The global Medical Terminology Software Market is estimated to be valued at US$ 1,439.9 Mn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Medical terminology software assists healthcare providers to map synonyms, acronyms, and related terms to standard clinical terminology and ontologies which further enables clinical documentation and interoperability. Medical terminology software allows healthcare providers to code clinical information and improve revenue cycle management and coding quality by reducing costs associated with medical coding errors. Use of medical terminology software improve communication between care teams, as the software standardizes clinical documentation by mapping provider terms to standard codes.
Market key trends:
One of the key trends in the medical terminology software market is integration with electronic health records (EHR) and clinical decision support systems. Major EHR vendors are integrating medical terminology software into their platforms to facilitate better clinical documentation and data exchange. For instance, Clinithink’s medical terminology software can be integrated with Epic, Cerner and MEDITECH EHR systems. Another key trend is growing adoption of SaaS based medical terminology solutions over on-premise models due to advantages such as easy access, lower upfront costs and remote implementation and management. Furthermore, growing use of AI and machine learning techniques for mapping provider terms to standardized clinical terminologies is expected to drive the medical terminology software market growth during the forecast period.
Threat of new entrants: Low as the market requires high initial investments and expertise in medical terminologies to establish brand presence.
Bargaining power of buyers: Moderate as there are many vendors providing medical terminology software with different features and pricing.
Bargaining power of suppliers: Low as the raw materials and resources required are commonly available and there are many suppliers.
Threat of new substitutes: Low as there are limited substitutes to medical terminology software in the healthcare sector.
Competitive rivalry: High as the key global players compete on the basis of product quality, features and pricing.
The global Medical Terminology Software market is expected to witness high growth, exhibiting 20% CAGR over the forecast period, due to increasing investments in healthcare infrastructure and digitalization of healthcare processes. The market size for 2023 is estimated to be US$ 1,439.9 Mn.
Regional analysis: North America dominated the medical terminology software market in 2023 due to growing healthcare IT expenditure in the US. Asia Pacific is expected to be the fastest growing market during the forecast period owing to rising medical tourism and government initiatives to strengthen healthcare systems in countries like India and China.
Key players: Key players operating in the medical terminology software market are Wolters Kluwer, 3M, Apelon, Intelligent Medical Objects, Clinical Architecture, Bitac, B2i Healthcare, HiveWorx, BT Clinical Computing, EzCoder, Savante International, Stryker, CloudPital, SoftMed Systems, DXC Technology Company, and GenoLogics. Wolters Kluwer dominated the market in 2023 due to its comprehensive product portfolio and global customer base.