The global medical terminology software market size is expected to reach USD 4.19 billion by 2030, according to a new study by Polaris Market Research. The report “Medical Terminology Software Market Share, Size, Trends, Industry Analysis Report, By End-Use (Healthcare Providers, Healthcare Payers, Healthcare IT Vendors, Others); By Software Application; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The unwillingness to choose linguistic solutions over traditional procedures may stymie market expansion. Growing markets, along with an increasing requirement to secure data integrity, may provide a variety of market possibilities. For instance, every year, 5.2 million medical mistakes occur in India. Furthermore, medical errors kill over 250,000 individuals in the United States each year, making them the third greatest cause of mortality after heart disease and cancer. Because medical errors are largely the product of human error, it is feasible to solve the problems using the correct technology, such as clinical mobility solutions.
Because the data is massive, the demand for software that can manage medical terminologies has increased, and firms are creating products to match the present demand. An increase in mergers and acquisitions is expected to promote industry growth in the future years. Pharmaceutical and biotech businesses, as well as governments, are collaborating to battle the COVID-19 pandemic.
Furthermore, there are around 115 candidates and another 155 compounds in the R&D pipeline for the next few years. There has been an increase in medicine demand, which is anticipated to provide a profitable opportunity for the manufacturers. Hence, the pharmaceutical and biotechnology industries are expected to increase significantly in the next years because of the high demand for COVID-19 vaccines and treatment medications.
Have Questions? Request a sample or make an Inquiry before buying this report by clicking the link below: https://www.polarismarketresearch.com/industry-analysis/medical-terminology-software-market/request-for-sample
Even though the use of medical terminology software is growing more popular, some healthcare practitioners are still cautious about choosing innovative solutions over conventional ways. This is due to healthcare providers’ lack of IT knowledge. Furthermore, some healthcare organizations ready to transition to computerized terminology management lack employee consensus or the finances to support the added cost burden. Similarly, physicians and other workers must possess the technical knowledge and abilities required for observations and prescriptions. Considering medical errors are largely the product of human error, it is feasible to solve the problems using appropriate technology, such as medical terminology software.
Medical Terminology Software Market Report Highlights
- By Geography, North America is ruling the world with the maximum market share owing to favorable government regulations, increased adoption of healthcare information technology (HCIT), presence of key players, and launch of new software.
- By End-user, healthcare providers led the market in 2021 owing to the fact that there is an increased need to reduce medical mistakes caused by an erroneous interpretation of patient data.
- By software application, quality reporting application software is greater in demand because governments focus on adopting rules to encourage the use of quality reporting, which is the leading cause of medical errors across the world.
- The Asia Pacific is projected to witness the fastest growth over the foreseeable future owing to the largest population coupled with an increasing patient base. Also, the rising medical tourism industry in the area propels the market forward.
- Key players in the market include Apelon, Inc, BiTAC, B2i Healthcare, BT Clinical Computing, CareCom, Clinical Architecture, LLC, HiveWorx, Intelligent Medical Objects, Inc., Wolters Kluwer N.V., 3M.
Polaris Market Research has segmented the medical terminology software market report based on the software application, end-use, and region:
Medical Terminology Software, Software Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Data Aggregation
- Public Health Surveillance
- Data Integration
- Decision Support
- Clinical Trials
- Quality Reporting
Medical Terminology Software, End-use Outlook (Revenue – USD Billion, 2018 – 2030)
- Healthcare Providers
- Healthcare Payers
- Healthcare IT Vendors
Medical Terminology Software, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa