May 27, 2024

Global Medical Terminology Software Market High Growth Opportunities, Emerging Trends, Industry Review, Forecast Till 2031

The global medical terminology software market plays an essential role in managing unstructured clinical data to enable interoperability between care systems and providers. Medical terminology software helps organize clinical information into a structured format using clinical ontologies and semantic representations of medical concepts and their relationships. This enables searching, indexing, retrieval and analysis of clinical records for various applications such as clinical decision support, comparative effectiveness research, and pharmaceutical safety surveillance. The software captures clinical meaning, context, and nuance during documentation and supports mapping between various medical vocabularies, ontologies and coding systems.

The global Medical Terminology Software Market is estimated to be valued at US$ 100 million in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Get more insights on this topic: https://www.coherentmarketinsights.com/industry-reports/global-medical-terminology-software-market

Market key trends:

The key trends in the medical terminology software market include growing adoption of electronic health records, integration with clinical decision support systems and need for normalization of clinical data. Increasing interoperability requirements between care providers and payers have also driven the demand for semantic interoperability tools. Vendors in this market are focused on improving clinical content, mapping capabilities and developing ontologies to support specialty clinical domains and international clinical coding systems. They are also offering advanced capabilities for medical coding, risk adjustment and clinical documentation to boost clinical workflow efficiency. Integration of natural language processing is another emerging trend to automate mapping of clinical narratives to standardized terminologies and codes.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the global medical terminology software market is relatively low due to the presence of large established players. However, the market presents opportunities for new specialized players focusing on niche areas.

Bargaining power of buyers: The bargaining power of buyers in the global medical terminology software market is high due to the availability of various products from different vendors. Buyers can negotiate on pricing and payment terms.

Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of a variety of hardware, software, and platform options from different suppliers. However, switching costs are low.

Threat of new substitutes: The threat of substitutes is low as there are limited product substitutes for medical terminology software.

Competitive rivalry: The competitive rivalry in the global medical terminology software market is high due to the presence of established global and regional vendors offering a variety of products.

Key Takeaways

The global medical terminology software market is expected to witness high growth over the forecast period. The global Medical Terminology Software Market is estimated to be valued at US$ 100 million in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030.
North America is anticipated to dominate the market during the forecast period. Factors such as increasing healthcare IT expenditure, rising focus on minimizing medical errors, and favorable government initiatives are expected to fuel market growth in the region. High penetration of EHR and e-prescription systems supports market growth in the region. Initiatives such as the HITECH Act mandating adoption and meaningful use of EHR are boosting the adoption of medical terminology software across the region.

Key players

Key players operating in the global medical terminology software market include Wolters Kluwer, Intelligent Medical Objects, Apelon, Clinical Architecture, 3M, CareCom, Bitac, B2i Healthcare, BT Clinical Computing, and HiveWorx. Wolters Kluwer and 3M are recognized as leading providers in the global market owing to their diverse product portfolios and global presence.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it