Medical Terminology Software Market By Application (Quality Reporting, Reimbursement, Data Aggregation, Clinical Trials, Others), End User (Healthcare Providers, Healthcare Payers, Others): Global Opportunity Analysis & Industry Forecast, 2023-2032

Description

List of Tables

According to a new report published by Allied Market Research, titled, "Medical Terminology Software Market," The medical terminology software market was valued at $934.68 million in 2022, and is estimated to reach $2.6 billion by 2032, growing at a CAGR of 10.9% from 2023 to 2032.Medical terminology software is a specialized tool designed to assist healthcare professionals in managing and understanding the complex language of medical terms, codes, and abbreviations. It serves as a comprehensive reference and database that contains an extensive collection of medical terms, their meanings, definitions, and proper usage within the healthcare domain.

Medical Terminology Software Market - IMG1

Furthermore, the growing focus on quality reporting and regulatory compliance among healthcare providers across the world drives the growth of medical terminology software market. For instance, in order to comply with regulatory requirements and to improve quality reporting, healthcare providers are increasingly adopting standardized terminologies, such as SNOMED CT, LOINC, and ICD-10. Medical terminology software can help organizations implement these terminologies and ensure that they are used consistently across the enterprise. Furthermore, Medical terminology software can help improve the accuracy and efficiency of clinical documentation by providing clinicians with tools that suggest appropriate terms and codes based on the clinical context. This can help reduce errors and ensure that the appropriate codes are used for quality reporting.

In addition, surge in the prevalence of noncommunicable diseases (NCDs) has significantly contributed in the growth of the medical terminology software market. NCDs are chronic diseases that require long-term management and treatment, which involves a lot of documentation and record-keeping. Medical terminology software can help healthcare professionals efficiently document and manage patient information, reducing errors and streamlining the process of data entry. This has become increasingly important as the number of patients with NCDs has grown, creating a greater need for accurate and efficient record-keeping. Nfor instance according to the 2022 factsheet of WHO, each year, 17 million people die from a NCD before age 70; 86% of these premature deaths occur in low- and middle-income countries. However, data privacy issues might restrain the growth of the medical terminology software market. Moreover, the integration of artificial intelligence (AI) into medical terminology software presents various new growth opportunities.

The medical terminology software market is segmented into application, end user and region. By application, the market is categorized into clinical trials data aggregation, reimbursement, quality reporting, and others. On the basis of end user, the market is categorized into healthcare providers, healthcare payers, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the medical terminology software market analysis from 2022 to 2032 to identify the prevailing medical terminology software market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the medical terminology software market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global medical terminology software market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Application

Quality Reporting
Reimbursement
Data Aggregation
Clinical Trials
Others

By End User

Healthcare Providers
Healthcare Payers
Others

By Region

North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- Japan
- China
- Australia
- India
- South Korea
- Rest of Asia-Pacific
LAMEA
- Latin America
- Middle East Africa

Key Market Players:

West Coast Informatics inc
BT Clinical Computing
Hiveworx
Rhapsody
Intelligent Medical Objects Inc.
TermSolution Gmbh
SNOMED International
Clinical Architecture, LLC.
Wolters Kluwer N.V
3M Company

Product Code: A10522

CHAPTER 1: INTRODUCTION

1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO Perspective

CHAPTER 3: MARKET OVERVIEW

3.1. Market definition and scope
3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
3.3. Porter's five forces analysis
- 3.3.1. Bargaining power of suppliers
- 3.3.2. Bargaining power of buyers
- 3.3.3. Threat of substitutes
- 3.3.4. Threat of new entrants
- 3.3.5. Intensity of rivalry
3.4. Market dynamics
- 3.4.1. Drivers
  - 3.4.1.1. Rising adoption of electronic health records (EHRs)
  - 3.4.1.2. Increasing demand for clinical decision support systems (CDSS)
  - 3.4.1.3. Growing focus on quality reporting and regulatory compliance

3.4.2. Restraints
- 3.4.2.1. Data privacy issue

3.4.3. Opportunities
- 3.4.3.1. The integration of artificial intelligence (AI) into Medical Terminology Software

3.5. COVID-19 Impact Analysis on the market

CHAPTER 4: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY APPLICATION

4.1. Overview
- 4.1.1. Market size and forecast
4.2. Quality Reporting
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
4.3. Reimbursement
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country
4.4. Data Aggregation
- 4.4.1. Key market trends, growth factors and opportunities
- 4.4.2. Market size and forecast, by region
- 4.4.3. Market share analysis by country
4.5. Clinical Trials
- 4.5.1. Key market trends, growth factors and opportunities
- 4.5.2. Market size and forecast, by region
- 4.5.3. Market share analysis by country
4.6. Others
- 4.6.1. Key market trends, growth factors and opportunities
- 4.6.2. Market size and forecast, by region
- 4.6.3. Market share analysis by country

CHAPTER 5: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY END USER

5.1. Overview
- 5.1.1. Market size and forecast
5.2. Healthcare Providers
- 5.2.1. Key market trends, growth factors and opportunities
- 5.2.2. Market size and forecast, by region
- 5.2.3. Market share analysis by country
5.3. Healthcare Payers
- 5.3.1. Key market trends, growth factors and opportunities
- 5.3.2. Market size and forecast, by region
- 5.3.3. Market share analysis by country
5.4. Others
- 5.4.1. Key market trends, growth factors and opportunities
- 5.4.2. Market size and forecast, by region
- 5.4.3. Market share analysis by country

CHAPTER 6: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY REGION

6.1. Overview
- 6.1.1. Market size and forecast By Region
6.2. North America
- 6.2.1. Key trends and opportunities
- 6.2.2. Market size and forecast, by Application
- 6.2.3. Market size and forecast, by End User
- 6.2.4. Market size and forecast, by country
  - 6.2.4.1. U.S.
  - 6.2.4.1.1. Key market trends, growth factors and opportunities
  - 6.2.4.1.2. Market size and forecast, by Application
  - 6.2.4.1.3. Market size and forecast, by End User
  - 6.2.4.2. Canada
  - 6.2.4.2.1. Key market trends, growth factors and opportunities
  - 6.2.4.2.2. Market size and forecast, by Application
  - 6.2.4.2.3. Market size and forecast, by End User
  - 6.2.4.3. Mexico
  - 6.2.4.3.1. Key market trends, growth factors and opportunities
  - 6.2.4.3.2. Market size and forecast, by Application
  - 6.2.4.3.3. Market size and forecast, by End User
6.3. Europe
- 6.3.1. Key trends and opportunities
- 6.3.2. Market size and forecast, by Application
- 6.3.3. Market size and forecast, by End User
- 6.3.4. Market size and forecast, by country
  - 6.3.4.1. Germany
  - 6.3.4.1.1. Key market trends, growth factors and opportunities
  - 6.3.4.1.2. Market size and forecast, by Application
  - 6.3.4.1.3. Market size and forecast, by End User
  - 6.3.4.2. France
  - 6.3.4.2.1. Key market trends, growth factors and opportunities
  - 6.3.4.2.2. Market size and forecast, by Application
  - 6.3.4.2.3. Market size and forecast, by End User
  - 6.3.4.3. UK
  - 6.3.4.3.1. Key market trends, growth factors and opportunities
  - 6.3.4.3.2. Market size and forecast, by Application
  - 6.3.4.3.3. Market size and forecast, by End User
  - 6.3.4.4. Italy
  - 6.3.4.4.1. Key market trends, growth factors and opportunities
  - 6.3.4.4.2. Market size and forecast, by Application
  - 6.3.4.4.3. Market size and forecast, by End User
  - 6.3.4.5. Spain
  - 6.3.4.5.1. Key market trends, growth factors and opportunities
  - 6.3.4.5.2. Market size and forecast, by Application
  - 6.3.4.5.3. Market size and forecast, by End User
  - 6.3.4.6. Rest of Europe
  - 6.3.4.6.1. Key market trends, growth factors and opportunities
  - 6.3.4.6.2. Market size and forecast, by Application
  - 6.3.4.6.3. Market size and forecast, by End User
6.4. Asia-Pacific
- 6.4.1. Key trends and opportunities
- 6.4.2. Market size and forecast, by Application
- 6.4.3. Market size and forecast, by End User
- 6.4.4. Market size and forecast, by country
  - 6.4.4.1. Japan
  - 6.4.4.1.1. Key market trends, growth factors and opportunities
  - 6.4.4.1.2. Market size and forecast, by Application
  - 6.4.4.1.3. Market size and forecast, by End User
  - 6.4.4.2. China
  - 6.4.4.2.1. Key market trends, growth factors and opportunities
  - 6.4.4.2.2. Market size and forecast, by Application
  - 6.4.4.2.3. Market size and forecast, by End User
  - 6.4.4.3. Australia
  - 6.4.4.3.1. Key market trends, growth factors and opportunities
  - 6.4.4.3.2. Market size and forecast, by Application
  - 6.4.4.3.3. Market size and forecast, by End User
  - 6.4.4.4. India
  - 6.4.4.4.1. Key market trends, growth factors and opportunities
  - 6.4.4.4.2. Market size and forecast, by Application
  - 6.4.4.4.3. Market size and forecast, by End User
  - 6.4.4.5. South Korea
  - 6.4.4.5.1. Key market trends, growth factors and opportunities
  - 6.4.4.5.2. Market size and forecast, by Application
  - 6.4.4.5.3. Market size and forecast, by End User
  - 6.4.4.6. Rest of Asia-Pacific
  - 6.4.4.6.1. Key market trends, growth factors and opportunities
  - 6.4.4.6.2. Market size and forecast, by Application
  - 6.4.4.6.3. Market size and forecast, by End User
6.5. LAMEA
- 6.5.1. Key trends and opportunities
- 6.5.2. Market size and forecast, by Application
- 6.5.3. Market size and forecast, by End User
- 6.5.4. Market size and forecast, by country
  - 6.5.4.1. Latin America
  - 6.5.4.1.1. Key market trends, growth factors and opportunities
  - 6.5.4.1.2. Market size and forecast, by Application
  - 6.5.4.1.3. Market size and forecast, by End User
  - 6.5.4.2. Middle East & Africa
  - 6.5.4.2.1. Key market trends, growth factors and opportunities
  - 6.5.4.2.2. Market size and forecast, by Application
  - 6.5.4.2.3. Market size and forecast, by End User

CHAPTER 7: COMPETITIVE LANDSCAPE

7.1. Introduction
7.2. Top winning strategies
7.3. Product Mapping of Top 10 Player
7.4. Competitive Dashboard
7.5. Competitive Heatmap
7.6. Top player positioning, 2022

CHAPTER 8: COMPANY PROFILES

8.1. Wolters Kluwer N.V
- 8.1.1. Company overview
- 8.1.2. Key Executives
- 8.1.3. Company snapshot
- 8.1.4. Operating business segments
- 8.1.5. Product portfolio
- 8.1.6. Business performance
- 8.1.7. Key strategic moves and developments
8.2. Intelligent Medical Objects Inc.
- 8.2.1. Company overview
- 8.2.2. Key Executives
- 8.2.3. Company snapshot
- 8.2.4. Operating business segments
- 8.2.5. Product portfolio
8.3. Clinical Architecture, LLC.
- 8.3.1. Company overview
- 8.3.2. Key Executives
- 8.3.3. Company snapshot
- 8.3.4. Operating business segments
- 8.3.5. Product portfolio
8.4. SNOMED International
- 8.4.1. Company overview
- 8.4.2. Key Executives
- 8.4.3. Company snapshot
- 8.4.4. Operating business segments
- 8.4.5. Product portfolio
- 8.4.6. Key strategic moves and developments
8.5. Hiveworx
- 8.5.1. Company overview
- 8.5.2. Key Executives
- 8.5.3. Company snapshot
- 8.5.4. Operating business segments
- 8.5.5. Product portfolio
8.6. 3M Company
- 8.6.1. Company overview
- 8.6.2. Key Executives
- 8.6.3. Company snapshot
- 8.6.4. Operating business segments
- 8.6.5. Product portfolio
- 8.6.6. Business performance
- 8.6.7. Key strategic moves and developments
8.7. West Coast Informatics inc
- 8.7.1. Company overview
- 8.7.2. Key Executives
- 8.7.3. Company snapshot
- 8.7.4. Operating business segments
- 8.7.5. Product portfolio
8.8. TermSolution Gmbh
- 8.8.1. Company overview
- 8.8.2. Key Executives
- 8.8.3. Company snapshot
- 8.8.4. Operating business segments
- 8.8.5. Product portfolio
8.9. BT Clinical Computing
- 8.9.1. Company overview
- 8.9.2. Key Executives
- 8.9.3. Company snapshot
- 8.9.4. Operating business segments
- 8.9.5. Product portfolio
8.10. Rhapsody
- 8.10.1. Company overview
- 8.10.2. Key Executives
- 8.10.3. Company snapshot
- 8.10.4. Operating business segments
- 8.10.5. Product portfolio
- 8.10.6. Key strategic moves and developments