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Medical Terminology Software Market Size, Latest Trends, Growth Status, Top Major Players And Forecast To 2033
Medical Terminology Software Market Size
According to The Business Research Company's, the medical terminology software market size has grown rapidly in recent years. It will grow from $1.11 billion in 2023 to $1.30 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth in the historic period can be attributed to disparity & fragmentation in the terminology content of healthcare organizations, rising focus on minimizing medical errors, increasing attention to reduce medical errors, increasing adoption of electronic health records (EHR), and rising adoption of data integrity is driving the market growth.
The medical terminology software market size is expected to see rapid growth in the next few years. It will grow to $2.35 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to increasing need to maintain data integrity, government initiatives for HCIT adoption, governmental programs to promote the adoption of HCIT, growing emphasis on personalized & precision medicine, and increased inventory control and tracking new product launches. Major trends in the forecast period include reluctance to use medical terminology solutions over conventional practices, developing nations, advancements in natural language processing (NLP), integration with electronic health records (EHR), genomic data integration.
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Market Drivers and Trends:
The rising focus on minimizing medical errors is expected to propel the growth of the medical terminology software market going forward. Minimizing medical errors refers to the efforts and strategies to reduce and prevent mistakes in healthcare that can lead to patient harm. Medical terminology software plays a crucial role in improving healthcare documentation and communication accuracy and efficiency, ultimately reducing the risk of medical errors. For instance, in 2021, the World Health Organization, a Switzerland-based specialized agency of the United Nations responsible for international public health, there is a 17% decrease in medication errors with the adoption of medical terminology software. Therefore, The rising focus on minimizing medical errors is driving the growth of the medical terminology software market.
Major companies operating in the medical terminology software market are developing innovative technologies, such as natural language processing solutions, to understand and respond to human language. Natural Language Processing (NLP) refers to the branch of computer science and artificial intelligence concerned with giving computers the ability to understand and respond to human language in text or voice data. For instance, in March 2023, Kensho Technologies Inc., a US-based artificial intelligence company, launched a new Natural Language Processing (NLP) solution called Kensho Classify. This solution is designed to conceptually understand and classify documents, enabling analysis of text, smart search, content recommendations, and streamlined research and analysis. It is specifically tuned for complex business and finance use cases, allowing users to find concepts and topics within documents quickly and efficiently without requiring machine learning or technical skills.
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Major Key Players of the Market:
3M Health Information Systems, Wolters Kluwer N.V, Cerner Corporation, M*Modal, Nuance Communications Inc., CareCom A/S, Orion Health, First Databank, SemanticBits, Phastar Corporation, Intelligent Medical Objects Inc., Rhapsody, Clinical Architecture LLC, Infermedica, Apelon Inc., HiveWorx Private Ltd., SNOMED International, B2i Healthcare Kft, BITAC Inc, BT Clinical Computing, West Coast Informatics Inc., Health Navigator, Medical Database, Inc., Prismatik, RealTime Medical, Snomed International, Terminologik, TermSolution Gmbh
Medical Terminology Software Market 2024 Key Insights:
• The medical terminology software market is expected to grow to $2.35 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%.
• Impact Of Minimizing Medical Errors On The Medical Terminology Software Market
• Innovative Technologies In The Medical Terminology Software Market
• North America was the largest region in the medical terminology software market in 2023
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