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.
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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.
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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.
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
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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.