Medical Terminology Software Market: By Product (Platforms and Services), By Application (Data Aggregation, Decision Support, Clinical Trials, Clinical Guidelines, Reimbursement, Public Health Surveillance, Quality Reporting, Others), By End User (Healthcare IT Vendors, Healthcare Payers, Healthcare Providers and Other End Users) and Geography  

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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).

Medical Terminology Software Market Key Developments:

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.

Medical Terminology Software Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

20.2%

Largest Market

Asia-Pacific

Fastest Growing Market

North-America
Medical Terminology Software Market Dynamics

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.

Medical Terminology Software Market Segmentation

By Product Type
  • Platforms
  • Services
By Application
  • Data Aggregation
  • Decision Support
  • Clinical Trials
  • Clinical Guidelines
  • Reimbursement
  • Public Health Surveillance
  • Quality Reporting
  • Others
By End User
  • Healthcare IT Vendors
  • Healthcare Payers
  • Healthcare Providers
  • Other End Users

Frequently Asked Questions

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

Key Features of the Reports

  • The medical terminology software market report provides granular level information about the market size, regional market share, historic market (2018 - 2022) and Forecast (2023  - 2029)
  • The report covers in-detail insights about the competitor's overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments and startup's details that are actively working in the market
  • The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
  • The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter's Five Force Analysis in addition to recent technology advancements and innovations in the 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
  • 3M (US)
  • Intelligent Medical Objects (US)
  • Apelon (US)
  • Clinical Architecture (US)
  • CareCom (Denmark)
  • Bitac (Spain)
  • B2i Healthcare (Hungary)
  • BT Clinical Computing (Belgium)
  • HiveWorx (Ireland)

Adjacent Markets