Global Medical Terminology Software Market by Application, Product & Service, End-user and Region – Forecast to 2024 – ResearchAndMarkets.com

Clinical Trials Daily

2019 APR 04 (NewsRx) -- By a News Reporter-Staff News Editor at Clinical Trials Daily -- The “Medical Terminology Software Market by Application (Data Aggregation, Reimbursement, Decision Support, Clinical Trials), Product & Service (Services and Platforms), End User (Healthcare Provider, Payer, IT Vendor) - Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.

The global medical terminology software market is projected to reach USD 1,786 million by 2024 from USD 707 million in 2019, at a CAGR of 20.4% from 2019 to 2024.

The growth of this market is driven by factors such as the rising focus on minimizing medical errors, government initiatives for HCIT adoption, and disparity and fragmentation in the terminology content of healthcare organizations. The increasing need to maintain data integrity is expected to provide further growth opportunities for market players in the coming years.

However, the reluctance to use terminology software over conventional practices will pose a major challenge to the growth of the medical terminology software market during the forecast period.

Prominent players in the medical terminology solutions market are Wolters Kluwer (Netherlands), 3M (US), Intelligent Medical Objects (US), Apelon (US), Clinical Architecture (US), CareCom (Denmark), Bitac (Spain), B2i Healthcare (Hungary), BT Clinical Computing (Belgium), and HiveWorx (Ireland). Quality reporting to register the highest growth during the forecast period On the basis of application, the medical terminology software market is segmented into data aggregation, data integration, decision support, clinical guidelines, reimbursement, quality reporting, clinical trials, and public health surveillance.

The quality reporting segment is expected to register the highest growth during the forecast period. Rising government initiatives to implement regulations promoting the adoption of quality reporting is a key factor driving the growth of this segment. The healthcare providers segment is expected to witness the highest growth due to the increasing need to minimize medical errors Based on end user, the medical terminology software market is broadly segmented into healthcare providers, healthcare payers, HCIT vendors, and other end users. The healthcare providers segment is expected to register the highest growth during the forecast period. This can be attributed to the increasing demand for minimizing medical errors arising due to the incorrect interpretation of patient data. APAC to be the fastest-growing region in the medical terminology software market during the forecast period The Asia Pacific market is projected to register the highest growth rate during the forecast period. Factors such as improving healthcare infrastructure, rising healthcare insurance coverage, and growing medical tourism in the region are driving the growth of the medical terminology software market in the Asia Pacific.

Asian countries such as India, China, Malaysia, and Indonesia are in the early stages of adopting healthcare IT solutions including medical terminology solutions, while countries like Australia, New Zealand, and Singapore are at the forefront. Key Topics Covered 1 Introduction1.1 Objectives of the Study1.2 Market Definition1.3 Market Scope1.4 Years Considered for the Study1.5 Currency1.6 Limitations1.7 Stakeholders 2 Research Methodology2.1 Research Data2.1.1 Secondary Data2.1.1.1 Key Data From Secondary Sources2.1.2 Primary Data2.1.2.1 Key Data From Primary Sources2.1.2.2 Key Industry Insights2.2 Market Size Estimation2.3 Market Breakdown and Data Triangulation2.4 Assumptions for the Study 3 Executive Summary 4 Premium Insights4.1 Medical Terminology Solutions: Market Overview4.2 North America: Medical Terminology Solutions Market, By Product & Service (2018)4.3 Medical Terminology Solutions Market: Geographic Growth Opportunities4.4 Regional Mix: Medical Terminology Solutions Market (2019-2024) 5 Market Overview5.1 Introduction5.2 Market Dynamics5.2.1 Drivers5.2.1.1 Rising Focus on Minimizing Medical Errors5.2.1.2 Government Initiatives for HCIT Adoption5.2.1.3 Disparity and Fragmentation in the Terminology Content of Healthcare Organizations5.2.2 Opportunities5.2.2.1 Emerging Markets5.2.2.2 Increasing Need to Maintain Data Integrity5.2.3 Challenges5.2.3.1 Reluctance to Use Terminology Solutions Over Conventional Practices 6 Industry Insights6.1 Industry Trends6.1.1 Increasing Preference for Cloud-Based Solutions6.1.2 Introduction to ICD-11 Guidelines6.1.3 Growing Trend for Semantic Interoperability6.2 Revenue Stream Models6.3 Regulatory Analysis6.4 Terminology Standards6.5 Fast Healthcare Interoperability Resources (FHIR) 7 Medical Terminology Solutions Market, By Application7.1 Introduction7.2 Data Aggregation7.2.1 Data Aggregation Accounted for the Largest Segment of the Market7.3 Reimbursement7.3.1 Terminology Solutions Play an Important Role in Ensuring Appropriate Reimbursement for Healthcare Services Rendered for Institutional Or Provider Claims7.4 Public Health Surveillance7.4.1 Population-Based Analytics Envelops Those Investigations That Benefit the Entire Population, Including Public Health Surveillance7.5 Data Integration7.5.1 Terminology Solutions Can Unify, Clean, and Normalize the Data Collected From Multiple Data Sources7.6 Decision Support7.6.1 Incorporation of Standardized Terminology in the CDSS Will Help Facilitate the Comparability of Medical Data7.7 Clinical Trials7.7.1 Use of Consistent Terminology Within and Between Studies is Critical to Enable an Efficient Clinical Trial Process7.8 Quality Reporting7.8.1 Governments Across Various Countries are Implementing A Number of Regulations to Encourage the Adoption of Quality Reporting7.9 Clinical Guidelines7.9.1 Development and Implementation of Guidelines is Intended to Organize and Provide the Best Available Evidence to Support Clinical Decision Making 8 Medical Terminology Solutions Market, By Product & Service8.1 Introduction8.2 Services8.2.1 Services Account for the Largest Share of the Medical Terminology Solutions Market8.3 Platforms8.3.1 Platforms Provide A Single Source for All Terminology Needs 9 Medical Terminology Solutions Market, By End User9.1 Introduction9.2 Healthcare Providers9.2.1 Healthcare Service Providers9.2.1.1 Need to Capture and Document Large Amounts of Data in Healthcare Organizations - A Key Driver for Market Growth9.2.2 Health Information Exchanges9.2.2.1 Hies Provide Healthcare Professionals and Patients With Electronic Access to therapeutic Data, When and Where they Require It-A Major Factor Driving Growth9.3 Healthcare Payers9.3.1 Private Payers9.3.1.1 Terminology Management Solutions Provide Private Payers With the Data Needed to Leverage Competitive Agreements During Provider Contract Negotiations9.3.2 Public Payers9.3.2.1 Increasing Government Initiatives to Improve Healthcare Coverage and Quality of Care are Driving the Adoption of Terminology Solutions Among Public Payers9.4 Healthcare It Vendors9.4.1 Medical Terminology Implementation Provides Various Benefits to Healthcare It Vendors9.5 Other End Users 10 Medical Terminology Solutions Market, By Region10.1 Introduction10.2 North America10.2.1 US10.2.1.1 US Accounted for the Largest Share of the North American Medical Terminology Solutions Market in 201810.2.2 Canada10.2.2.1 Canada is Projected to Grow at the Highest CAGR During the Forecast Period10.3 Europe10.3.1 High Growth in the Implementation of Various eHealth Initiatives Have Led to the Growth of the European Region10.4 Asia Pacific10.4.1 Improving Healthcare Infrastructure is Driving the Growth of This Regional Segment10.5 Latin America10.5.1 Promoting the Adoption of EHRs By Healthcare Providers has Led to the Demand for Medical Terminology Solutions10.6 Middle East & Africa10.6.1 Countries in This Region are Focusing on Increasing their Healthcare Expenditure as A Primary Concern 11 Competitive Landscape11.1 Overview11.2 Ranking of Key Players, 201811.3 Competitive Scenario11.3.1 Partnerships and Collaborations11.3.2 Product Launches 12 Company Profiles12.1 Wolters Kluwer12.2 3M12.3 Intelligent Medical Objects12.4 Clinical Architecture12.5 Apelon12.6 Carecom12.7 Bitac12.8 B2i Healthcare12.9 BT Clinical Computing12.10 HiveWorx