Medical Terminology Software Market Size Is Anticipated To Reach USD 2.34 Billion By 2030


 San Francisco, 14 Aug 2023: The Report Medical Terminology Software Market Size, Share & Trends Analysis Report By End Use (Healthcare Providers, Healthcare IT Vendors), By Application (Quality Reporting, Data Aggregation), By Region, And Segment Forecasts, 2022 - 2030

The global medical terminology software market size is expected to reach USD 2.34 billion by 2030, registering a CAGR of 10.1% during the forecast period, according to a new report by Grand View Research, Inc. The increasing demand for standardization of patient data and compliance with standard vocabularies, such as SONOMED CT, RxNorm, ICD, CPT and HCPCS, and others are driving the adoption of clinical terminology solutions. The software uses a set of standard clinical terms to enable communication between different hospitals, departments, and specialties. This can be useful in situations where doctors need to collaborate in patient care or when patients need to be transferred between hospitals.

Using medical terminology software can also help improve patient safety by reducing the risk of misunderstandings caused by incorrect terms. It also saves physicians time by assisting in the documentation and thereby reducing burnout. Hospitals, health systems, and payers are all seeking innovative while manageable ways for data integration. Moreover, the government is taking active steps by launching incentive programs for patient data integration. Computer-assisted coding and accurate clinical documentation by employing Artificial Intelligence (AI), such as Natural Language Processing (NLP) technology and medical machine learning, are accelerating this process.

In addition, the growing demand for advanced healthcare data solutions is expected to create better business opportunities for clinical terminology solution providers. For instance, in September 2022, XpertDox, a Birmingham-based company specializing in automated AI-powered medical coding solutions, received funding of USD 1.5 million from TN3, LLC, a privately held company based in Arizona. The COVID-19 pandemic slowed down the industry growth. Revenue loss and financial crises, created by the pandemic, restrained hospitals to invest in the deployment of medical terminology software. Furthermore, the postponement of clinical trials resulted in a decrease in the utilization of clinical terminology software by CROs.

Access Research Report of Medical Terminology Software Market @ https://www.grandviewresearch.com/industry-analysis/medical-terminology-software-market-report

Medical Terminology Software Market Report Highlights

  • The industry will witness substantial growth post-pandemic due to the rising focus on data integration & automation in health systems
  • Based on application, the quality reporting segment held the largest revenue share in 2021 owing to the rising focus on the improvement of health quality outcome
  • The healthcare provider end-use segment held the largest revenue share in 2021 due to the high EHR adoption and demand for solutions to streamline the billing process
  • North America led the industry in 2021 owing to the factors, such as high demand for interoperability solutions, focus on improving care quality, and new software launches
  • In December 2021, CareCom and J2 Interactive formed a strategic agreement to introduce J2 Managed Terminology, a new service that offers cloud-hosted, best-in-class clinical terminology services to payers, health information exchanges, providers networks, and healthcare software companies

Medical Terminology Software Market Report Scope

Report Attribute

Details

The market size value in 2022

USD 1.08 billion

The revenue forecast in 2030

USD 2.34 billion

Growth rate

CAGR of 10.1% from 2022 to 2030

The base year for estimation

2021

Historical data

2017 - 2020

Forecast period

2022 - 2030

List of Key Players in Medical Terminology Software Market

  • Wolters Kluwer N.V.
  • 3M
  • BT Clinical Computing
  • Intelligent Medical Objects, Inc.
  • Apelon, Inc
  • CareCom
  • Clinical Architecture, LLC
  • BiTAC
  • B2i Healthcare
  • HiveWorx

Access Press Release of Medical Terminology Software Market @ https://www.grandviewresearch.com/press-release/global-medical-terminology-software-market

 

Comments

Post a Comment

Popular posts from this blog

Asia Pacific PoC Diagnostics Market Growth Opportunities, Industry Analysis And Forecast: Grand View Research Inc.

Image
San Francisco, 18 March 2020 :  The Report   Asia Pacific PoC Diagnostics Market  Analysis And Segment Forecasts To 2020 The Asia Pacific point of care (PoC) diagnostics market is expected to reach USD 5,427.1 million by 2020, according to a new study by Grand View Research, Inc. Growing base of geriatric population and the ability to render immediate results and improve patient care coupled with rising market penetration of PACS (picture archiving and communication systems) and EMR (electronic medical records) are expected to drive demand over the next six years. Skilled staff shortages, especially pertaining to the field of diagnostics are also expected to accelerate the market penetration rates of PoC products, by expediting lab automation processes. Rising demand for home healthcare and other healthcare establishments catering to the elderly population and initiatives undertaken by governments to shorten hospital stays by establishing out-patient care models are also expect
Read more

U.K. Point Of Sale Software Market To Expand Industry Growth At USD 1.05 Billion By 2028

Image
  San Francisco, 21 Jan 2022:   The Report  U.K. Point Of Sale Software Market  Size, Share & Trends Analysis Report By Application (Fixed POS, Mobile POS), By Deployment, By Organization Size, By End-user, And Segment Forecasts, 2021 - 2028 The global U.K. point of sale software market size is expected to reach USD 1.05 billion by 2028, expanding at a CAGR of 8.1% from 2021 to 2028, according to the new study conducted by Grand View Research, Inc. The integration of a Point-Of-Sale (POS) solution with capabilities such as sales reports monitoring, cash flow recording, product demand analysis, tracking delivery status, and inventory management ensure systematic functioning and upscaling of a business. The adoption of POS software is directly impacted by the demand for POS terminals, which is witnessing growth in demand due to changing lifestyles and government policies. However, the COVID-19 pandemic disrupted the industry's business, wherein retail stores, restaurants, and hot
Read more