MarkNtel Advisors – Leading Market Research Company found Global Medical Terminology Software Market is expected to reach 17.44% CAGR Growth By 2030.

This report provides a comprehensive analysis of the Global Medical Terminology Software Market, with a focus on market size, segmentation, key players, geographical analysis, and growth in the coming years. The expert team of analysts invested considerable time and effort in collecting and analyzing the latest market data, producing a comprehensive and current report that provides valuable insights for decision-makers, including business owners and analysts.

Comprehensive Analysis of the Medical Terminology Software Market

Base Year: 2023

Forecast Years: 2024-2030

Historical Years: 2019-2022

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Scope of the Medical Terminology Software Market Report:

The Global Medical Terminology Software Market size was valued at around USD 1.3 billion in 2023 & is estimated to grow at a CAGR of around 17.44% during the forecast period, i.e., 2024-30. The market size of Global Medical Terminology Software is expected to reach USD 4.7 billion by 2030. The market growth has been attributed to the various governments’ initiatives encouraging the adoption of healthcare information technology (HCIT) across the globe.

Further, the globalization of healthcare, where patients are moving across borders to get medical treatment, requires the standardization and use of common terms and languages for better communication and data sharing. This thereby promotes the adoption of medical terminology software in various medical facilities across the world, promoting the growth of the overall Medical Terminology Software Market. Countries like India, the UAE, Thailand, the Philippines, the UK, Turkey, Canada, Japan, and the US are focusing on the framework to invite an increasing number of medical tourists. For instance, India is emerging as one of the preferred destinations for medical tourism for patients in Africa, the Middle East, Southeast Asia, and Europe. The Government of India is also working with private sector stakeholders to foster the growth of this industry. Eventually, the total number of medical tourists in India is expected to exceed 7 million in 2024, a massive rise from around 2 million in 2022. Moreover, around one million medical tourists are expected to visit Dubai and Abu Dhabi in 2024, as stated by the government of Dubai.

Which prominent factor is expected to drive the Medical Terminology Software Market during 2024-30?

Increasing Necessity to Reduce Medical Errors to Improve Patient Lives – The market growth is due to the occurrence of medical errors across various hospitals worldwide due to poor handling or mismanagement of patient healthcare data. This directly affects the lives of patients, causing delayed diagnosis, misdiagnosis, patient misidentification, etc. For instance, the World Health Organization stated in 2023 that globally, 1 in every 10 patients is harmed in healthcare, with patient misidentification, diagnostic errors, and others being the sources of patient harm. On average, around 0.8 million Americans are the victims of diagnostic errors every year, and this number is considerably higher in emerging countries. This thereby necessitates the adoption of medical terminology software to organize patient data, minimize medical errors, and store extensive healthcare information, eventually benefiting the patients.

Further, in countries with higher populations like India, China, the United States, etc., the adoption of medical terminology software becomes more important as higher density causes the spread of diseases at a faster rate, ultimately increasing the number of patients in hospitals and other medical facilities. Here, it becomes necessary to give a proper diagnosis without making a mistake in the whole treatment process. With that, the demand for medical terminology software increases, propelling the overall market growth for the same.

What are the different Segment Available in the Medical Terminology Software Market?

By Product and Services

• Services- Market Size & Forecast 2019-2030, USD Million
• Platforms- Market Size & Forecast 2019-2030, USD Million

By Application

• Data Aggregation - Market Size & Forecast 2019-2030, USD Million
• Reimbursement- Market Size & Forecast 2019-2030, USD Million
• Public Health Surveillance- Market Size & Forecast 2019-2030, USD Million
• Data Integration- Market Size & Forecast 2019-2030, USD Million
• Decision Support- Market Size & Forecast 2019-2030, USD Million
• Clinical Trials- Market Size & Forecast 2019-2030, USD Million
• Quality Reporting- Market Size & Forecast 2019-2030, USD Million
• Clinical Guidelines- Market Size & Forecast 2019-2030, USD Million

By End-User

• Healthcare Providers- Market Size & Forecast 2019-2030, USD Million
• Healthcare Payers- Market Size & Forecast 2019-2030, USD Million
• Healthcare IT Vendors- Market Size & Forecast 2019-2030, USD Million
• Others (Pharmaceutical Companies, Medical Students, etc.)- Market Size & Forecast 2019-2030, USD Million

By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific.

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Leading Medical Terminology Software companies operating in the Market

• 3M
• Clinical Architecture
• Apelon
• B2i Healthcare
• Intelligent Medical Objects, Inc.
• Wolters Kluwer
• Carecom
• Bitac
• Hivework
• BT Clinical Computing
• Medicomp Systems, Inc.
• Others.

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