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Oct 6, 2020 3:00 PM ET

Global Medical Terminology Software Market Set for Rapid Growth, to reach Value around USD 1,745.75 Million by 2025

iCrowd Newswire - Oct 6, 2020

Zion Market Research has published a new report titled “Medical Terminology Software Market by Products and services (Services and platform), End-user (Healthcare providers, healthcare payers, others), & Applications (Public Health Surveillance, Data Integration, Reimbursement, Decision Support, Quality Reporting, Data Aggregation, Clinical Guidelines, Clinical Trials and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2019 – 2025”. According to the report, global demand for Medical Terminology Software market was valued at approximately USD 599.85 million in 2018, and is expected to generate revenue of around USD 1,745.75 Million by end of 2025, growing at a CAGR of around 16.53% between 2019 and 2025.

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Medical terminology can be defined as a language used to describe the human body accurately, including its processes, conditions, components, that affect it, and the procedures performed on it. In the field of medicine, scientific jargon is used and its technology is used to help bridge the gap between clinical terms and common language. Medical language technology simplifies medical reporting and makes clinical knowledge easier to remember.

Technology of medical terminology is used to standardize patient information and manage large volumes of stored health care data. Additionally, the technology tackles the growing need to curb medical errors. It is projected that the increasing need to minimize medical errors and the growing demand for standardization of patient information along with the accumulation of large amounts of information on health care would drive market growth. Factors including unwillingness to use language alternatives to traditional approaches hinder market growth. In addition, major market players are engaged in introducing fresh goods to improve their market position.

The market for Medical Terminology Software is segmented based on products and Services, end-user, applications and region. Based on products and services, the market is segmented into services and platforms. The services segment is projected to represent the largest share of the software market for medical terminology in 2018. The large proportion of this category can be due to the growing demand for patient data standardization and the rising need to curb medical errors and collect large amounts of health care data. Based on the end-user, the medical terminology software is segmented into healthcare providers, healthcare payers and others.

Based on application, the medical terminology software market is segmented into data aggregation, reimbursement, public health surveillance, data integration, decision support, clinical trials, quality reporting, clinical guidelines and others. In 2018, the data aggregation group represented the largest share of the software market for medical terminology. The growing emphasis on reducing medical errors and the need to create a reliable and accurate source of data and enhance quality assessment and consistency in patient care can be attributed to the large share of this category.

Regional segmentation comprises the current and forecast demand for Asia Pacific, North America, Latin America, Europe, and Middle East & Africa with its further split into major countries. North America’s large share is due to the high adoption of HCIT technology, regulatory requirements for patient safety, the presence of leading market players in the region, and growing demand for accurate data sharing to streamline workflows between health care providers and payers.

Some of the players included in PKU treatment market are Wolters Kluwer, Intelligent Medical Objects, Apelon, Clinical Architecture , 3M, CareCom, Bitac, B2i Healthcare, BT Clinical Computing, and HiveWorx amongst others.

The report segments global Medical Terminology Software market as follows:

Global Medical Terminology Software MarketProducts and Services Segment Analysis

Global Medical Terminology Software MarketEnd-user Segment Analysis

Global Medical Terminology Software MarketApplication Segment Analysis

Global Medical Terminology Software MarketRegional Segment Analysis

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Keywords:    Medical Terminology Software Market

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