Medical Terminology Software Market Growth, Business Overview 2023, and Forecast to 2030 | Wolters Kluwer, Intelligent Medical, Apelon, Clinical Architecture

PRESS RELEASE
Published September 20, 2023

Detailed analysis of the report “Medical Terminology Software Market” helps to understand the various types of Medical Terminology Software products that are currently in use, along with the variants that would gain prominence in the future by Infinitybusinessinsights.com. This report will help the viewer in Better Decision Making.

At a CAGR of 19.3% from 2023 to 2030, the Medical Terminology Software Market is anticipated to increase from USD 1.0 billion in 2023 to USD 2.5 billion by 2030. The market’s expansion is attributable to the rising need for patient data standardization, compliance with common vocabularies like SNOMED CT, RxNorm, ICD, CPT, and HCPCS, among others, and the expanding use of clinical terminology solutions by payers, hospitals, and other healthcare organizations. The market for software products that employ a set of common clinical phrases to facilitate communication between various hospitals, departments, and specializations is known as the “medical terminology software market.” Clinical documentation, coding, and data integration are just a few of the uses for these systems.

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Top key players:
Wolters Kluwer, Intelligent Medical, Apelon, Clinical Architecture, 3M, CareCom, Bitac, B2i Healthcare, BT Clinical Computing, HiveWorx

The Medical Terminology Software Market has solidly established itself as a vital part of the current healthcare system. This industry has experienced tremendous expansion and diversification as a result of the growing digitalization of medical records and the requirement for standardized terminology for correct data sharing. The market’s maturation has been aided by both seasoned firms and recent entrants, who supply a variety of solutions that are tailored to the particular requirements of payers, healthcare providers, and researchers. The medical terminology software industry is a mature business with a number of well-established competitors, including Wolters Kluwer, Cerner Corporation, and 3M Health Information Systems. These suppliers provide a range of medical terminology software options to meet the requirements of various healthcare institutions.

Global Medical Terminology Software Market Split by Product Type and Applications

This report segments the Medical Terminology Software Market on the basis of Types:
EHR Interoperability
Health Information Exchange
Enterprise

On the basis of Application, the Medical Terminology Software Market is segmented into:
Hospitals
Medical Centers
Free-standing Reference Laboratories
Home health Agencies

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Ensuring compliance with changing healthcare standards and promoting interoperability have been the main goals of recent innovations in the medical terminology software market. The introduction of SNOMED CT (Systematized Nomenclature of Medicine Clinical Terms) and HL7 FHIR (Fast Healthcare Interoperability Resources) has grown in importance, allowing for seamless data transmission and enhancing patient care coordination. The relevance of medical terminology software in healthcare settings has also been increased by the integration of natural language processing (NLP) and machine learning technology, which has enabled more advanced data analysis and clinical decision assistance. The market for medical terminology software has seen an increasing trend of consolidation in recent years. This is because there is a growing need for integrated solutions that may assist healthcare firms in streamlining their processes and boosting productivity.

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Regional Analysis:
Regionally, North America has led the Medical Terminology Software Market due to its sophisticated healthcare system and legislative measures supporting the transmission of health information. Major healthcare organizations and governmental organizations have prioritized interoperability in the United States, which has been a leader in the deployment of such software. In Europe, nations like the United Kingdom and Germany have also experienced significant development, mostly because they place a strong focus on electronic health records and the use of uniform nomenclature. As nations like China and India attempt to modernize their healthcare systems and address the requirement for standardized clinical data, the Asia-Pacific area is seeing a rise in interest in medical terminology software.

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FAQs:
A. During the projected period, what will be the market’s development rate, development force, or speed increase?
B. What are the fundamental drivers of the market?
C. As far as worth, how large was the developing business sector in 2023?

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