The Clinical Segment Is Fastest Growing Segment Fueling The Growth Of Global Medical Terminology Software Market

Medical Terminology Software Market



The global Medical Terminology Software Market is estimated to be valued at US$ 1.41 Bn in 2023 and is expected to exhibit a CAGR of 17.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
Medical terminology software assists medical organizations by providing them computer applications that help them manage and process clinical information. It allows medical practitioners to have a universal language to communicate accurate data. Such software improves clinical documentation, coding and billing processes, and also helps in reducing medical errors.

Market key trends:
One of the key trends in the global medical terminology software market is the growing adoption of electronic health records. Electronic health records help in managing health information electronically and securely. Medical terminology software maps clinical terms to standardized clinical vocabularies and medical codes, which help in retrieving and analyzing health information for various clinical and administrative purposes. This drives the demand for medical terminology software. Another major trend is the increasing need for semantic interoperability across different healthcare organizations and providers. Medical terminology software helps in providing standardized clinical data that can be easily shared electronically across different healthcare IT systems. This fosters semantic interoperability in healthcare, thereby fueling the market growth.

Segment Analysis
The global medical terminology software market is segmented into clinical and non-clinical segments. The clinical segment dominates the global market and is expected to continue its dominance over the forecast period. The dominance of the clinical segment can be attributed to the increasing demand for accurate and organized clinical documentation and medical coding from healthcare providers.

Key Takeaways
Global Medical Terminology Software Market Demand is expected to witness high growth, exhibiting a CAGR of 17% over the forecast period, due to increasing demand for minimizing operational costs and maximizing efficiency in healthcare organizations.

Regional analysis
North America dominates the global medical terminology software market and is expected to continue its dominance over the forecast period. This can be attributed to the increasing adoption of digital health technologies and well-established healthcare IT infrastructure in the region. Asia Pacific is expected to witness the fastest growth over the forecast period owing to improving healthcare infrastructure and increasing healthcare spending in emerging economies such as China and India.

Key players
Key players operating in the global medical terminology software market are Wolters Kluwer, 3M, Apelon, Intelligent Medical Objects, Clinical Architecture, CareCom, Bitac, B2i Healthcare, HiveWorx, BT Clinical Computing, EzCoder, Acupedia, Savante International, Vocera Communications, IntraMed Abbreviation Engine, CloudPital, SoftMed Systems, DXC Technology Company, DECISIONQ, and GenoLogics. These players are focusing on new product launches and strategic collaborations to strengthen their market position. For instance, in September 2022, Wolters Kluwer partnered with Clinical Architecture to integrate Clinical Terminology Services into Electronic Health Records. 


Comments

Post a Comment

Popular posts from this blog

Security Robot Market is Estimated To Witness High Growth Owing To Increasing Demand for Enhanced Surveillance

Image
Security Robot Market The Security Robot Market is estimated to be valued at US$ 11.8 billion in 2022 and is expected to exhibit a CAGR of 12.87% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: The Security Robot Market encompasses advanced robotic technologies that are specifically designed and developed to enhance security and surveillance operations. These robots are equipped with features such as video surveillance, thermal imaging, facial recognition, and intrusion detection, among others. They are extensively used by security agencies and organizations across various sectors, including residential, commercial, industrial, and government, to enhance safety, reduce human intervention, and streamline security operations. Security robots offer real-time monitoring, remote control, and high accuracy, making them an ideal choice for surveillance in sensitive areas and remote locations. Market Dynamics:
Read more

The Ever-Evolving Landscape of the Scottish Whisky Market during the Forecast Period 2019-2027

Image
  Scottish Whisky Market The Scottish Whisky Market is a captivating landscape that has been evolving and transforming over the years. It is a world of tradition, craftsmanship, and heritage, where every drop of whisky tells a story. The history of Scottish whisky traces back centuries, with the earliest records dating back to the 15th century. Whisky production initially started in monasteries, where monks distilled spirits for medicinal purposes. Over time, whisky production moved from monastic settings to farms and then to commercial distilleries. This transition marked the beginning of an industry that would become synonymous with Scotland. Scottish Whisky Market Was Valued At US$ 4.97 Bn In 2018, And It Is Expected To Reach US$ 7.89 Bn By The End Of 2027, Exhibiting A CAGR Of 5.3% During The Forecast Period (2019 To 2027). One of the defining characteristics of the Scottish Whisky Market is its adherence to traditional production methods. Scotch whisky is made from malted b
Read more

Monochloroacetic Acid (MCAA) Market Is Estimated To Witness High Growth Owing To Increasing Demand for Surfactants and Herbicides

Image
Monochloroacetic Acid (MCAA) Market The Monochloroacetic Acid (MCAA) Market is estimated to be valued at USD 676.52 Million in 2022 and is expected to exhibit a CAGR of 7.03% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: The Monochloroacetic Acid (MCAA) Market is driven by the increasing demand for surfactants and herbicides in several industries such as agriculture, pharmaceuticals, textiles, and personal care. MCAA is extensively used in the production of surfactants, herbicides, and carboxymethyl cellulose (CMC), which are essential in various applications. These applications include detergents, agrochemicals, pharmaceuticals, dyes, and cosmetics, among others. The versatile properties of MCAA, such as its ability to act as a raw material in the production of herbicides and surfactants, make it highly desirable in the market. Market Dynamics: The Monochloroacetic Acid (MCAA) Market is driven by two k
Read more