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Medical Terminology Software Market to grow by USD 1,705.83 million from 2022 to 2027, Market driven increasing demand for medical terminology software - Technavio
Monday, October 2, 2023
NEW YORK, Sept. 24, 2023 /PRNewswire/ -- The "Medical Terminology Software Market by end-user (Healthcare providers, Healthcare payers, and Healthcare IT vendors), type (Services and Platforms), and geography (North America, Europe, APAC, South America, and Middle East and Africa) - Forecast and Analysis 2023-2027" report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the medical terminology software market between 2022 and 2027 is USD 1,705.83 million. Increasing demand for medical terminology software is the key factor driving the growth of the market. Mapping represents a significant barrier to interoperability due to the differences in vocabulary or terminology found in different EHRs. As a result, demand for medical terminology software has advanced as it delivers clinically verified terminology, proactively recognises information gaps, and enhances data quality. For example, Intelligent Medical Objects Inc. provides terminology solutions, such as IMO Core, which not only provide descriptions written in a language familiar to the clinician but also adapt the clinician's language to rigid administrative coding systems and simplify workflows to access and scrutinize critical patient data. Consequently, such factors are anticipated to fuel the demand for medical terminology software, which in turn increase the growth of the medical terminology software market during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
Market Challenge
Challenges associated with the development of healthcare software restrict the growth of the market.
Learn about additional key drivers, trends, and challenges available with Technavio. Read FREE Sample PDF Report Now
The medical terminology software market has been segmented by end-user (Healthcare providers, Healthcare payers, and Healthcare IT vendors), type (Services and Platforms), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
-- The market share growth by the healthcare providers segment will be
significant during the forecast period. The healthcare provider segment
in the medical terminology software market refers to the group of end
users that use medical terminology software in their healthcare
facilities or organizations. Such end users incorporate numerous
healthcare organizations that deliver medical services and care to
patients, such as hospitals, clinics, doctors' offices, long-term care
facilities, and other healthcare institutions. There is a need for
medical terminology software among hospitals, pharmacies, and other
healthcare-related businesses to manage redundant patient information in
hospitals. For instance, in Budget 2023, the President of the United
States announced a USD 5 billion commitment to ARPA-H, which would
significantly advance direct federal funding for medical research and
development. Such major investment will fuel transformative innovation
in health research and accelerate the adoption and uptake of health
discoveries, with an initial focus on cancer and disorders. These
factors are expected to drive the growth of medical terminology software
in the healthcare provider segment, which in turn will accelerate the
growth of the global medical terminology software market during the
forecast period.
View FREE Sample Report for insights into the contribution of all the segments and regional opportunities in the report.
Key Companies in the Medical Terminology Software Market:
3M Co., Apelon Inc., B2i Healthcare Pte Ltd, BT Clinical Computing, Clinical Architecture LLC, Dreamsoft4u, Epic Systems Corp., Henry Schein Inc., HiveWorx, Intelligent Medical Objects Inc., Medaara Healthcare Solutions, Meditab Software Inc., Medocomp Systems Inc., Regenstrief Institute, Rhapsody, SNOMED International, West Coast Informatics LLC, Wolters Kluwer NV, BITAC MAP SL, and Spellex Corp.
FAQS
-- How do the major trends impact the market?
-- How big is the North America market?
-- How do the key drivers and challenges impact the market?
Related Reports:
The medical practice management software (MPMS) market size is estimated to grow at a CAGR of 12.44% between 2022 and 2027. The medical practice management software (MPMS) market size is forecast to increase by USD 4,936.13 million. This medical practice management software (MPMS) market report extensively covers market segmentation by deployment (cloud-based and on-premises), end-user (hospitals, diagnostic laboratories, physicians, and pharmacists), and geography (North America, Europe, APAC, South America, and Middle East and Africa). The increased efficiency and productivity of MPMS are notably driving market growth.
Global Virtual Reality (VR) Market in Healthcare size is estimated to grow at a CAGR of 32.85% between 2022 and 2027. The market size is forecast to increase by USD 9,019.06 million. This report extensively covers market segmentation by component (software and services), end-user (research and diagnostics, hospitals and clinics, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). Growing demand for healthcare services is notably driving the Virtual Reality (VR) in Healthcare Market growth.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-user
Market Segmentation by Type
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com
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