Medical Terminology Software Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Medical Terminology Software Market Analysis

The medical terminology software market is expected to register a CAGR of 18.9% over the forecast period.

During this COVID-19 pandemic, hospitals are receiving a lot of patient-related data. Further treatment and care are provided to a patient using this information. Governments are making efforts to adopt cutting-edge healthcare software solutions in order to reduce the number of deaths by gathering and managing the data in a uniform way and using it to reduce medical errors during treatments. The market is expected to show better growth during the forecast period due to the increasing dependency of hospitals and the healthcare sector on digital platforms.

The terms of infrastructure and content of the healthcare ecosystems are currently very uneven. A healthcare organization may manage 50 or more different IT systems, each with its own architecture and information related to medical terminology. Companies struggle to use isolated clinical data because of these linguistic barriers, which has an impact on activities further down the line like data analytics. The problem is made considerably more difficult when a healthcare organization tries to share data with other medical partners. The crucial information in the situation is dispersed among multiple healthcare organizations and numerous distinct systems. Initiatives to enhance the integration, openness, and cooperation of the healthcare system are severely hampered by the absence of a common clinical language across a vast number of different systems. Thus, the need of clinical language through medical terminology software will drive the market.

Clinical data from both inside and outside the Electronic Health Record (EHR) system must be fully utilized by healthcare organizations to meet growing demand. Clean, trustworthy data are necessary to maintain the integrity of the information offered within the healthcare industry. On the other hand, hospitals have numerous difficulties in adjusting to changes in standards, coding, and the sharing of patient data between other healthcare providers. The current state of the healthcare ecosystem's electronic health record exchange does not function as intended, and using external data is inefficient. If techniques to effectively standardize, organize, clean, and manage clinical data are not applied, the amount of detail is lost through information sharing due to human or machine reading errors. According to data reported by AHA IT Supplement Survey for hospital EHR adoption; National Ambulatory Care Survey and National Electronic Health Record Surveys (NEHRS) on March 2022, about three-quarters of office-based physicians (72%) and nearly all non-federal acute care hospitals (96%) had adopted a certified EHR. EHR system users find it challenging to make sense of the prevailing disorganized data because of the existing congested data environment within EHRs, which raises concerns about data quality and reliability. Therefore, purchasing suitable healthcare terminology software is advised, boosting the segment growth.

Therefore, the factors mentioned above are attributed collectively to the studied market growth over the forecast period. However, reluctance to use terminology solutions over conventional practices are expected to hinder the market growth over the forecast period.

Medical Terminology Software Market Trends

This section covers the major market trends shaping the Medical Terminology Software Market according to our research experts:

Reimbursement is Expected to Witness High Growth Over the Forecast Period

Medical Terminology Software Industry Segmentation

As per the scope of the report, the language used to describe human body parts, medical operations, illnesses, disorders, and pharmaceuticals are known as medical terminology. The medical terminology software simplifies patient documentation and facilitates the capture of clinical information such as reducing the paperwork, tracking patient activity, standalone software used for diagnostic or therapeutic purposes; software embedded in a medical device. The medical terminology software market is segmented by Application (Data Aggregation, Reimbursement, Public Health Surveillance, Data Integration, Decision Support, Clinical Trials, Quality Reporting and Clinical Guidelines), Product & Service (Services and Platforms), End-User (Healthcare Providers, Healthcare Payers, and Healthcare IT Vendors), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.