and innovating cutting-edge industry solutions. HealthScribe is a new service that will enable healthcare software developers and providers to create clinical applications that use speech recognition, artificial intelligence capabilities, and advanced machine learning algorithms to help generate clinical documentation and thereby, enrich provider workflows.
Key Target Audience
Medical Terminology Software Providers, Government Regulatory Bodies, Private Research Organization, Government Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.