Medical Terminology Software Market is valued approximately USD 707 million in 2019 and is anticipated to grow with a healthy growth rate of more than 20.5% over the forecast period 2020-2026.
The Centers for Medicare and Medicaid Services report that US healthcare expenditures grew by 4.6% to US$ 3.8 trillion in 2019, or US$ 11,582 per person, and accounted for 17.7% of GDP. Also, the federal government accounted for 29.0% of the total health expenditures, followed by households (28.4%). State and local governments accounted for 16.1% of total health care expenditures, while other private revenues accounted for 7.5%.
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
Medical terminology can be referred as a language which is used to accurately describe the human body structure including its processes, components, provisions concerning it, and procedures operated upon it. Medical terminology is used in the area of medicine and its software is utilized to help the bridging of gap among the clinical terminology and general language.
Medical terminology software is used to regulate patient data and manage the collection of large amounts of healthcare data. The software also deals with the rising need to curb medical errors. Thus, rising focus on reducing medical errors & fraud, increasing government initiatives for HCIT (Healthcare Information Technology) adoption and increasing demand for the standardization of patient data are the few factors responsible for high CAGR of the market over the forecast period.
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According to the survey of the National Health Care Anti-Fraud Association, in 2015 there is 25% increment worldwide in healthcare errors & frauds as compared to 6.9% total since, 2008 and it is expected to reach nearly 52% in 2018. Also, in the United States, the Federal Bureau of Investigation estimated that 3% to 10% of healthcare billings are illegal with the annual expenditure on healthcare each year. This, in turn, is expected to accelerate the demand for Medical Terminology Software, thus contributing to the growth of the global market. However, reluctance to use terminology solutions over conventional practices is one of the prime factors expected to hamper the growth of the market over the forecast period of 2020-2026.
The regional analysis of global Medical Terminology Software market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rising adoption of HCIT technologies, increasing regulatory requirements associated to patient safety and the presence of significant number of market players in the region.
Whereas, Asia-Pacific is anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026, due to the rise in demand for reducing medical errors because of the incorrect interpretation of patient data in the countries like China and India.
Major market player included in this report are:
Intelligent Medical Objects
BT Clinical Computing
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study.
Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Product & Services:
Public Health Surveillance
Healthcare IT Vendors
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Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 2019
Forecast period – 2020 to 2026
Target Audience of the Global Medical Terminology Software Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
What are the aspects of this report that relate to regional analysis?
The report’s geographical regions include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The report provides a comprehensive analysis of market trends, including information on usage and consumption at the regional level.
Reports on the market include the growth rates of each region, which includes their countries, over the coming years.
How are the key players in the market assessed?
This report provides a comprehensive analysis of leading competitors in the market.
The report includes information about the key vendors in the market.
The report provides a complete overview of each company, including its profile, revenue generation, cost of goods, and products manufactured.
The report presents the facts and figures about market competitors, alongside the viewpoints of leading market players.
A market report includes details on recent market developments, mergers, and acquisitions involving the key players mentioned.
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