Medical terminology software is used to process the accumulation of large amount of healthcare data of patients. The software also responds to the growing need to curb medical errors. The growing demand for standardization of patient data, the growing demand to control medical errors, and the accumulation of large amounts of medical data are expected to promote market development. However, factors such as hesitancy towards the use terminology solutions instead of traditional practices have limited market growth. In addition, major companies in the market have participated in the launch of new products to strengthen their position in the market.
The "Global Medical Terminology Software Market Analysis to 2028" is a specialized and in-depth study of the healthcare IT industry with a special focus on the global market trend analysis. The report aims to provide an overview of the medical terminology software market with detailed market segmentation by application, product and services, end user, and geography. The report provides key statistics on the market status of the leading medical terminology software market players and offers key trends and opportunities in the market.
- Based on application, the global medical terminology software market is segmented into data aggregation, decision support, clinical trials, clinical guidelines, reimbursement, public health surveillance, quality reporting, data integration
- Based on product and services, the market is bifurcated into services, and platforms . The platforms market is segmented into SNOMED CT, DM&D, Rx Norm, LOINC, ICD 10, CTS 2, FHIR terminology
- Based on end user, the market is bifurcated into healthcare providers, healthcare payers, healthcare IT vendors, and other end users
- Rising focus on minimizing medical errors
- Government initiatives for HCIT adoption
- Reluctance to use terminology solutions over conventional practices
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The medical terminology software market by each region is later sub-segmented by reSPECTive countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the medical terminology software market in these regions.
IMPACT OF COVID-19ON MEDICAL TERMINOLOGY SOFTWARE MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
The report covers key developments in the medical terminology software market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from medical terminology software market are anticipated to lucrative growth opportunities in the future with the rising demand for medical terminology software in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the medical terminology software market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Wolters Kluwer
- Apelon, Inc.
- Intelligent Medical Objects, Inc.
- Clinical Architecture, LLC
- Carecom Ltd.
- BT Clinical Computing
- B2i Healthcare
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.