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Medical Terminology Software Market Size, Share & Trends Analysis Report By End Use (Healthcare Providers, Healthcare IT Vendors), By Application (Quality Reporting, Data Aggregation), By Region, And Segment Forecasts, 2022 - 2030

October 2022 | 120 pages | ID: MDDE92930A34EN
Grand View Research, Inc.

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Medical Terminology Software Market Growth & Trends

The global medical terminology software market size is expected to reach USD 2.34 billion by 2030, registering a CAGR of 10.1% during the forecast period, according to a new report by Grand View Research, Inc. 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.

Medical Terminology Software Market Report Highlights
  • The industry will witness substantial growth post-pandemic due to the rising focus on data integration & automation in health systems
  • Based on application, the quality reporting segment held the largest revenue share in 2021 owing to the rising focus on the improvement of health quality outcome
  • The healthcare provider end-use segment held the largest revenue share in 2021 due to the high EHR adoption and demand for solutions to streamline the billing process
  • North America led the industry in 2021 owing to the factors, such as high demand for interoperability solutions, focus on improving care quality, and new software launches
  • In December 2021, CareCom and J2 Interactive formed a strategic agreement to introduce J2 Managed Terminology, a new service that offers cloud-hosted, best-in-class clinical terminology services to payers, health information exchanges, providers networks, and healthcare software companies
CHAPTER 1 REPORT SCOPE AND OBJECTIVES

1.1 Market Segmentation
1.2 Regional Scope
1.3 Estimates and Forecast Timeline
1.4 Research Objectives
  1.4.1 Objective -
  1.4.2 Objective -
  1.4.3 Objective -

CHAPTER 2 METHODOLOGY

2.1 Research Methodology
2.2 Information Procurement
  2.2.1 Purchased Database
  2.2.2 GVR’s Internal Database
  2.2.3 Secondary Sources
  2.2.4 Primary Research
  2.2.5 Details of Primary Research
2.3 Information or Data Analysis
  2.3.1 Data Analysis Models
2.4 Market Formulation & Validation
2.5 Model Details
  2.5.1 Volume Price Analysis
2.6 List of Secondary Sources
2.7 List of Abbreviations

CHAPTER 3 EXECUTIVE SUMMARY

3.1 Market Outlook
3.2 Segment Outlook
  3.2.1 Application
  3.2.2 End Use
3.3 Regional Outlook
3.4 Competitive Insights

CHAPTER 4 MARKET VARIABLES, TRENDS & SCOPE

4.1 Market Lineage outlook
  4.1.1 Parent market outlook
  4.1.2 Ancillary/related market outlook
4.2 Market Dynamics
  4.2.1 Market driver analysis
  4.2.2 Market restraint analysis
4.3 Penetration & Growth Prospect Mapping
4.4 Business Environment Analysis Tools
  4.4.1 Porter’s five forces analysis
    4.4.1.1 Competitive rivalry
    4.4.1.2 Threat of new entrants
    4.4.1.3 Bargaining power of buyers
    4.4.1.4 Bargaining power of suppliers
    4.4.1.5 Threat of substitutes
  4.4.2 PESTEL Analysis
    4.4.2.1 Political landscape
    4.4.2.2 Economic and social landscape
    4.4.2.3 Technological landscape

CHAPTER 5 MEDICAL TERMINOLOGY SOFTWARE MARKET: APPLICATION ANALYSIS

5.1 Medical Terminology Software Application Market Share Analysis, 2021 & 2030
5.2 Medical Terminology Software Application Market: Segment Dashboard
5.3 Market Size & Forecasts and Trend Analyses, 2017 to 2030 for the Application Segment
  5.3.1 Data Aggregation
    5.3.1.1 Data aggregation market, 2017 - 2030 (USD Million)
  5.3.2 Reimbursement
    5.3.2.1 Reimbursement market, 2017 - 2030 (USD Million)
  5.3.3 Public Health Surveillance
    5.3.3.1 Public health surveillance market, 2017 - 2030 (USD Million)
  5.3.4 Data Integration
    5.3.4.1 Data integration market, 2017 - 2030 (USD Million)
  5.3.5 Decision Support
    5.3.5.1 Decision support market, 2017 - 2030 (USD Million)
  5.3.6 Clinical Trials
    5.3.6.1 Clinical trials market, 2017 - 2030 (USD Million)
  5.3.7 Quality Reporting
    5.3.7.1 Quality reporting market, 2017 - 2030 (USD Million)
  5.3.8 Others
    5.3.8.1 Others market, 2017 - 2030 (USD Million)

CHAPTER 6 MEDICAL TERMINOLOGY SOFTWARE MARKET: END-USE ANALYSIS

6.1 Medical Terminology Software End-use Market Share Analysis, 2021 & 2030
6.2 Medical Terminology Software End-use Market: Segment Dashboard
6.3 Market Size & Forecasts and Trend Analyses, 2017 to 2030 for the End-use Segment
  6.3.1 Healthcare Providers
    6.3.1.1 Healthcare providers market, 2017 - 2030 (USD Million)
  6.3.2 Healthcare Payers
    6.3.2.1 Healthcare payers market, 2017 - 2030 (USD Million)
  6.3.3 Healthcare IT Vendors
    6.3.3.1 Healthcare IT vendors market, 2017 - 2030 (USD Million)
  6.3.4 Others
    6.3.4.1 Others market, 2017 - 2030 (USD Million)

CHAPTER 7 MEDICAL TERMINOLOGY SOFTWARE MARKET: REGIONAL ANALYSIS

7.1 Medical Terminology Software Regional Market Share Analysis, 2021 & 2030
7.2 Regional Market Snapshot
7.3 Market Size, & Forecasts, and Trend Analysis, 2017 to 2030
  7.3.1 North America
    7.3.1.1 North America medical terminology software market, 2017 - 2030 (USD Million)
    7.3.1.2 U.S.
      7.3.1.2.1 U.S. medical terminology software market, 2017 - 2030 (USD Million)
    7.3.1.3 Canada
      7.3.1.3.1 Canada medical terminology software market, 2017 - 2030 (USD Million)
  7.3.2 Europe
    7.3.2.1 Europe medical terminology software market, 2017 - 2030 (USD Million)
    7.3.2.2 U.K.
      7.3.2.2.1 U.K. medical terminology software market, 2017 - 2030 (USD Million)
    7.3.2.3 Germany
      7.3.2.3.1 Germany medical terminology software market, 2017 - 2030 (USD Million)
    7.3.2.4 France
      7.3.2.4.1 France medical terminology software market, 2017 - 2030 (USD Million)
    7.3.2.5 Italy
      7.3.2.5.1 Italy medical terminology software market, 2017 - 2030 (USD Million)
    7.3.2.6 Spain
      7.3.2.6.1 Spain medical terminology software market, 2017 - 2030 (USD Million)
  7.3.3 Asia Pacific
    7.3.3.1 Asia Pacific medical terminology software market, 2017 - 2030 (USD Million)
    7.3.3.2 Japan
      7.3.3.2.1 Japan medical terminology software market, 2017 - 2030 (USD Million)
    7.3.3.3 China
      7.3.3.3.1 China medical terminology software market, 2017 - 2030 (USD Million)
    7.3.3.4 India
      7.3.3.4.1 India medical terminology software market, 2017 - 2030 (USD Million)
    7.3.3.5 Australia
      7.3.3.5.1 Australia medical terminology software market, 2017 - 2030 (USD Million)
    7.3.3.6 South Korea
      7.3.3.6.1 South Korea medical terminology software market, 2017 - 2030 (USD Million)
  7.3.4 Latin America
    7.3.4.1 Latin America medical terminology software market, 2017 - 2030 (USD Million)
    7.3.4.2 Brazil
      7.3.4.2.1 Brazil medical terminology software market, 2017 - 2030 (USD Million)
    7.3.4.3 Mexico
      7.3.4.3.1 Mexico medical terminology software market, 2017 - 2030 (USD Million)
  7.3.5 Middle East and Africa
    7.3.5.1 MEA medical terminology software market, 2017 - 2030 (USD Million)
    7.3.5.2 South Africa
      7.3.5.2.1 South Africa medical terminology software market, 2017 - 2030 (USD Million)
    7.3.5.3 Saudi Arabia
      7.3.5.3.1 Saudi Arabia medical terminology software market, 2017 - 2030 (USD Million)
    7.3.5.4 UAE
      7.3.5.4.1 UAE medical terminology software market, 2017 - 2030 (USD Million)

CHAPTER 8 COMPETITIVE ANALYSIS

8.1 Recent developments & impact analysis, by key market participants
8.2 Competition Categorization
8.3 Company Market Position Analysis
8.4 Company Profiles
  8.4.1 Wolters Kluwer N.V.
    8.4.1.1 Company overview
    8.4.1.2 Financial performance
    8.4.1.3 Product benchmarking
    8.4.1.4 Strategic initiatives
  8.4.2 3M
    8.4.2.1 Company overview
    8.4.2.2 Financial performance
    8.4.2.3 Product benchmarking
    8.4.2.4 Strategic initiatives
  8.4.3 Intelligent Medical Objects, Inc.
    8.4.3.1 Company overview
    8.4.3.2 Financial performance
    8.4.3.3 Product benchmarking
    8.4.3.4 Strategic initiatives
  8.4.4 Apelon, Inc.
    8.4.4.1 Company overview
    8.4.4.3 Product benchmarking
    8.4.4.4 Strategic initiatives
  8.4.5 Clinical Architecture, LLC
    8.4.5.1 Company overview
    8.4.5.2 Product benchmarking
    8.4.5.3 Strategic initiatives
  8.4.6 CareCom
    8.4.6.1 Company overview
    8.4.6.2 Product benchmarking
    8.4.6.3 Strategic initiatives
  8.4.7 BiTAC
    8.4.7.1 Company overview
    8.4.7.2 Product benchmarking
    8.4.7.3 Strategic initiatives
  8.4.8 B2i Healthcare
    8.4.8.1 Company overview
    8.4.8.2 Product benchmarking
    8.4.8.3 Strategic initiatives
  8.4.9 BT Clinical Computing
    8.4.9.1 Company overview
    8.4.9.2 Product benchmarking
    8.4.9.3 Strategic initiatives
  8.4.10 HiveWorx
    8.4.10.1 Company overview
    8.4.10.2 Product benchmarking
    8.4.10.4 Strategic initiatives ?
LIST OF TABLES

Table 1 List of secondary sources
Table 2 List of abbreviations
Table 3 North America medical terminology software market, by country, 2017 - 2030 (USD Million)
Table 4 North America medical terminology software market, by application, 2017 - 2030 (USD Million)
Table 5 North America medical terminology software market, by end-use, 2017 - 2030 (USD Million)
Table 6 U.S. medical terminology software market, by application, 2017 - 2030 (USD Million)
Table 7 U.S. medical terminology software market, by end-use, 2017 - 2030 (USD Million)
Table 8 Canada medical terminology software market, by application, 2017 - 2030 (USD Million)
Table 9 Canada medical terminology software market, by end-use, 2017 - 2030 (USD Million)
Table 10 Europe medical terminology software market, by country, 2017 - 2030 (USD Million)
Table 11 Europe medical terminology software market, by application, 2017 - 2030 (USD Million)
Table 12 Europe medical terminology software market, by end-use, 2017 - 2030 (USD Million)
Table 13 U.K. medical terminology software market, by application, 2017 - 2030 (USD Million)
Table 14 U.K. medical terminology software market, by end-use, 2017 - 2030 (USD Million)
Table 15 Germany medical terminology software market, by application, 2017 - 2030 (USD Million)
Table 16 Germany medical terminology software market, by end-use, 2017 - 2030 (USD Million)
Table 17 France medical terminology software market, by application, 2017 - 2030 (USD Million)
Table 18 France medical terminology software market, by end-use, 2017 - 2030 (USD Million)
Table 19 Italy medical terminology software market, by application, 2017 - 2030 (USD Million)
Table 20 Italy medical terminology software market, by end-use, 2017 - 2030 (USD Million)
Table 21 Spain medical terminology software market, by application, 2017 - 2030 (USD Million)
Table 22 Spain medical terminology software market, by end-use, 2017 - 2030 (USD Million)
Table 23 Asia Pacific medical terminology software market, by country, 2017 - 2030 (USD Million)
Table 24 Asia Pacific medical terminology software market, by application, 2017 - 2030 (USD Million)
Table 25 Asia Pacific medical terminology software market, by end-use, 2017 - 2030 (USD Million)
Table 26 Japan medical terminology software market, by application, 2017 - 2030 (USD Million)
Table 27 Japan medical terminology software market, by end-use, 2017 - 2030 (USD Million)
Table 28 China medical terminology software market, by application, 2017 - 2030 (USD Million)
Table 29 China medical terminology software market, by end-use, 2017 - 2030 (USD Million)
Table 30 India medical terminology software market, by application, 2017 - 2030 (USD Million)
Table 31 India medical terminology software market, by end-use, 2017 - 2030 (USD Million)
Table 32 Australia medical terminology software market, by application, 2017 - 2030 (USD Million)
Table 33 Australia medical terminology software market, by end-use, 2017 - 2030 (USD Million)
Table 34 South Korea medical terminology software market, by application, 2017 - 2030 (USD Million)
Table 35 South Korea medical terminology software market, by end-use, 2017 - 2030 (USD Million)
Table 36 Latin America medical terminology software market, by country, 2017 - 2030 (USD Million)
Table 37 Latin America medical terminology software market, by application, 2017 - 2030 (USD Million)
Table 38 Latin America medical terminology software market, by end-use, 2017 - 2030 (USD Million)
Table 39 Brazil medical terminology software market, by application, 2017 - 2030 (USD Million)
Table 40 Brazil medical terminology software market, by end-use, 2017 - 2030 (USD Million)
Table 41 Mexico medical terminology software market, by application, 2017 - 2030 (USD Million)
Table 42 Mexico medical terminology software market, by end-use, 2017 - 2030 (USD Million)
Table 43 MEA medical terminology software market, by country, 2017 - 2030 (USD Million)
Table 44 MEA medical terminology software market, by application, 2017 - 2030 (USD Million)
Table 45 MEA medical terminology software market, by end-use, 2017 - 2030 (USD Million)
Table 46 South Africa medical terminology software market, by application, 2017 - 2030 (USD Million)
Table 47 South Africa medical terminology software market, by end-use, 2017 - 2030 (USD Million)
Table 48 Saudi Arabia medical terminology software market, by application, 2017 - 2030 (USD Million)
Table 49 Saudi Arabia medical terminology software market, by end-use, 2017 - 2030 (USD Million)
Table 50 UAE medical terminology software market, by application, 2017 - 2030 (USD Million)
Table 51 UAE medical terminology software market, by end-use, 2017 - 2030 (USD Million)?
LIST OF FIGURES

Fig. 1 Market research process
Fig. 2 Information procurement
Fig. 3 Primary research pattern
Fig. 4 Market research approaches
Fig. 5 Value chain-based sizing & forecasting
Fig. 6 QFD modeling for market share assessment
Fig. 7 Market formulation & validation
Fig. 8 Medical terminology software market outlook, 2021
Fig. 9 Market trends & outlook
Fig. 10 Medical terminology software market segmentation
Fig. 11 Penetration & growth prospect mapping
Fig. 12 Market driver relevance analysis (Current & future impact)
Fig. 13 Market restraint relevance analysis (Current & future impact)
Fig. 14 Medical terminology software application market share analysis, 2021 & 2030
Fig. 15 Medical terminology software application market: Segment dashboard
Fig. 16 Data aggregation market, 2017 - 2030 (USD Million)
Fig. 17 Reimbursement market, 2017 - 2030 (USD Million)
Fig. 18 Public health surveillance market, 2017 - 2030 (USD Million)
Fig. 19 Data integration market, 2017 - 2030 (USD Million)
Fig. 20 Decision support market, 2017 - 2030 (USD Million)
Fig. 21 Quality reporting market, 2017 - 2030 (USD Million)
Fig. 22 Clinical trials market, 2017 - 2030 (USD Million)
Fig. 23 Others market, 2017 - 2030 (USD Million)
Fig. 24 Medical terminology software end-use market share analysis, 2021 & 2030
Fig. 25 Medical terminology software end-use market: Segment dashboard
Fig. 26 Healthcare providers market, 2017 - 2030 (USD Million)
Fig. 27 Healthcare payers market, 2017 - 2030 (USD Million)
Fig. 28 Healthcare IT vendors market, 2017 - 2030 (USD Million)
Fig. 29 Others market, 2017 - 2030 (USD Million)
Fig. 30 Medical terminology software regional market share analysis, 2021 & 2030
Fig. 31 Medical terminology software regional market: Segment dashboard
Fig. 32 Regional marketplace: Key takeaways
Fig. 33 North America medical terminology software market, 2017 - 2030 (USD Million)
Fig. 34 U.S. medical terminology software market, 2017 - 2030 (USD Million)
Fig. 35 Canada medical terminology software market, 2017 - 2030 (USD Million)
Fig. 36 Europe medical terminology software market, 2017 - 2030 (USD Million)
Fig. 37 U.K. medical terminology software market, 2017 - 2030 (USD Million)
Fig. 38 Germany medical terminology software market, 2017 - 2030 (USD Million)
Fig. 39 France medical terminology software market, 2017 - 2030 (USD Million)
Fig. 40 Italy medical terminology software market, 2017 - 2030 (USD Million)
Fig. 41 Spain medical terminology software market, 2017 - 2030 (USD Million)
Fig. 42 Asia Pacific medical terminology software market, 2017 - 2030 (USD Million)
Fig. 43 Japan medical terminology software market, 2017 - 2030 (USD Million)
Fig. 44 China medical terminology software market, 2017 - 2030 (USD Million)
Fig. 45 India medical terminology software market, 2017 - 2030 (USD Million)
Fig. 46 Australia medical terminology software market, 2017 - 2030 (USD Million)
Fig. 47 South Korea medical terminology software market, 2017 - 2030 (USD Million)
Fig. 48 Latin America medical terminology software market, 2017 - 2030 (USD Million)
Fig. 49 Brazil medical terminology software market, 2017 - 2030 (USD Million)
Fig. 50 Mexico medical terminology software market, 2017 - 2030 (USD Million)
Fig. 51 MEA medical terminology software market, 2017 - 2030 (USD Million)
Fig. 52 South Africa medical terminology software market, 2017 - 2030 (USD Million)
Fig. 53 Saudi Arabia medical terminology software market, 2017 - 2030 (USD Million)
Fig. 54 UAE medical terminology software market, 2017 - 2030 (USD Million)
Fig. 55 Recent development and impact analysis by key market participants
Fig. 56 Strategy framework
Fig. 57 Company market position analysis


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