Medical terminology software market Covers Detailed Industry Scope, Future Market Size

Author : Vinit Sawant | Published On : 23 Mar 2021

Market Highlights

The global medical terminology software market is conquered by several players. The key players are involved in new product launches, as well as strategic collaborations to brace their position in the market. For instance, in 2016, Wolters Kluwer (Netherlands) announced a partnership with HealthCore, Inc., (US), a clinical outcomes research subsidiary of Anthem, Inc. (US), to provide data normalization services to the California Integrated Data Exchange through its health language enterprise terminology management platform. This initiative is anticipated to open new avenues for the firm to cater to the untapped markets in this region.

It is estimated that the global medical terminology software market size is expected to register a CAGR ~20% during the forecast period of 2018–2023.

Medical terminology software industry will witness a strong growth it is beneficial in enhancing the efficiency of a laboratory by providing operators with increased inventory control and tracking, including greater flexibility to address changing needs of the laboratory and business conditions.

The rising focus on minimizing medical errors, government initiatives for HCIT adoption, and disparity and fragmentation in the terminology content of healthcare organizations are anticipated to fuel the growth of the market. On the other hand, the restricted access to systems in emerging countries is expected to hamper the growth of the market.

Regional Analysis

The Americas is expected to hold a major share in the global medical terminology software market can be attributed to the growing demand for accurate data exchange between healthcare providers and payers to streamline workflows in the region.