Medical Terminology Software Market - Introduction
- Hospitals are facing difficulties in maintaining and keeping standardized records of patients, which is a factor that may adversely impact patients during the treatment period. Medical terminology software helps medical institutes and hospitals to maintain standardized records of the patients with all medical history.
- Thousands of patients die every year because of medical errors. Medical terminology software is used to handle the large additional data in the healthcare sector and regulate the individual patient’s data. This software can be used to decrease medical errors and provide correct treatment to patients.
- Medical terminology software also helps in integrating, managing, extending data standards, and deploying standard terminology in the healthcare sector. It helps hospitals to improve patient documentation processes and records the clinical information.
- Medical terminology software is applicable in decision support, clinical trials and guidelines, reimbursements, quality reporting, and public health surveillance. Adoption of medical terminology software is increasing among hospitals and healthcare companies to improve data related operations.
Key Drivers of the Medical Terminology Software Market
- The rising focus of the medical sector and hospitals on minimizing medical errors while maintaining standardized information related to patients is expected to drive the growth of the market. Growing initiatives by governments to adopt Healthcare Information Technology (HCIT) to improve the clinical data operations is also expected to boost the growth of the medical terminology software market.
- Additionally, increasing demand for advanced healthcare data software is expected to create better business opportunities for solution providers of medical terminology software.
Reluctance to use medical terminology software and solutions for patient database expected to hinder growth of the market
- Hospitals are ignoring the use of medical terminology software and other healthcare software solutions to maintain the patient’s clinical records, which restrains the growth of the market.
- Lack of knowledge and awareness about the use of medical terminology software among medical professionals is expected to hamper the growth of the market.
Impact of COVID-19 on the Global Medical Terminology Software Market
- Hospitals are receiving a lot of information about patients during this COVID-19 pandemic period. This information is further used to treat a patient better with enhanced treatment and care. To collect and manage the information in a standardized format and use it to reduce medical errors during treatments, governments are taking initiatives to adopt advanced healthcare software solutions to control the death count.
- Demand for medical terminology software solutions is increasing during the COVID-19 lockdown situations; it is expected to show better growth during the forecast period due to increasing dependency of hospitals and the healthcare sector on digital platforms.
North America to Hold Major Share of the Global Medical Terminology Software Market
- North America holds a prominent share of the medical terminology software market due to the presence of major medical terminology software providers and the increasing adoption of advanced technology in the healthcare sector.
- The medical terminology software market in Asia Pacific is expected to expand the fastest during the forecast period due to increasing investment by major players to provide healthcare solutions across the region.
Key Players Operating in the Global Medical Terminology Software Market
Wolters Kluwer N.V. was founded in 1836 and is based in Alphen aan den Rijn, Netherlands. The company is a global provider of information services and provides services in audit, finance & accounting, tax, legal, and healthcare. The company operates its business operations in more than 150 countries across all regions.
The 3M Company is a global solution provider of worker safety, consumer goods, and healthcare. The company operates its business with more than 60,000 products in adhesive, passive fire protection, window films, personal protective equipment, health data management for health information systems, and electrical & electronic products.
Other key players operating in the global medical terminology software market includes Intelligent Medical Objects, Inc., Apelon, Inc., Carecom Ltd, B2i Healthcare, and BT Clinical Computing
Global Medical Terminology Software Market: Research Scope
Global Medical Terminology Software Market, by Component
- Medical Terminology Software
- Support & Services
Global Medical Terminology Software Market, by Application
- Data Aggregation
- Clinical Guidelines
- Clinical Trials
- Decision Support
Global Medical Terminology Software Market, by End-user
- Healthcare Providers
- Healthcare Payers
- Healthcare IT Vendors
- Others (Government Agencies, Medical System Integrators)
Global Medical Terminology Software Market Segmentation, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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