(MENAFN- GlobeNewsWire - Nasdaq) Medical Terminology Software market size was valued at USD 1.43 billion in 2023 to USD 5.92 billion by 2031, growing at a CAGR of 19.4% during the forecast period (2024-2031).Westford, USA, Nov. 18, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the medical terminology software market size will attain a value of USD 5.92 Billion by 2031 , with a CAGR of 19.4% over the forecast period (2024-2031). Rising adoption of electronic health records and growing emphasis on improving reimbursement efficiency in healthcare establishments are projected to drive medical terminology software market growth. Standardization of medical terminology software and integration of artificial intelligence are slated to generate new opportunities for market players going forward.
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Medical Terminology Software Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 1.43 Billion |
| Estimated Value by 2031 | USD 5.92 Billion |
| Growth Rate | Poised to grow at a CAGR of 19.4% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, End User, Product & Service, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Growing adoption of electronic health records |
| Key Market Opportunities | Integration of artificial intelligence with medical terminology software |
| Key Market Drivers | Efforts to improve reimbursement efficiency and bolster healthcare IT infrastructure |
Need for Better Patient Care Helps Quality Reporting Hold Sway Over Other Segments
Increasing efforts to improve patient care and enhance regulatory compliance are driving up the adoption of medical terminology software for quality reporting applications. High emphasis on enhancing healthcare delivery and reducing mistakes is also expected to contribute to the high medical terminology software market share of this segment in the future.
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Demand for Better Claims Processing Slated to Boost the Demand for Medical terminology software Among Healthcare Payers
Growing demand for improved fraud detection in healthcare and rising emphasis on enhancing claims processing are expected to create new opportunities for the medical terminology software industry via this segment. Efforts to reduce errors in billing and increasing adoption of digital health technologies are also forecasted to make this a highly rewarding segment for all medical terminology software companies going forward.
Presence of Developed Healthcare Infrastructure Makes North America a Top Market
North America is projected to spearhead the global medical terminology software demand outlook over the coming years. Quick adoption of electronic health records, presence of a developed healthcare infrastructure, and imposition of stringent regulations are helping this region hold sway over others. The United States is estimated to bring in the most revenue for medical terminology software companies operating in North America through 2031 and beyond.
Medical Terminology Software Market Insights:
Drivers
Rising adoption of electronic health records Growing emphasis on improving coding accuracy and reimbursement efficiency Government support for healthcare information technology infrastructure development
Restraints
Reluctance to adoption of novel technologies Data privacy and security concerns High costs of implementation and maintenance
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Prominent Players in Medical Terminology Software Market
Intelligent Medical Objects, Inc Wolters Kluwer N.V. Clinical Architecture, LLC 3M Apelon, Inc. Health Catalyst B2I Healthcare BT Clinical Computing SNOMED International Health Catalyst InterSystems Corporation Oracle Corporation IBM Watson Health TermWorks Intersystems Corporation Global Healthcare Exchange, LLC (GHX) NextGen Healthcare, Inc. Optum HealthEdge Software, Inc. Plexis Healthcare
Key Questions Answered in Medical Terminology Software Market Report
Who are the top companies in the medical terminology software industry? What drives the adoption of medical terminology software around the world? Which is the largest regional market as per this medical terminology software market analysis? What hurts the adoption of medical terminology software?
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This report provides the following insights:
Analysis of key drivers (emphasis on improving reimbursement efficiency, growing use of electronic health records), restraints (data privacy and security concerns, reluctance to change, high costs for installation and maintenance), and opportunities (use of artificial intelligence, standardization of medical terminology) influencing the growth of medical terminology software market.
Market Penetration : All-inclusive analysis of product portfolio of different market players and status of new product launches. Product Development/Innovation : Elaborate assessment of R&D activities, new product development, and upcoming trends of the medical terminology software market. Market Development : Detailed analysis of potential regions where the market has potential to grow. Market Diversification : Comprehensive assessment of new product launches, recent developments, and emerging regional markets. Competitive Landscape : Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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