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The global Medical Terminology Software market size was valued at USD 643.65 Million in 2022 and will reach USD 1723.48 Million in 2028, with a CAGR of 17.84% during 2022-2028.
Medical terminology can be defined as a language that is used in order to precisely describe the human body including its components, processes, conditions affecting it, and procedures performed upon it. Medical terminology is used in the field of medicine and its software is used in order to aid the bridging of the gap between clinical terminology and general language. Medical terminology software simplifies patient documentation and facilitates the capture of clinical information.
The COVID-19 pandemic has raised new expectations for technologies including telemedicine and data interoperability, paving the way for a future of consumer-first healthcare. While the pandemic highlights the challenges already faced by community hospitals across the U.S. due to resource constraints, it provides an opportunity to find technology solutions that can drive optimal levels of patient engagement.
The United States announced the Interoperability and Patient Access Final Rule on March 9, 2020, and the Centers for Medicare and Medicaid Services set a timeline that will have a significant impact on healthcare organizations. And medical terminology software can help convert, normalize and transform data, standardize to USCDI, and transform complex medical terms into simple, easy-to-understand consumer language.
Rising incidence of COVID-19, government mandates, support and initiatives for HCIT solutions, the increasing use of big data in healthcare, high returns on investment for HCIT solutions, and the need to curtail escalating healthcare costs are the major factors driving the growth of the medical terminology software market.
Technological Factors
The global health information technology industry has always been driven by technology. From the latest technological advances in various application areas of global medical software, the medical software industry is mainly transformed in the direction of high intelligence, high visualization and high precision. Cloud computing, big data and other new technologies as the main driving force to lead the development of the industry, will promote the industry to a highly intelligent direction. Approximately 80% of all clinical data today is in an unstructured format, such as free text, or other formats that cannot be used by other IT systems for health and medical care. Therefore, lots of detailed and important information is lost. Medical terminology software transforms unstructured text into a structured and usable format, using AI algorithms and NLP (Natural Language Processing). These features minimize time spent on manual indexing, optimizes the work flow for health care professionals and improves data analysis and research.
Environmental Factors
The medical and health care industry is an important part of the economy. The market demand from aging and urbanization will drive the industry's steady growth, and multi-faceted policies will also benefit the industry's healthy development. The government is focusing on enhancing the healthcare industry's economies of scale and innovation, improving product quality and supply assurance systems, and accelerating the pace of internationalization. The healthcare industry is expected to continue to attract domestic and international investment.
Region Overview:
In global comparison, a significant portion of the revenue was generated in North America (46.74% in 2021).
Company Overview:
Wolters Kluwer is one of the major players operating in the Medical Terminology Software market, holding a share of 30.12% in 2022.
Wolters Kluwer
Wolters Kluwer is a global provider of professional information, software solutions, and services for clinicians, accountants, lawyers, and tax, finance, audit, risk, compliance, and regulatory sectors.
Intelligent Medical Objects
Intelligent Medical Objects, Inc. has created the most widely-accepted medical terminology solution for the development, management, and licensing of medical vocabularies and software applications at healthcare organizations worldwide. IMO® medical vocabulary and mapping products effectively capture clinical intent and help EHRs preserve and communicate this across the entire spectrum of care. IMO® clinical terms are seamlessly mapped to all standard coding systems including ICD-9, ICD-10 and SNOMED®.
Segmentation Overview:
As for product types, the Data Aggregation segment held the largest market share in 2021.
Application Overview:
The market's largest segment by application is the segment Healthcare Providers, with a market share of 37.84% in 2021.
The Medical Terminology Software market report covers sufficient and comprehensive data on market introduction, segmentations, status and trends, opportunities and challenges, industry chain, competitive analysis, company profiles, and trade statistics, etc. It provides in-depth and all-scale analysis of each segment of types, applications, players, 5 major regions and sub-division of major countries, and sometimes end user, channel, technology, as well as other information individually tailored before order confirmation.
Meticulous research and analysis were conducted during the preparation process of the report. The qualitative and quantitative data were gained and verified through primary and secondary sources, which include but not limited to Magazines, Press Releases, Paid Databases, Maia Data Center, National Customs, Annual Reports, Public Databases, Expert interviews, etc. Besides, primary sources include extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs, and marketing executives, downstream distributors, as well as end-clients.
In this report, the historical period starts from 2018 to 2022, and the forecast period ranges from 2023 to 2028. The facts and data are demonstrated by tables, graphs, pie charts, and other pictorial representations, which enhances the effective visual representation and decision-making capabilities for business strategy.
Key Companies in the global Medical Terminology Software market covered in Chapter 4:
Apelon
3M
Intelligent Medical Objects
Bitac
B2i Healthcare
Clinical Architecture
Wolters Kluwer
BT Clinical Computing
CareCom
In Chapter 12 and Chapter 14.1, on the basis of types, the Medical Terminology Software market from 2018 to 2028 is primarily split into:
Diagnosis
Procedure
Data Aggregation
Normalize
NLP Solutions
Others
In Chapter 13 and Chapter 14.2, on the basis of the Downstream Industry, the Medical Terminology Software market from 2018 to 2028 covers:
Healthcare Providers
Healthcare Payers
Pharmaceutical Company
Others
Geographically, the detailed analysis of consumption, revenue, market share and growth rate, history and forecast (2018-2028) of the following regions are covered in Chapters 6, 7, 8, 9, 10, 11, 15:
North America (United States, Canada, Mexico)
Europe (Germany, United Kingdom, France, Italy, Spain)
Asia Pacific (China, Japan, South Korea, India, Southeast Asia)
South America (Brazil, Argentina)
Middle East & Africa (Saudi Arabia, UAE, South Africa)
Outline:
Chapter 1 begins with the Medical Terminology Software market scope and definition, product segment introduction, global overall market size, as well as market dynamics scenarios such as opportunities, challenges, and industry development trends under inflation. It offers a high-level view of the current state of the Medical Terminology Software market and its likely evolution in the short to mid-term and long term.
Chapter 2 provides Medical Terminology Software industry chain analysis, covering raw materials analysis, cost structure, price estimate, and forecast, along with price-impacting factors, downstream channels, and major customers. It aims to help readers to grab insights into product upstream, midstream, and downstream fields.
Chapter 3 depicts Medical Terminology Software industry competitive analysis regarding market concentration rate, saturation rate, feasibility analysis from new entrants, as well as substitute's status and trends. It indicates the developing space and prospects of the current industry.
Chapter 4 analyzes extensive company profiles, comprising company basic info, product or service profiles, and sales, price, value, gross, and gross margin 2018-2023. It incorporates the Medical Terminology Software market ranking, benchmarks, and company business portfolio.
Chapter 5 presents trade statistics of import and export volume from 2018-2023, demonstrating domestic and international market comparisons in specific countries.
Chapters 6-10 highlight Medical Terminology Software market status at the regional and country levels, including 5 major regions of North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. The region and country list in the sample is only for reference, and it can be adjusted as required.
Chapter 11 involves geographical market figures of sales, value, market share, and growth rate. Economic, social, environmental, technological, and political factors have been taken into consideration while assessing the growth of each specific region.
Chapters 12-13 evaluate the Medical Terminology Software market based on different types and applications. It focuses on sales and value of 2018-2023 from both vertical and horizontal perspectives.
Chapters 14-15 elaborate on the Medical Terminology Software market forecast data from 2023-2028, segmented by types and applications, regions, and major countries, helping readers to know future aspects and growth trends.
Chapter 16 ends with an elaboration of data sources and research methodology. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
2022
Medical terminology can be defined as a language that is used in order to precisely describe the human body including its components, processes, conditions affecting it, and procedures performed upon it. Medical terminology is used in the field of medicine and its software is used in order to aid the bridging of the gap between clinical terminology and general language. Medical terminology software simplifies patient documentation and facilitates the capture of clinical information.
The COVID-19 pandemic has raised new expectations for technologies including telemedicine and data interoperability, paving the way for a future of consumer-first healthcare. While the pandemic highlights the challenges already faced by community hospitals across the U.S. due to resource constraints, it provides an opportunity to find technology solutions that can drive optimal levels of patient engagement.
The United States announced the Interoperability and Patient Access Final Rule on March 9, 2020, and the Centers for Medicare and Medicaid Services set a timeline that will have a significant impact on healthcare organizations. And medical terminology software can help convert, normalize and transform data, standardize to USCDI, and transform complex medical terms into simple, easy-to-understand consumer language.
Rising incidence of COVID-19, government mandates, support and initiatives for HCIT solutions, the increasing use of big data in healthcare, high returns on investment for HCIT solutions, and the need to curtail escalating healthcare costs are the major factors driving the growth of the medical terminology software market.
Technological Factors
The global health information technology industry has always been driven by technology. From the latest technological advances in various application areas of global medical software, the medical software industry is mainly transformed in the direction of high intelligence, high visualization and high precision. Cloud computing, big data and other new technologies as the main driving force to lead the development of the industry, will promote the industry to a highly intelligent direction. Approximately 80% of all clinical data today is in an unstructured format, such as free text, or other formats that cannot be used by other IT systems for health and medical care. Therefore, lots of detailed and important information is lost. Medical terminology software transforms unstructured text into a structured and usable format, using AI algorithms and NLP (Natural Language Processing). These features minimize time spent on manual indexing, optimizes the work flow for health care professionals and improves data analysis and research.
Environmental Factors
The medical and health care industry is an important part of the economy. The market demand from aging and urbanization will drive the industry's steady growth, and multi-faceted policies will also benefit the industry's healthy development. The government is focusing on enhancing the healthcare industry's economies of scale and innovation, improving product quality and supply assurance systems, and accelerating the pace of internationalization. The healthcare industry is expected to continue to attract domestic and international investment.
Region Overview:
In global comparison, a significant portion of the revenue was generated in North America (46.74% in 2021).
Company Overview:
Wolters Kluwer is one of the major players operating in the Medical Terminology Software market, holding a share of 30.12% in 2022.
Wolters Kluwer
Wolters Kluwer is a global provider of professional information, software solutions, and services for clinicians, accountants, lawyers, and tax, finance, audit, risk, compliance, and regulatory sectors.
Intelligent Medical Objects
Intelligent Medical Objects, Inc. has created the most widely-accepted medical terminology solution for the development, management, and licensing of medical vocabularies and software applications at healthcare organizations worldwide. IMO® medical vocabulary and mapping products effectively capture clinical intent and help EHRs preserve and communicate this across the entire spectrum of care. IMO® clinical terms are seamlessly mapped to all standard coding systems including ICD-9, ICD-10 and SNOMED®.
Segmentation Overview:
As for product types, the Data Aggregation segment held the largest market share in 2021.
Application Overview:
The market's largest segment by application is the segment Healthcare Providers, with a market share of 37.84% in 2021.
The Medical Terminology Software market report covers sufficient and comprehensive data on market introduction, segmentations, status and trends, opportunities and challenges, industry chain, competitive analysis, company profiles, and trade statistics, etc. It provides in-depth and all-scale analysis of each segment of types, applications, players, 5 major regions and sub-division of major countries, and sometimes end user, channel, technology, as well as other information individually tailored before order confirmation.
Meticulous research and analysis were conducted during the preparation process of the report. The qualitative and quantitative data were gained and verified through primary and secondary sources, which include but not limited to Magazines, Press Releases, Paid Databases, Maia Data Center, National Customs, Annual Reports, Public Databases, Expert interviews, etc. Besides, primary sources include extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs, and marketing executives, downstream distributors, as well as end-clients.
In this report, the historical period starts from 2018 to 2022, and the forecast period ranges from 2023 to 2028. The facts and data are demonstrated by tables, graphs, pie charts, and other pictorial representations, which enhances the effective visual representation and decision-making capabilities for business strategy.
Key Companies in the global Medical Terminology Software market covered in Chapter 4:
Apelon
3M
Intelligent Medical Objects
Bitac
B2i Healthcare
Clinical Architecture
Wolters Kluwer
BT Clinical Computing
CareCom
In Chapter 12 and Chapter 14.1, on the basis of types, the Medical Terminology Software market from 2018 to 2028 is primarily split into:
Diagnosis
Procedure
Data Aggregation
Normalize
NLP Solutions
Others
In Chapter 13 and Chapter 14.2, on the basis of the Downstream Industry, the Medical Terminology Software market from 2018 to 2028 covers:
Healthcare Providers
Healthcare Payers
Pharmaceutical Company
Others
Geographically, the detailed analysis of consumption, revenue, market share and growth rate, history and forecast (2018-2028) of the following regions are covered in Chapters 6, 7, 8, 9, 10, 11, 15:
North America (United States, Canada, Mexico)
Europe (Germany, United Kingdom, France, Italy, Spain)
Asia Pacific (China, Japan, South Korea, India, Southeast Asia)
South America (Brazil, Argentina)
Middle East & Africa (Saudi Arabia, UAE, South Africa)
Outline:
Chapter 1 begins with the Medical Terminology Software market scope and definition, product segment introduction, global overall market size, as well as market dynamics scenarios such as opportunities, challenges, and industry development trends under inflation. It offers a high-level view of the current state of the Medical Terminology Software market and its likely evolution in the short to mid-term and long term.
Chapter 2 provides Medical Terminology Software industry chain analysis, covering raw materials analysis, cost structure, price estimate, and forecast, along with price-impacting factors, downstream channels, and major customers. It aims to help readers to grab insights into product upstream, midstream, and downstream fields.
Chapter 3 depicts Medical Terminology Software industry competitive analysis regarding market concentration rate, saturation rate, feasibility analysis from new entrants, as well as substitute's status and trends. It indicates the developing space and prospects of the current industry.
Chapter 4 analyzes extensive company profiles, comprising company basic info, product or service profiles, and sales, price, value, gross, and gross margin 2018-2023. It incorporates the Medical Terminology Software market ranking, benchmarks, and company business portfolio.
Chapter 5 presents trade statistics of import and export volume from 2018-2023, demonstrating domestic and international market comparisons in specific countries.
Chapters 6-10 highlight Medical Terminology Software market status at the regional and country levels, including 5 major regions of North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. The region and country list in the sample is only for reference, and it can be adjusted as required.
Chapter 11 involves geographical market figures of sales, value, market share, and growth rate. Economic, social, environmental, technological, and political factors have been taken into consideration while assessing the growth of each specific region.
Chapters 12-13 evaluate the Medical Terminology Software market based on different types and applications. It focuses on sales and value of 2018-2023 from both vertical and horizontal perspectives.
Chapters 14-15 elaborate on the Medical Terminology Software market forecast data from 2023-2028, segmented by types and applications, regions, and major countries, helping readers to know future aspects and growth trends.
Chapter 16 ends with an elaboration of data sources and research methodology. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Years considered for this report:
Historical Years:
2018-2022Base Year:
2022Estimated Year:
2023Forecast Period:
2023-2028Frequently Asked Questions
This market study covers the global and regional market with an
in-depth analysis of the
overall growth prospects...
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by
highlighting information on
different aspects including drivers, restraints...
