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Medical Terminology Software Market by Application (Data Aggregation, Reimbursement, Data Integration, Clinical Trials), Products & Services (Services, Platforms), End User (Healthcare Providers, Healthcare Payers, IT Vendors) - Global Forecast to 2027

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Date: 21-Jul-2022
No. of pages: 124
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“The medical terminology software market is projected to grow at a CAGR of 19.3% between 2022 and 2027.”

The global medical terminology software market is projected to reach USD 2.5 billion by 2027 from an estimated USD 1.0 billion in 2022, at a CAGR of 19.3% during the forecast period. Growth in this market is driven by the opportunities provided by the market such as emerging markets for medical terminology software market, and increasing need to maintain data integrity. However, the reluctance to use terminology solutions over conventional practices is a challenge that is expected to limit the growth of the market to a certain extent during the forecast period.

“The data aggregation segment is projected to be the largest segment in the medical terminology software market, by application”

Based on application, the data aggregation segment is projected to be the largest segment during the forecast period. Factors responsible for the growth of this segment are the increasing focus on reducing medical errors and the need to create a consistent and comprehensive data source and improve performance measurement in patient care.

“Services was the largest & fastest-growing segment by the product & service of medical terminology software market in 2021”

Services segment is projected to be the largest segment & grow at the highest growth rate in the medical terminology software market in 2021. The increasing demand for standardizing patient data, the rising need to rectify medical errors, and the need to streamline large amounts of healthcare data is expected to drive the demand for medical terminology software services in the coming years.

“APAC to witness the highest growth rate during the forecast period.”

The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. Market growth in the APAC region is mainly driven by factors such as the government initiatives for the adoption of HCIT solutions, rising medical tourism, the growth of the geriatric population, improving healthcare insurance coverage, soaring healthcare expenditures, and growth in the purchasing power of consumers.

The break-down of primary participants is as mentioned below:


  • By Company Type - Tier 1:27%, Tier 2: 35%, and Tier 3: 36%

  • By Designation - C-level: 46%, Director-level: 36%,and Others: 18%

  • By Region - North America: 39%, Europe: 23%,Asia Pacific: 15%, Latin America: 8%,and Middle East & Africa: 15%.


Key players in the Medical terminology software Market

The key players operating in the medical terminology software market include Wolters Kluwer N.V. (Netherlands), 3M (US), Intelligent Medical Objects, Inc. (US), Apelon, Inc. (US), Clinical Architecture, LLC (US), CareCom (Denmark), BiTAC (Spain), B2i Healthcare (Hungary), BT Clinical Computing (Belgium), and HiveWorx (Ireland).

Research Coverage:

The report analyzes the medical terminology software market and aims to estimate the market size and future growth potential of various market segments, based on product & service, application, end user, and region. The report also provides a competitive analysis of the key players operating in this market, along with their company profiles, product offerings, recent developments, and key market strategies.

Reasons to Buy the Report

This report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share of the market. The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market.

Medical Terminology Software Market by Application (Data Aggregation, Reimbursement, Data Integration, Clinical Trials), Products & Services (Services, Platforms), End User (Healthcare Providers, Healthcare Payers, IT Vendors) - Global Forecast to 2027

Table Of Contents

1 Introduction
1.1 Objectives Of The Study
1.2 Market Definition
1.2.1 Inclusions And Exclusions
1.3 Market Scope
Figure 1 Medical Terminology Software Market Segmentation
Figure 2 Regional Segments Covered
1.4 Years Considered
1.5 Currency
Table 1 Standard Currency Conversion Rates
1.6 Limitations
1.7 Stakeholders
1.8 Summary Of Changes

2 Research Methodology
2.1 Research Data
Figure 3 Research Design
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
Figure 4 Breakdown Of Primary Interviews (Supply Side): By Company Type, Designation, And Region
Figure 5 Breakdown Of Primary Interviews (Demand Side): By End User, Designation, And Region
2.2 Market Size Estimation
Figure 6 Market Size Estimation: Revenue Share Analysis
Figure 7 Top-Down Approach
2.3 Market Breakdown And Data Triangulation
Figure 8 Data Triangulation Methodology
2.4 Assumptions

3 Executive Summary
Figure 9 Medical Terminology Software Market, By Application, 2022 Vs. 2027 (Usd Million)
Figure 10 Medical Terminology Software Market, By Product & Service, 2022 Vs. 2027 (Usd Million)
Figure 11 Medical Terminology Software Market, By End User, 2022 Vs. 2027 (Usd Million)
Figure 12 Geographical Snapshot Of The Medical Terminology Software Market

4 Premium Insights
4.1 Medical Terminology Software Market Overview
Figure 13 Rising Focus On Minimizing Medical Errors To Drive Growth In The Medical Terminology Software Market
4.2 Asia Pacific: Medical Terminology Software Market, By Product & Service And End User (2021)
Figure 14 Medical Terminology Services Accounted For The Largest Share Of The Asia Pacific Medical Terminology Software Market In 2021
4.3 Medical Terminology Software Market: Geographic Growth Opportunities
Figure 15 Asia Pacific To Register The Highest Growth In The Medical Terminology Software Market During The Forecast Period
4.4 Regional Mix: Medical Terminology Software Market (2020–2027)
Figure 16 North America To Continue To Dominate The Medical Terminology Software Market In 2027

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
Figure 17 Medical Terminology Software Market: Drivers, Restraints, Opportunities, And Challenges
Table 2 Market Dynamics: Impact Analysis
5.2.1 Drivers
5.2.1.1 Rising Focus On Minimizing Medical Errors
5.2.1.2 Government Initiatives For Hcit Adoption
5.2.1.3 Disparity And Fragmentation In The Terminology Content Of Healthcare Organizations
5.2.2 Restraints
5.2.2.1 It Infrastructural Constraints In Developing Countries
5.2.2.2 Interoperability Issues
5.2.3 Opportunities
5.2.3.1 Emerging Markets
5.2.3.2 Increasing Need To Maintain Data Integrity
5.2.4 Challenges
5.2.4.1 Reluctance To Use Terminology Solutions Over Conventional Practices

6 Industry Insights
6.1 Industry Trends
6.1.1 Increasing Preference For Cloud-Based Solutions
6.1.2 Introduction To Icd-11 Guidelines
6.1.3 Growing Trend Of Semantic Interoperability
6.2 Revenue Stream Models
Figure 18 Medical Terminology Software Market: Revenue Stream
6.3 Regulatory Analysis
6.4 Terminology Standards
6.5 Fast Healthcare Interoperability Resources (Fhir)

7 Medical Terminology Software Market, By Application
7.1 Introduction
Table 3 Medical Terminology Software Market, By Application, 2020–2027 (Usd Million)
7.2 Data Aggregation
7.2.1 Without A Common Terminology For Aggregating Patient Data, The Potential For Medical Errors Can Increase—A Key Factor Driving Market Growth
Table 4 Medical Terminology Software Market For Data Aggregation Applications, By Region, 2020–2027
7.3 Reimbursement
7.3.1 Terminology Solutions Play An Important Role In Ensuring Appropriate Reimbursement For Healthcare Services Rendered
Table 5 Medical Terminology Software Market For Reimbursement Applications, By Region, 2020–2027 (Usd Million)
7.4 Public Health Surveillance
7.4.1 Population-Based Analytics Includes Those Investigations That Benefit The Entire Population, Including Public Health Surveillance
Table 6 Medical Terminology Software Market For Public Health Surveillance Applications, By Region, 2020–2027 (Usd Million)
7.5 Data Integration
7.5.1 Terminology Solutions Can Unify, Clean, And Normalize The Data Collected From Multiple Data Sources
Table 7 Medical Terminology Software Market For Data Integration Applications, By Region, 2020–2027 (Usd Million)
7.6 Decision Support
7.6.1 Incorporation Of Standardized Terminology In Cdss Will Help Facilitate The Comparability Of Medical Data
Table 8 Medical Terminology Software Market For Decision Support Applications, By Region, 2020–2027 (Usd Million)
7.7 Clinical Trials
7.7.1 Use Of Consistent Terminology Within And Between Studies Is Critical To Clinical Trial Processes
Table 9 Medical Terminology Software Market For Clinical Trial Applications, By Region, 2020–2027 (Usd Million)
7.8 Quality Reporting
7.8.1 Governments Across Various Countries Are Implementing A Number Of Regulations To Encourage The Adoption Of Quality Reporting
Table 10 Medical Terminology Software Market For Quality Reporting Applications, By Region, 2020–2027 (Usd Million)
7.9 Clinical Guidelines
7.9.1 Implementation Of Guidelines Helps Organize And Provide The Best Available Evidence To Support Clinical Decision-Making
Table 11 Medical Terminology Software Market For Clinical Guideline Applications, By Region, 2020–2027 (Usd Million)

8 Medical Terminology Software Market, By Product & Service
8.1 Introduction
Table 12 Medical Terminology Software Market, By Product & Service, 2020–2027 (Usd Million)
8.2 Services
8.2.1 Services Contribute An Important Share To The Market Due To Their Ability To Bridge Gaps In The Standardization Of Data From Various Sources
Table 13 Medical Terminology Services Market, By Region, 2020–2027 (Usd Million)
8.3 Platforms
8.3.1 Platforms Provide A Single Source For All Terminology Needs
Table 14 Medical Terminology Platforms Market, By Region, 2020–2027 (Usd Million)

9 Medical Terminology Software Market, By End User
9.1 Introduction
Table 15 Medical Terminology Software Market, By End User, 2020–2027 (Usd Million)
9.2 Healthcare Providers
Figure 19 Us: Hospital Ehr Adoption (2007–2018)
Table 16 Medical Terminology Software Market For Healthcare Providers, By Type, 2020–2027 (Usd Million)
Table 17 Medical Terminology Software Market For Healthcare Providers, By Region, 2020–2027 (Usd Million)
9.2.1 Healthcare Service Providers
9.2.1.1 Need To Capture And Document Large Amounts Of Data In Healthcare Organizations—A Key Driver For Market Growth
Table 18 Medical Terminology Software Market For Healthcare Service Providers, By Region, 2020–2027 (Usd Million)
9.2.2 Health Information Exchanges
9.2.2.1 Hies Provide Healthcare Professionals And Patients With Electronic Access To Therapeutic Data When And Where They Require It
Table 19 Medical Terminology Software Market For Health Information Exchanges, By Region, 2020–2027 (Usd Million)
9.3 Healthcare Payers
Table 20 Medical Terminology Software Market For Healthcare Payers, By Type, 2020–2027 (Usd Million)
Table 21 Medical Terminology Software Market For Healthcare Payers, By Region, 2020–2027 (Usd Million)
9.3.1 Private Payers
9.3.1.1 Terminology Management Solutions Provide Private Payers With The Data Needed To Leverage Competitive Agreements During Provider Contract Negotiations
Table 22 Medical Terminology Software Market For Private Payers, By Region, 2020–2027 (Usd Million)
9.3.2 Public Payers
9.3.2.1 Increasing Government Initiatives To Improve Healthcare Coverage And Quality Of Care Are Driving The Adoption Of Terminology Solutions Among Public Payers
Table 23 Medical Terminology Software Market For Public Payers, By Region, 2020–2027 (Usd Million)
9.4 Healthcare It Vendors
9.4.1 Medical Terminology Implementation Provides Various Benefits To Healthcare It Vendors
Table 24 Medical Terminology Software Market For Healthcare It Vendors, By Region, 2020–2027 (Usd Million)
9.5 Other End Users
Table 25 Medical Terminology Software Market For Other End Users, By Region, 2020–2027 (Usd Million)

10 Medical Terminology Software Market, By Region
10.1 Introduction
Table 26 Medical Terminology Software Market, By Region, 2020–2027 (Usd Million)
10.2 North America
Figure 20 North America: Medical Terminology Software Market Snapshot
Table 27 North America: Medical Terminology Software Market, By Country, 2020–2027 (Usd Million)
Table 28 North America: Medical Terminology Software Market, By Application, 2020–2027 (Usd Million)
Table 29 North America: Medical Terminology Software Market, By Product & Service, 2020–2027 (Usd Million)
Table 30 North America: Medical Terminology Software Market, By End User, 2020–2027 (Usd Million)
Table 31 North America: Medical Terminology Software Market For Healthcare Providers, By Type, 2020–2027 (Usd Million)
Table 32 North America: Medical Terminology Software Market For Healthcare Payers, By Type, 2020–2027 (Usd Million)
10.2.1 Us
10.2.1.1 Presence Of Major Market Players In The Us Makes It The Largest Market For Medical Terminology Solutions
Table 33 Us: Medical Terminology Software Market, By Application, 2020–2027 (Usd Million)
Table 34 Us: Medical Terminology Software Market, By Product & Service, 2020–2027 (Usd Million)
Table 35 Us: Medical Terminology Software Market, By End User, 2020–2027 (Usd Million)
Table 36 Us: Medical Terminology Software Market For Healthcare Providers, By Type, 2020–2027 (Usd Million)
Table 37 Us: Medical Terminology Software Market For Healthcare Payers, By Type, 2020–2027 (Usd Million)
10.2.2 Canada
10.2.2.1 Canada Is Projected To Register The Highest Cagr During The Forecast Period
Table 38 Canada: Medical Terminology Software Market, By Application, 2020–2027 (Usd Million)
Table 39 Canada: Medical Terminology Software Market, By Product & Service, 2020–2027 (Usd Million)
Table 40 Canada: Medical Terminology Software Market, By End User, 2020–2027 (Usd Million)
Table 41 Canada: Medical Terminology Software Market For Healthcare Providers, By Type, 2020–2027 (Usd Million)
Table 42 Canada: Medical Terminology Software Market For Healthcare Payers, By Type, 2020–2027 (Usd Million)
10.3 Europe
10.3.1 Growing Implementation Of Various Ehealth Initiatives Makes Europe A Lucrative Market For Medical Terminology Solutions
Table 43 Europe: Medical Terminology Software Market, By Application, 2020–2027 (Usd Million)
Table 44 Europe: Medical Terminology Software Market, By Product & Service, 2020–2027 (Usd Million)
Table 45 Europe: Medical Terminology Software Market, By End User, 2020–2027 (Usd Million)
Table 46 Europe: Medical Terminology Software Market For Healthcare Providers, By Type, 2020–2027 (Usd Million)
Table 47 Europe: Medical Terminology Software Market For Healthcare Payers, By Type, 2020–2027 (Usd Million)
10.4 Asia Pacific
10.4.1 Improving Healthcare Infrastructure In Several Apac Countries Drives Growth In This Regional Segment
Figure 21 Asia Pacific: Medical Terminology Software Market Snapshot
Table 48 Asia Pacific: Medical Terminology Software Market, By Application, 2020–2027 (Usd Million)
Table 49 Asia Pacific: Medical Terminology Software Market, By Product & Service, 2020–2027 (Usd Million)
Table 50 Asia Pacific: Medical Terminology Software Market, By End User, 2020–2027 (Usd Million)
Table 51 Asia Pacific: Medical Terminology Software Market For Healthcare Providers, By Type, 2020–2027 (Usd Million)
Table 52 Asia Pacific: Medical Terminology Software Market For Healthcare Payers, By Type, 2020–2027 (Usd Million)
10.5 Latin America
10.5.1 Favorable Government Initiatives In Several Latin American Countries Promote The Adoption Of Medical Terminology Solutions
Table 53 Latin America: Medical Terminology Software Market, By Application, 2020–2027 (Usd Million)
Table 54 Latin America: Medical Terminology Software Market, By Product & Service, 2020–2027 (Usd Million)
Table 55 Latin America: Medical Terminology Software Market, By End User, 2020–2027 (Usd Million)
Table 56 Latin America: Medical Terminology Software Market For Healthcare Providers, By Type, 2020–2027 (Usd Million)
Table 57 Latin America: Medical Terminology Software Market For Healthcare Payers, By Type, 2020–2027 (Usd Million)
10.6 Middle East & Africa
10.6.1 Middle Eastern Countries Are Investing In Ehrs To Support The Management Of Data And Improve The Quality And Efficiency Of Care Delivery
Table 58 Middle East & Africa: Medical Terminology Software Market, By Application, 2020–2027 (Usd Million)
Table 59 Middle East & Africa: Medical Terminology Software Market, By Product & Service, 2020–2027 (Usd Million)
Table 60 Middle East & Africa: Medical Terminology Software Market, By End User, 2020–2027 (Usd Million)
Table 61 Middle East & Africa: Medical Terminology Software Market For Healthcare Providers, By Type, 2020–2027 (Usd Million)
Table 62 Middle East & Africa: Medical Terminology Software Market For Healthcare Payers, By Type, 2020–2027 (Usd Million)

11 Competitive Landscape
11.1 Overview
Figure 22 Key Growth Strategies Adopted Between January 2019 And June 2022
11.2 Ranking Of Key Players, 2021
Figure 23 Intelligent Medical Objects, Inc. Dominated The Medical Terminology Software Market In 2021
11.3 Company Evaluation Matrix
11.3.1 Stars
11.3.2 Emerging Leaders
11.3.3 Pervasive Players
11.3.4 Participants
Figure 24 Medical Terminology Software Market: Competitive Leadership Mapping, 2022
11.4 Competitive Situations And Trends
11.4.1 Product/Service Launches & Upgrades
Table 63 Key Product/Service Launches & Upgrades (2019−2022)
11.4.2 Deals
Table 64 Key Deals (2019−2022)

12 Company Profiles
(Business Overview, Products & Services, Recent Developments, Mnm View)*
12.1 Intelligent Medical Objects, Inc.
Table 65 Intelligent Medical Objects, Inc.: Business Overview
12.2 Wolters Kluwer N.V.
Table 66 Wolters Kluwer N.V.: Business Overview
Figure 25 Wolters Kluwer N.V.: Company Snapshot (2021)
12.3 Clinical Architecture, Llc
Table 67 Clinical Architecture, Llc: Business Overview
12.4 3m
Table 68 3m: Business Overview
Figure 26 3m: Company Snapshot (2021)
12.5 Apelon, Inc.
Table 69 Apelon, Inc.: Business Overview
12.6 Carecom
Table 70 Carecom: Business Overview
12.7 Bitac
Table 71 Bitac: Business Overview
12.8 B2i Healthcare
Table 72 B2i Healthcare: Business Overview
12.9 Bt Clinical Computing
Table 73 Bt Clinical Computing: Business Overview
12.10 Hiveworx
Table 74 Hiveworx: Business Overview

*Details On Business Overview, Products & Services, Recent Developments, Mnm View Might Not Be Captured In Case Of Unlisted Companies.

13 Appendix
13.1 Discussion Guide
13.2 Knowledge Store: Marketsandmarkets’ Subscription Portal
13.3 Available Customizations
13.4 Related Reports
13.5 Author Details

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