Medical Terminology Software Market (By End Use: Healthcare Providers, Healthcare IT Vendors; By Application: Quality Reporting, Data Aggregation) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030

The global medical terminology software market was surpassed at USD 991.91 million in 2021 and is expected to hit around USD 2.44 billion by 2030, growing at a CAGR of 10.52% from 2022 to 2030.

Medical Terminology Software Market Size 2021 to 2030

Report Highlights

  • The healthcare providers segment is anticipated to expand further at the fastest growth rate of 11.11% retaining its leading position throughout the forecast period. 
  • The quality reporting segment dominated the industry with a maximum revenue share of 21.64% in 2021. 
  • North America dominated the global industry in 2021 and accounted for the maximum share of 46.71% of the overall revenue. 

The increasing demand for standardization of patient data and compliance with standard vocabularies, such as SONOMED CT, RxNorm, ICD, CPT and HCPCS, and others are driving the adoption of clinical terminology solutions. The software uses a set of standard clinical terms to enable communication between different hospitals, departments, and specialties. This can be useful in situations where doctors need to collaborate in patient care or when patients need to be transferred between hospitals.

Using medical terminology software can also help improve patient safety by reducing the risk of misunderstandings caused by incorrect terms. It also saves physicians time by assisting in the documentation and thereby reducing burnout. Hospitals, health systems, and payers are all seeking innovative while manageable ways for data integration. Moreover, the government is taking active steps by launching incentive programs for patient data integration. Computer-assisted coding and accurate clinical documentation by employing Artificial Intelligence (AI), such as Natural Language Processing (NLP) technology and medical machine learning, are accelerating this process.

In addition, the growing demand for advanced healthcare data solutions is expected to create better business opportunities for clinical terminology solution providers. For instance, in September 2022, XpertDox, a Birmingham-based company specializing in automated AI-powered medical coding solutions, received funding of USD 1.5 million from TN3, LLC, a privately held company based in Arizona. The COVID-19 pandemic slowed down the industry growth. Revenue loss and financial crises, created by the pandemic, restrained hospitals to invest in the deployment of medical terminology software. Furthermore, the postponement of clinical trials resulted in a decrease in the utilization of clinical terminology software by CROs.

Scope of The Report

Report Coverage Details
Market Size in 2021 USD 991.91 million
Revenue Forecast by 2030 USD 2.44 billion
Growth rate from 2022 to 2030 CAGR of 10.52%
Base Year 2021
Forecast Period 2022 to 2030
Segmentation Application, end-use, region
Companies Covered

Wolters Kluwer N.V.; 3M; BT Clinical Computing; Intelligent Medical Objects, Inc.; Apelon, Inc.; CareCom; Clinical Architecture, LLC; BiTAC; B2i Healthcare; HiveWorx

 

End-use Insights

In terms of end-uses, the healthcare providers segment dominated the global industry in 2021 and accounted for the maximum share of the overall revenue. The segment is anticipated to expand further at the fastest growth rate of 11.11% retaining its leading position throughout the forecast period. This growth can be attributed to the increasing deployment of EHR and clinical decision support systems in hospitals, increasing patient safety concerns, and rising demand for clinical interface terminologies in the healthcare system. In addition, compliance obligations imposed by governments for quality standards are contributing to segment growth.

Medical terminology software reduces inaccuracies caused by poor communication and paperwork, allowing professionals to quickly and accurately document patient histories, diagnoses, & treatment and identify potential health risks. It also helps in processing the natural language of doctors into a standard format for better understanding by other clinical staff. The healthcare IT vendors segment is also expected to have significant growth during the forecast period owing to partnerships between software providers. For instance, Intelligent Medical Objects, Inc. has partnerships with Epic, Cerner Corp., and Allscripts Healthcare. The others segment consists of CROs and medical/academic research institutes. A shift toward decentralized clinical trials is boosting the adoption of terminology software among CROs and academic research institutes.

Application Insights

Based on applications, the industry is further categorized into decision support, reimbursement, clinical trials, data aggregation, data integration, quality reporting, public health surveillance, and others. The quality reporting segment dominated the industry with a maximum revenue share of 21.64% in 2021. The segment is also projected to witness the fastest growth during the forecast period. This can be attributed to the increasing government steps to improve healthcare quality outcomes and develop standards for quality measurements. The reimbursement segment is expected to have lucrative growth during the forecast period.

An increasing number of hospitalizations and subsequent claim submissions are fueling the segment's growth. Correct codes and seamless medical billing are very important to ensure that healthcare providers get full reimbursement for care delivery. Discrepancies in the data collected from various sources for patient health surveillance results in incorrect data interpretation. Thus, clinical terminology solutions are widely used for standardization. An increase in investments in R&D, a rising number of clinical studies on novel drugs, and stringent government norms requiring proper documents for assessment and approvals are favoring the growth of the clinical trials segment.

Regional Insights

North America dominated the global industry in 2021 and accounted for the maximum share of 46.71% of the overall revenue. The growth of the region is attributed to the implementation of favorable government initiatives and support programs. The U.S. Centers for Medicare & Medicaid Services started Medicare Promoting Interoperability Program to encourage hospitals and professionals to adopt certified EHR technologies. The United States Core Data for Interoperability (USCDI) mandates the use of SONOMED CT and ICD-10-CM for documenting disease diagnoses, conditions, treatments, and health concerns. Hence, the service providers are focussing on launching new software for the same.

For example, in March 2022, Clinical Architecture, LLC announced the launch of SeekDx, which provides intelligent, doctor-friendly solutions that map the diagnosis to the appropriate ICD-10 CM code and SNOMED CT code, thus streamlining the documentation and saving physicians’ time. The Europe region is also estimated to register significant growth over the forecast period owing to the increasing investments by the government for the adoption of digital platforms in hospitals. Asia Pacific is anticipated to register the fastest growth rate during the forecast period. This can be attributed to the increasing focus of providers to expand their presence in emerging economies, the rising number of hospitals, and increasing investments in public health surveillance.

Key Players

  • Wolters Kluwer N.V.
  • 3M
  • BT Clinical Computing
  • Intelligent Medical Objects, Inc.
  • Apelon, Inc
  • CareCom
  • Clinical Architecture, LLC
  • BiTAC
  • B2i Healthcare
  • HiveWorx

Market Segmentation

  • By Application Outlook
    • Quality Reporting
    • Reimbursement
    • Data Aggregation
    • Public Health Surveillance
    • Decision Support
    • Data Integration
    • Clinical Trials
    • Others
  • By End-use Outlook
    • Healthcare Payers
    • Healthcare IT Vendors
    • Healthcare Providers
    • Others
  • By Regional Outlook
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Spain
      • Italy
    • Asia Pacific
      • China
      • Japan
      • India
      • Australia
      • South Korea
    • Latin America
      • Brazil
      • Mexico
    • Middle East & Africa
      • South Africa
      • South Arabia
      • UAE

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis 

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Medical Terminology Software Market 

5.1. COVID-19 Landscape: Medical Terminology Software Industry Impact

5.2. COVID 19 - Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Medical Terminology Software Market, By Application

8.1. Medical Terminology Software Market, by Application, 2022-2030

8.1.1. Quality Reporting

8.1.1.1. Market Revenue and Forecast (2017-2030)

8.1.2. Reimbursement

8.1.2.1. Market Revenue and Forecast (2017-2030)

8.1.3. Data Aggregation

8.1.3.1. Market Revenue and Forecast (2017-2030)

8.1.4. Public Health Surveillance

8.1.4.1. Market Revenue and Forecast (2017-2030)

8.1.5. Decision Support

8.1.5.1. Market Revenue and Forecast (2017-2030)

8.1.6. Data Integration

8.1.6.1. Market Revenue and Forecast (2017-2030)

8.1.7. Clinical Trials

8.1.7.1. Market Revenue and Forecast (2017-2030)

8.1.8. Others

8.1.8.1. Market Revenue and Forecast (2017-2030)

Chapter 9. Global Medical Terminology Software Market, By End-use

9.1. Medical Terminology Software Market, by End-use, 2022-2030

9.1.1. Healthcare Payers

9.1.1.1. Market Revenue and Forecast (2017-2030)

9.1.2. Healthcare IT Vendors

9.1.2.1. Market Revenue and Forecast (2017-2030)

9.1.3. Healthcare Providers

9.1.3.1. Market Revenue and Forecast (2017-2030)

9.1.4. Others

9.1.4.1. Market Revenue and Forecast (2017-2030)

Chapter 10. Global Medical Terminology Software Market, Regional Estimates and Trend Forecast

10.1. North America

10.1.1. Market Revenue and Forecast, by Application (2017-2030)

10.1.2. Market Revenue and Forecast, by End-use (2017-2030)

10.1.3. U.S.

10.1.3.1. Market Revenue and Forecast, by Application (2017-2030)

10.1.3.2. Market Revenue and Forecast, by End-use (2017-2030)

10.1.4. Rest of North America

10.1.4.1. Market Revenue and Forecast, by Application (2017-2030)

10.1.4.2. Market Revenue and Forecast, by End-use (2017-2030)

10.2. Europe

10.2.1. Market Revenue and Forecast, by Application (2017-2030)

10.2.2. Market Revenue and Forecast, by End-use (2017-2030)

10.2.3. UK

10.2.3.1. Market Revenue and Forecast, by Application (2017-2030)

10.2.3.2. Market Revenue and Forecast, by End-use (2017-2030)

10.2.4. Germany

10.2.4.1. Market Revenue and Forecast, by Application (2017-2030)

10.2.4.2. Market Revenue and Forecast, by End-use (2017-2030)

10.2.5. France

10.2.5.1. Market Revenue and Forecast, by Application (2017-2030)

10.2.5.2. Market Revenue and Forecast, by End-use (2017-2030)

10.2.6. Rest of Europe

10.2.6.1. Market Revenue and Forecast, by Application (2017-2030)

10.2.6.2. Market Revenue and Forecast, by End-use (2017-2030)

10.3. APAC

10.3.1. Market Revenue and Forecast, by Application (2017-2030)

10.3.2. Market Revenue and Forecast, by End-use (2017-2030)

10.3.3. India

10.3.3.1. Market Revenue and Forecast, by Application (2017-2030)

10.3.3.2. Market Revenue and Forecast, by End-use (2017-2030)

10.3.4. China

10.3.4.1. Market Revenue and Forecast, by Application (2017-2030)

10.3.4.2. Market Revenue and Forecast, by End-use (2017-2030)

10.3.5. Japan

10.3.5.1. Market Revenue and Forecast, by Application (2017-2030)

10.3.5.2. Market Revenue and Forecast, by End-use (2017-2030)

10.3.6. Rest of APAC

10.3.6.1. Market Revenue and Forecast, by Application (2017-2030)

10.3.6.2. Market Revenue and Forecast, by End-use (2017-2030)

10.4. MEA

10.4.1. Market Revenue and Forecast, by Application (2017-2030)

10.4.2. Market Revenue and Forecast, by End-use (2017-2030)

10.4.3. GCC

10.4.3.1. Market Revenue and Forecast, by Application (2017-2030)

10.4.3.2. Market Revenue and Forecast, by End-use (2017-2030)

10.4.4. North Africa

10.4.4.1. Market Revenue and Forecast, by Application (2017-2030)

10.4.4.2. Market Revenue and Forecast, by End-use (2017-2030)

10.4.5. South Africa

10.4.5.1. Market Revenue and Forecast, by Application (2017-2030)

10.4.5.2. Market Revenue and Forecast, by End-use (2017-2030)

10.4.6. Rest of MEA

10.4.6.1. Market Revenue and Forecast, by Application (2017-2030)

10.4.6.2. Market Revenue and Forecast, by End-use (2017-2030)

10.5. Latin America

10.5.1. Market Revenue and Forecast, by Application (2017-2030)

10.5.2. Market Revenue and Forecast, by End-use (2017-2030)

10.5.3. Brazil

10.5.3.1. Market Revenue and Forecast, by Application (2017-2030)

10.5.3.2. Market Revenue and Forecast, by End-use (2017-2030)

10.5.4. Rest of LATAM

10.5.4.1. Market Revenue and Forecast, by Application (2017-2030)

10.5.4.2. Market Revenue and Forecast, by End-use (2017-2030)

Chapter 11. Company Profiles

11.1. Wolters Kluwer N.V.

11.1.1. Company Overview

11.1.2. Product Offerings

11.1.3. Financial Performance

11.1.4. Recent Initiatives

11.2. 3M

11.2.1. Company Overview

11.2.2. Product Offerings

11.2.3. Financial Performance

11.2.4. Recent Initiatives

11.3. BT Clinical Computing

11.3.1. Company Overview

11.3.2. Product Offerings

11.3.3. Financial Performance

11.3.4. Recent Initiatives

11.4. Intelligent Medical Objects, Inc.

11.4.1. Company Overview

11.4.2. Product Offerings

11.4.3. Financial Performance

11.4.4. LTE Scientific

11.5. Apelon, Inc

11.5.1. Company Overview

11.5.2. Product Offerings

11.5.3. Financial Performance

11.5.4. Recent Initiatives

11.6. CareCom

11.6.1. Company Overview

11.6.2. Product Offerings

11.6.3. Financial Performance

11.6.4. Recent Initiatives

11.7. Clinical Architecture, LLC

11.7.1. Company Overview

11.7.2. Product Offerings

11.7.3. Financial Performance

11.7.4. Recent Initiatives

11.8. BiTAC

11.8.1. Company Overview

11.8.2. Product Offerings

11.8.3. Financial Performance

11.8.4. Recent Initiatives

11.9. B2i Healthcare

11.9.1. Company Overview

11.9.2. Product Offerings

11.9.3. Financial Performance

11.9.4. Recent Initiatives

11.10. HiveWorx

11.10.1. Company Overview

11.10.2. Product Offerings

11.10.3. Financial Performance

11.10.4. Recent Initiatives

Chapter 12. Research Methodology

12.1. Primary Research

12.2. Secondary Research

12.3. Assumptions

Chapter 13. Appendix

13.1. About Us

13.2. Glossary of Terms

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