The Medical Terminology Software Market Size was valued at US$ 1028 million in 2021 and is anticipated to reach at US$ 3815 million by 2028, with a healthy CAGR of 13.28%.

Pune, Maharashtra -- (SBWire) -- 10/12/2022 --Medical Terminology Software Market Scope & Overview:

A terminology that is used to precisely describe the human body, including its parts, functions, conditions that influence it, and procedures carried out on it, is known as medical terminology. In order to help bridge the gap between clinical terminology and everyday language, medical terminology is employed in the field of medicine. Software for medical terminology makes patient documentation easier and makes it easier to record clinical data. It is a concept that doctors employ to explain the body, what it will do, and consequently the therapies they use.

As per the latest market research report by SNS Insider, the medical terminology software market is expected to reach USD 3815 million by 2028, with a higher CAGR of 20.6% during the forecast period of 2022–2028.

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Major Company Profiles Included in Medical Terminology Software Market are listed below:

- Apelon, B2i Healthcare
- CareCom
- Bitac
- Clinical Architecture
- BT Clinical Computing
- Clinical Architecture
- BT Clinical Computing
- 3M
- HiveWorx
- Intelligent Medical Objects
- Wolters Kluwer

Drivers, Restraints, Opportunities, and Challenges

The medical terminology software market is growing favorably due to growing worries about medical blunders. The expansion of the market is also being driven by steps being taken by various governmental organizations to adopt HCIT as well as disparity and fragmentation in the terminology used by healthcare organizations. During the projection period, there are expected to be more chances for market participants to expand as a result of the increasing requirement to ensure data integrity. The necessity for precise data sharing between payers and healthcare providers to streamline workflow is expected to raise demand for medical terminology software. The global medical terminology software market's expansion may be constrained by healthcare professionals' lack of knowledge about how to use this software and their hesitation to switch from traditional methods to new ones.

Impact of the COVID-19 Pandemic

To combat the COVID-19 outbreak, governments from all around the world are working with pharmaceutical and biotechnology companies, supporting vaccine research and developing contingency plans for issues with the medicine supply chain. Given the paucity of these treatments in many industrialized countries, there has been a growth in drug demand, which is predicted to provide COVID-19 management drug maker's significant commercial prospects. Because of the demand for COVID-19 vaccines and treatment drugs, it is anticipated that the pharmaceutical and biotechnology sectors would expand significantly over the future years.

Medical Terminology Software Market Segmentation 2022

With the growing global focus on eliminating medical errors, the data aggregation application segment is anticipated to dominate the medical terminology software market over the forecast period. Transparency in patient treatment and the growing requirement to produce a consistent and extensive data source are helping the market grow favorably.

The services industry accounted for the largest market share for medical terminology software in terms of both product and service. This industry's sizeable market share can be attributed to the expanding demand for patient data standardization, the increasing urgency to prevent medical errors, and the production of enormous amounts of healthcare data.

Major Segments and Sub-Segment of Medical Terminology Software Market are Listed Below:

By Product & Service

- Services
- Platform

By Application
- Data Aggregation
- Decision Support
- Clinical Guidelines
- Data Integration
- Reimbursement
- Quality Reporting
- Clinical Trials
- Public Health Surveillance

By End User
- Healthcare Providers
- Healthcare Information Exchanges
- Healthcare Service Providers
- Healthcare Payers
- Public
- Private
- Healthcare IT Vendors
- Other End Users

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Regional Analysis

North America is predicted to hold the biggest regional market share for medical terminology software over the projection period owing to the widespread use of cutting-edge technologies like HCIT. Also contributing to the favorable growth of the medical terminology software market are the region's tight laws governing patient safety and the presence of major industry competitors. During the forecast period, the medical terminology software market is anticipated to grow at the greatest CAGR in the Asia Pacific due to the region's expanding healthcare infrastructure. Additionally, rising healthcare insurance coverage and consumer awareness of healthcare issues are positively impacting the market for medical terminology software.

Key Questions answered in this report are:

- What is market size of Medical Terminology Software Market in 2022?
- Who major key players included in Medical Terminology Software Market?
- Which region have the heights growth rate as compared to all other regions?
- What are the key driving factors of Medical Terminology Software Market?

Table of Contents – Major Key Points

1. Introduction

2. Research Methodology

3. Market Dynamics

4. Impact Analysis

5. Value Chain Analysis

6. Porter's 5 Forces Model

7. PEST Analysis

8. Medical Terminology Software Market Segmentation, By Product & Service

9. Medical Terminology Software Market Segmentation, By Application

10. Medical Terminology Software Market Segmentation, By End User

11. Regional Analysis

12. Company Profiles

13 .Competitive Landscape

14. Conclusion

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