Medical terminology software market to register double digit CAGR as healthcare industry tries to increase efficiency
With the rising need for providing laboratory operators with enhanced inventory control and tracking, medical terminology software market is expected to gain massive traction. The market will also accrue proceeds from the greater demand for flexibility to address changing needs of laboratory and medical business.
Medical terminology is a basis for effective communication in the medical world. When everyone uses the same terms for understanding a condition, procedure and medicine, delivering care or billing for a medicine becomes more efficient and effective. Standard medical terminology is also the backbone for training and communication, infection control training and HIPAA compliance training that create a safe environment for both patients and employees.
Besides, quality communication among all members of a healthcare team improves patient safety by reducing the number of mistakes. For instance, if a physician knows the patient’s full medical history, including procedures or prior conditions, it helps that physician prescribe a safe, effective treatment for that patient. If someone confuses the terminology, putting the wrong condition or procedure into the chart, this can make a huge difference in the care the patient receives. Treatment may be less effective, or in some cases, dangerous.
Over 2018-2023 Medical Terminology Software Market is expected to witness a massive CAGR of approximately 20% which will be brought about by government initiatives for HCIT adoption, drive to minimize medical errors and reducing the disparity in the medical terminology content of healthcare organizations.
Segmentation:
The medical terminology software market is segmented as product & service, application, and end user.
On the basis of product & service, medical terminology software market is subdivided into services and platforms.
By application, subsegments of medical terminology software market include data integration, data aggregation, public health surveillance, reimbursement, clinical guidelines, clinical trials, decision support and quality reporting.
End user medical terminology software market segment includes healthcare providers, IT vendors and healthcare payers. Healthcare providers subsegment is further divided into health information exchanges and healthcare service providers. Healthcare payers subsegment is also further subdivided into public payers and private payers.
Competitive Landscape:
Some of the key players in the medical terminology software market include, Intelligent Medical Objects, Wolters Kluwer, Clinical Architecture, Apelon, B2i Healthcare, Bitac, BT Clinical Computing, HiveWorx and CareCom.
Regional Analysis:
Increased demand for enhanced data exchange between healthcare providers and healthcare payers to streamline workflows is expected to place the Americas in a leading position in the global medical terminology software market share.
Europe, which share a similar position with North America in the healthcare industry has also witnessed increased requirement to maintain data integrity and is thus anticipated to hold the second largest share in the medical terminology software market.
Asia Pacific is expected to witness exponential growth in medical terminology software market share and emerge as the fastest growing region as far as the market is concerned.
The uptake of medical terminology software in Middle East and Africa, especially in the countries where healthcare industry and technologies are still lagging far behind than those in the modernized world, will be much slower. The region has witnessed fewer government initiatives and is therefore expected to hold the least share in the medical terminology software market.
Industry News:
Growth trends that are predicted to be apparent in the medical terminology software market can be fathomed by the success of some of the companies that play a critical role in upholding the industry. Thus, an announcement by Intelligent Medical Objects previously in 2016 that it has secured growth capital investment from funds affiliated with Warburg Pincus can be measured as a positive indication for the growth of the overall medical terminology software market.
Warburg Pincus is a global private equity firm that specializes in growth investing and its investment in Intelligent Medical Objects was planned to drive the expansion of the company and its work in health information ecosystem. A glimpse of the outcome of the investment is reflected in the 2019 relocation of the company headquarters to a massive 350,000-square-foot, complex in Rosemont, Illinois.
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