(MENAFN- GlobeNewsWire - Nasdaq) Global Medical Terminology Software Market Growth is Driven by Growing Need to Minimize Clinical Errors, Enhance Interoperability, Demand for Standardized Healthcare Data and Integration Solutions

Pune, Jan. 23, 2025 (GLOBE NEWSWIRE) -- Medical Terminology Software Market Size & Growth Analysis:

“According to SNS Insider, The Medical Terminology Software Market size was valued at USD 1.20 billion in 2023 and is projected to reach USD 4.95 billion by 2032, growing at a CAGR of 17.09% over the forecast period 2024-2032.”

Increasing Integration of Healthcare IT Solutions and the Need for Standardized Medical Terminology Fuel Market Growth

The medical terminology software market is experiencing significant growth driven by the need for standardized medical terminology, better integration of healthcare data, and improved clinical outcomes. As healthcare systems continue to modernize and adopt electronic health records, medical terminology software plays a critical role in enhancing interoperability between various systems and improving patient care. Furthermore, the growing demand for data integration and seamless communication across healthcare providers is fostering the rapid adoption of these software solutions. These advancements are coupled with the increasing complexity of medical data and the rising need for regulatory compliance in clinical and healthcare settings.

Market Overview

The demand for medical terminology software has been expanding due to the increasing need for accurate, standardized, and interoperable clinical data. Healthcare systems are incorporating medical terminology standards such as ICD, SNOMED CT, and CPT to ensure consistency and accuracy in clinical documentation, billing, and diagnosis coding. These software tools are particularly essential in facilitating the integration of diverse data sources across healthcare systems, improving clinical outcomes, and ensuring regulatory compliance.

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Global Medical Terminology Software Companies Analysis Listed in this Report:

• 3M – 3M CodeFinder Software, 3M Medical Terminology Solutions
• Apelon, Inc. – Apelon DTS (Distributed Terminology System), Apelon FHIR Terminology Services
• B2i Healthcare – B2i Terminology Manager, B2i Healthcare Terminology Services
• BiTAC – BiTAC Terminology Integration Suite
• BT Clinical Computing – BT Terminology Management Software
• CareCom – CareCom Terminology Solutions
• Cerner Corporation – Cerner PowerChart, Cerner Millennium
• Clinical Architecture, LLC – 3M Clinical Terminology Manager, Clinical Architecture Terminology Manager
• HiveWorx – HiveWorx Terminology Services
• Intelligent Medical Objects, Inc. – IMO Terminology Solutions, IMO Coding and Billing
• Medicomp Systems – Medicomp Quippe, Medicomp Clinical Knowledge Engine
• NextGen Healthcare – NextGen Healthcare Terminology Solutions
• Spellex Technologies – Spellex Medical Dictionary, Spellex Medical Spell Checker
• West Coast Informatics – West Coast Informatics Terminology Solutions
• Wolters Kluwer N.V. – UpToDate, Lexicomp, ClinicalKey

Medical Terminology Software Market Report Scope

Report Attributes	Details
Market Size in 2023	US$ 1.20 billion
Market Size by 2032	US$ 4.95 billion
CAGR	CAGR of 17.09% From 2024 to 2032
Base Year	2023
Forecast Period	2024-2032
Historical Data	2020-2022
Key Regional Coverage	North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Key Growth Drivers	Increasing Adoption of EHRs, AI-Powered Solutions, and Regulatory Compliance

Segment Analysis

By Product & Service

In 2023, the Services segment dominated the Medical Terminology Software Market, accounting for 60% of the market share. Services such as consulting, training, implementation, and maintenance are crucial for the successful adoption and efficient functioning of medical terminology software in healthcare systems. The growing complexity of integrating these solutions with Electronic Health Records (EHR) and Health Information Systems (HIS) is driving the demand for specialized services, particularly for large hospitals and healthcare providers.

By Application

The Data Integration segment was the dominant application in 2023, accounting for a substantial portion of the market. Healthcare providers are increasingly relying on integrated systems to manage patient data efficiently, which is essential for improving care coordination and enhancing clinical outcomes. Data integration allows healthcare providers to consolidate disparate data sources, reducing errors and improving patient safety.

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Medical Terminology Software Market Segmentation

By Product & Service

• Services
• Platforms

By Application

• Data Aggregation
• Reimbursement
• Public Health Surveillance
• Data Integration
• Decision Support
• Clinical Trials
• Quality Reporting
• Clinical Guidelines

By End User

• Healthcare Providers
  • Healthcare Service Providers
  • Health Information Exchanges
• Healthcare Payers
  • Private Payers
  • Public Payers
• Healthcare IT Vendors
• Others

Recent Developments

March 2024: Google introduced Vertex AI Search for Healthcare, an AI-powered search and answer tool designed for medical professionals. This launch comes as the healthcare industry anticipates federal guidelines on the use of AI in healthcare.

January 2024: A Penn Medicine resident launched AI-powered dictation software aimed at alleviating administrative burdens for physicians. The software was designed to streamline documentation tasks, allowing healthcare professionals to focus more on patient care.

August 2023: Vital launched a Doctor-to-Patient Translator powered by AI and LLMs, which simplifies complex medical jargon into easy-to-understand content at a 5th-grade reading level. This innovative tool translates doctor's notes, radiologist reports, discharge summaries, test results, and more, making medical information more accessible for patients.

Regional Analysis

The North American region dominated the Medical Terminology Software Market in 2023, holding the largest share at 38.9%. The region's market growth is fueled by the widespread adoption of electronic health records systems, government incentives, and the need for standardization in clinical data. Furthermore, the presence of leading healthcare technology companies in the U.S. and Canada is contributing to the growth of this market.

Asia Pacific is expected to exhibit the highest growth rate during the coming years. This growth can be attributed to the rapid digitalization of healthcare systems in countries like China, Japan, and India. The increasing demand for cloud-based solutions and the growing elderly population are further driving the market growth in this region.

Statistical Insights and Trends Reporting

• Over 4% of healthcare organizations globally reported challenges with inconsistent medical terminology leading to clinical documentation errors, which has driven the need for standardized software solutions.
• Approximately 39% of healthcare organizations have adopted cloud-based platforms for medical terminology management, with expectations to increase by 15% annually through 2032.
• The global spending on healthcare IT systems, including medical terminology software, accounted for USD 95 billion, with North America contributing approximately 50% of this amount.
• Nearly 75% of hospitals in North America have adopted EHR systems, with increasing integration of medical terminology software to improve documentation accuracy and data interoperability.
• The demand for standardized medical terminology in clinical trials has surged, accounting for 20% of the total market share for medical terminology software, with a projected growth rate of 8% annually.

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Table of Contents – Major Key Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

5.1. Adoption Trends (2023), by Region

5.2. Technology Adoption and Advancements (2023)

5.3. Growth in Healthcare Data Management (2023-2032)

5.4. Regulatory and Policy Insights (2023)

6. Competitive Landscape

7. Medical Terminology Software Market by Product & Service

8. Medical Terminology Software Market by Application

9. Medical Terminology Software Market by End User

10. Regional Analysis

11. Company Profiles

12. Use Cases and Best Practices

13. Conclusion

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