by The global Medical Terminology Software Market is estimated to be valued at US$ 1.41 Bn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Medical terminology software refers to applications and platforms that are used to convert unstructured physician notes and clinical documentation into structured and organized data. These solutions help in standardization of medical terms and normalization of healthcare data. Structured medical data helps in improving clinical workflows, clinical decision making, and interoperability across healthcare systems. Adoption of medical terminology software enables coding, indexing, storage and retrieval of clinical information in the electronic health records (EHR) and other healthcare IT systems. The key advantages of medical terminology software include improved clinical documentation, coding and billing operations, predictive analytics for population health management, and regulatory compliance. Rising EHR adoption and the need for extraction of structured data from unstructured clinical notes is expected to drive the demand for medical terminology software over the forecast period.
Market Key Trends:
One of the major trends in the global medical terminology software market is growing adoption of speech recognition solutions. Integration of natural language processing (NLP) capabilities with medical terminology platforms enables automated coding of physician dictations and transcription of clinical documentation. This helps in streamlining clinical documentation workflows. For instance, companies including 3M, Wolters Kluwer, and Apelon offer AI-powered speech recognition solutions along with their terminology software.
Another key trend is the increasing deployment of terminology apps and APIs. Vendors are offering terminology software solutions in the form of mobile and web applications as well as application programming interfaces (APIs). This allows third-party developers to integrate standardized medical vocabularies and ontologies into their clinical and healthcare IT solutions. Mobile apps and APIs widen the reach of terminology platforms and improve the accessibility of clinical coding and terminology management resources.
Adoption of cloud-based delivery models is yet another notable trend. Leading vendors such as 3M, Wolters Kluwer, and Clinical Architecture provide medical terminology software in the form of cloud-based platforms or SaaS delivery models. The cloud-based approach streamlines software updates, reduces IT infrastructure costs, and improves access to terminology resources across varied healthcare settings.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the global medical terminology software market is moderate. High capital investments and existing intellectual property rights by established players pose entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate. The availability of alternatives in the market provides options to buyers. However, brand loyalty and switching costs limit bargaining power.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate. The presence of numerous component and software suppliers limits the bargaining power of each individual supplier.
Threat of new substitutes: The threat of substitutes is low. There are limited substitutes that can provide the comprehensive and specialized medical terminology solutions offered by dedicated software.
Competitive rivalry: High. Major players compete on the basis of product features, pricing, distribution network, and customer support.
Key Takeaways
Global Medical Terminology Software Market Demand is expected to witness high growth, exhibiting a CAGR of 17% over the forecast period, due to increasing demand for clinical decision support systems and rising adoption of electronic health records.
Regional analysis: North America dominates the global market, accounting for around 40% share. This is attributed to favorable government initiatives, sophisticated healthcare infrastructure, and presence of key market players in the region. Asia Pacific exhibits the fastest growth rate owing to rising healthcare expenditure, increasing adoption of HCIT solutions and growing medical tourism industry in the region.
Key players: Wolters Kluwer, 3M, Apelon, Intelligent Medical Objects, Clinical Architecture, CareCom, Bitac, B2i Healthcare, HiveWorx, BT Clinical Computing, EzCoder, Acupedia, Savante International, Vocera Communications, IntraMed Abbreviation Engine, CloudPital, SoftMed Systems, DXC Technology Company, DECISIONQ, GenoLogics are some of the prominent players operating in the medical terminology software market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
