- Platforms
- Services
Medical Terminology Software Market size was valued at USD 849.8 million in 2022 and is expected to reach a value of USD 3,080.7 million by 2029, witnessing a CAGR of 20.2% from 2023-2029. Some of the key factors fueling the market growth include government initiatives for HCIT acceptance, rising focus on minimizing medical errors, and the increasing need to create a consistent and comprehensive data source together with transparency in patient care. However, unwillingness to use terminology software over conventional practices is the major factor hindering market growth. In addition, high growth in emerging economies provides huge growth opportunities for the market. This report studies Global market dynamics elaborately to identify the current trends & drivers, future opportunities, and possible challenges to the key stakeholders operating in the market. In addition, the global report includes human demographics; regulatory scenario, and competition analysis with a vividly illustrated competition dashboard to assess the market competition. Moreover, PBI analyzed the global medical terminology software market to better equip clients with possible investment opportunities across the regions (regional Investment hot spots) and market unmet needs (Product opportunities).
In March 2022, Clinical Architecture, a leading provider of healthcare interoperability and data quality solutions, has announced the release of newest product offering, SeekDx. It provides a smart, clinician friendly diagnosis search that returns an appropriate ICD-10-CM code and clinically oriented SNOMED CT code that streamlines the documentation of patient diagnoses and health concerns in the inpatient and ambulatory setting. In June 2018, Tieto and CareCom signed a strategic partnership solving the challenge of semantic interoperability for healthcare IT systems. The agreement is strengthening the cooperation and product offering for CareCom's terminology platform, HealthTerm.
Study Period
Base Year
CAGR
Largest Market
Fastest Growing Market
Many medical errors are preventable. But hospitals continue to have trouble with keeping them from harming patients. Thousands of patients die as a result of medical errors. A recent study in BMJ estimates that the deaths of over 250,000 patients were directly caused by a preventable error that affected their care. To make real progress toward reducing errors and never events, facilities must be committed to making significant changes. Medical terminology software are used to regulate patient data and handle the addition of large amounts of healthcare data. The software also deals with the increasing need to control medical errors. The rising need to limit medical errors and the growing demand for the normalisation of patient data along with the accumulation of large amounts of healthcare data is likely to drive the growth of the market.
The medical terminology software market is projected to expand at a CAGR of 20.2% during the forecast period
3M, Intelligent Medical Objects, Clinical Architecture, B2i Healthcare, Bitac
North America is the fastest-growing region for the medical terminology software market
1. Executive Summary |
2. Global Medical Terminology Software Market Introduction |
2.1. Global Medical Terminology Software Market - Taxonomy |
2.2. Global Medical Terminology Software Market -Definitions |
2.2.1. Product and Service |
2.2.2. Application |
2.2.3. End User |
3. Global Medical Terminology Software Market Dynamics |
3.1. Drivers |
3.2. Restraints |
3.3. Opportunities/Unmet Needs of the Market |
3.4. Trends |
3.5. Global Medical Terminology Software Market Dynamic Factors - Impact Analysis |
3.6. Global Medical Terminology Software Market - Competition Landscape |
3.7. Epidemiology |
4. Global Medical Terminology Software Market Analysis,2018-2022 and Forecast, 2023-2029 |
4.1. Market Analysis,2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
4.3. Market Opportunity Analysis |
5. Global Medical Terminology Software Market, By Product and Service, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
5.1. Services |
5.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.1.3. Market Opportunity Analysis |
5.2. Platforms |
5.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.2.3. Market Opportunity Analysis |
6. Global Medical Terminology Software Market Forecast, By Application, 2018-2022 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
6.1. Data Aggregation |
6.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.1.3. Market Opportunity Analysis |
6.2. Decision Support |
6.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.2.3. Market Opportunity Analysis |
6.3. Clinical Trials |
6.3.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.3.3. Market Opportunity Analysis |
6.4. Clinical Guidelines |
6.4.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
6.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.4.3. Market Opportunity Analysis |
6.5. Reimbursement |
6.5.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
6.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.5.3. Market Opportunity Analysis |
6.6. Public Health Surveillance |
6.6.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
6.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.6.3. Market Opportunity Analysis |
6.7. Quality Reporting |
6.7.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
6.7.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.7.3. Market Opportunity Analysis |
6.8. Others |
6.8.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
6.8.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.8.3. Market Opportunity Analysis |
7. Global Medical Terminology Software Market, By End User, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
7.1. Healthcare Providers |
7.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.1.3. Market Opportunity Analysis |
7.2. Healthcare Payers |
7.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.2.3. Market Opportunity Analysis |
7.3. Healthcare IT Vendors |
7.3.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.3.3. Market Opportunity Analysis |
7.4. Other End Users |
7.4.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.4.3. Market Opportunity Analysis |
8. Global Medical Terminology Software Market Forecast, By Region, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
8.1. North America |
8.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.1.3. Market Opportunity Analysis |
8.2. Europe |
8.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.2.3. Market Opportunity Analysis |
8.3. Asia-Pacific |
8.3.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.3.3. Market Opportunity Analysis |
8.4. Latin America |
8.4.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.4.3. Market Opportunity Analysis |
8.5. Middle East and Africa |
8.5.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
8.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.5.3. Market Opportunity Analysis |
8.6. Global Medical Terminology Software Market - Opportunity Analysis Index, By Product and Service, Application, End User and Region, 2023-2029 |
9. North America Medical Terminology Software Market Analysis,2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
9.1. By Product and Service Analysis 2018-2022 and Forecast 2023-2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%) |
9.1.1. Services |
9.1.2. Platforms |
9.2. Application Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
9.2.1. Data Aggregation |
9.2.2. Decision Support |
9.2.3. Clinical Trials |
9.2.4. Clinical Guidelines |
9.2.5. Reimbursement |
9.2.6. Public Health Surveillance |
9.2.7. Quality Reporting |
9.2.8. Others |
9.3. End User Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
9.3.1. Healthcare Providers |
9.3.2. Healthcare Payers |
9.3.3. Healthcare IT Vendors |
9.3.4. Other End Users |
9.4. Country Analysis 2018-2022 and Forecast 2023-2029by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
9.4.1. USA |
9.4.2. Canada |
9.5. North America Medical Terminology Software Market - Opportunity Analysis Index, By Product and Service, Application, End User, and Country, 2023-2029 |
9.6. North America Medical Terminology Software Market Dynamics - Trends |
10. Europe Medical Terminology Software Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
10.1. By Product and Service Analysis 2018-2022 and Forecast 2023-2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%) |
10.1.1. Services |
10.1.2. Platforms |
10.2. Application Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
10.2.1. Data Aggregation |
10.2.2. Decision Support |
10.2.3. Clinical Trials |
10.2.4. Clinical Guidelines |
10.2.5. Reimbursement |
10.2.6. Public Health Surveillance |
10.2.7. Quality Reporting |
10.2.8. Others |
10.3. End User Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
10.3.1. Healthcare Providers |
10.3.2. Healthcare Payers |
10.3.3. Healthcare IT Vendors |
10.3.4. Other End Users |
10.4. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
10.4.1. Germany |
10.4.2. UK |
10.4.3. France |
10.4.4. Spain |
10.4.5. Italy |
10.4.6. Russia |
10.4.7. Poland |
10.4.8. Rest of Europe |
10.5. Europe Medical Terminology Software Market - Opportunity Analysis Index, By Product and Service, Application, End User, and Country, 2023-2029 |
10.6. Europe Medical Terminology Software Market Dynamics - Trends |
11. Asia-Pacific Medical Terminology Software Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
11.1. By Product and Service Analysis 2018-2022 and Forecast 2023-2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%) |
11.1.1. Services |
11.1.2. Platforms |
11.2. Application Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
11.2.1. Data Aggregation |
11.2.2. Decision Support |
11.2.3. Clinical Trials |
11.2.4. Clinical Guidelines |
11.2.5. Reimbursement |
11.2.6. Public Health Surveillance |
11.2.7. Quality Reporting |
11.2.8. Others |
11.3. End User Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
11.3.1. Healthcare Providers |
11.3.2. Healthcare Payers |
11.3.3. Healthcare IT Vendors |
11.3.4. Other End Users |
11.4. Country Analysis2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
11.4.1. Japan |
11.4.2. China |
11.4.3. India |
11.4.4. ASEAN |
11.4.5. Australia & New Zealand |
11.4.6. Rest of Asia-Pacific |
11.5. Asia-Pacific Medical Terminology Software Market - Opportunity Analysis Index, By Product and Service, Application, End User, and Country, 2023-2029 |
11.6. Asia-Pacific Medical Terminology Software Market Dynamics - Trends |
12. Latin America Medical Terminology Software Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
12.1. By Product and Service Analysis 2018-2022 and Forecast 2023-2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%) |
12.1.1. Services |
12.1.2. Platforms |
12.2. Application Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
12.2.1. Data Aggregation |
12.2.2. Decision Support |
12.2.3. Clinical Trials |
12.2.4. Clinical Guidelines |
12.2.5. Reimbursement |
12.2.6. Public Health Surveillance |
12.2.7. Quality Reporting |
12.2.8. Others |
12.3. End User Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
12.3.1. Healthcare Providers |
12.3.2. Healthcare Payers |
12.3.3. Healthcare IT Vendors |
12.3.4. Other End Users |
12.4. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
12.4.1. Brazil |
12.4.2. Mexico |
12.4.3. Argentina |
12.4.4. Rest of Latin America |
12.5. Latin America Medical Terminology Software Market - Opportunity Analysis Index, By Product and Service, Application, End User, and Country, 2023-2029 |
12.6. Latin America Medical Terminology Software Market Dynamics - Trends |
13. Middle East and Africa Medical Terminology Software Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
13.1. By Product and Service Analysis 2018-2022 and Forecast 2023-2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%) |
13.1.1. Services |
13.1.2. Platforms |
13.2. Application Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
13.2.1. Data Aggregation |
13.2.2. Decision Support |
13.2.3. Clinical Trials |
13.2.4. Clinical Guidelines |
13.2.5. Reimbursement |
13.2.6. Public Health Surveillance |
13.2.7. Quality Reporting |
13.2.8. Others |
13.3. End User Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
13.3.1. Healthcare Providers |
13.3.2. Healthcare Payers |
13.3.3. Healthcare IT Vendors |
13.3.4. Other End Users |
13.4. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
13.4.1. Gulf Cooperation Council (GCC) Countries |
13.4.2. Israel |
13.4.3. South Africa |
13.4.4. Rest of MEA |
13.5. MEA Medical Terminology Software Market - Opportunity Analysis Index, By Product and Service, Application, End User, and Country, 2023-2029 |
13.6. MEA Medical Terminology Software Market Dynamics - Trends |
14. Competition Landscape |
14.1. Strategic Dashboard of Top Market Players |
14.2. Company Profiles (Introduction, Financial Analysis, Application& Service Offerings, Key Developments, Strategies, and SWOT Analysis) |
14.2.1. Wolters Kluwer (Netherlands) |
14.2.2. 3M (US) |
14.2.3. Intelligent Medical Objects (US) |
14.2.4. Apelon (US) |
14.2.5. Clinical Architecture (US) |
14.2.6. CareCom (Denmark) |
14.2.7. Bitac (Spain) |
14.2.8. B2i Healthcare (Hungary) |
14.2.9. BT Clinical Computing (Belgium) |
14.2.10. HiveWorx (Ireland) |
15. Research Methodology |
16. Key Assumptions and Acronyms |