Medical Terminology Software Market

Global Medical Terminology Software Market Size (2023 to 2028)

The global medical terminology software market size is estimated to be growing at a CAGR of 21.60% during the forecast period. The market size is predicted to value USD 3192 million by 2028 from USD 1200.6 million in 2023.

Medical terminology is the language used to describe human body parts and processes, medical operations, illnesses, disorders, and medicines. Defined, it is the terminology used by medical experts to describe the human body, its functions, and the therapies they recommend. The goal of medical terminology is to establish a common vocabulary among medical practitioners. This language facilitates communication among medical personnel and simplifies paperwork. This allows personnel to save time by eliminating the need to explain complicated medical conditions in basic English, focusing on patient care. Another benefit of medical terminology is that it can reduce mistakes caused by poor communication or recordkeeping. This allows professionals to evaluate a patient's medical history quickly and correctly before diagnosing and treating them while ensuring that staff knows any reactions the patient may have. Medical terminology software aids in the communication of all of this information straightforwardly and serves as a link to fill in the gaps. Medical terminology software makes patient paperwork easier to understand and captures clinical data. Decision assistance, clinical trials and recommendations, reimbursements, quality reporting, and public health surveillance can benefit from medical terminology software.

MARKET DRIVERS:

The rising focus on reducing medical errors while maintaining standardized information related to patients is expected to accelerate the global medical terminology software market growth.

Hospitals are having trouble preserving and retaining consistent patient records. Medical terminology software is used to standardize patient data and manage the vast amounts of healthcare data accumulated over time. It assists medical institutes and hospitals in maintaining uniform patient records that include all medical information. This standardized data aids in the prevention of mistakes, particularly when documenting a patient's health and medical requirements. Medical terminology software also helps all medical practitioners to interact efficiently and understand each other. There are fewer chances of errors when everyone on the healthcare team communicates consistently and is high-quality. For example, reading a patient's chart aids the doctor in making an appropriate diagnosis and treatment plan. Conversely, the usage of incorrect medical language can have a significant impact on the patient's care. A misdiagnosis or treatment plan can be dangerous, if not deadly. According to a Joint Commission research, miscommunication between caregivers during patient handovers caused 80 % of major medical mistakes. With the help of accurate medical terminology software, there is less risk of improperly transmitting information between healthcare practitioners and between providers and their patients. As a result, the medical terminology software industry is in great demand.

The rising need for improving patient experience is further expected to promote the growth rate of the global medical terminology software market.

As all team members understand medical terminology software, it will also assist the patient in understanding what these terms imply. Patient education encourages patients to become more engaged members of their healthcare team, which leads to higher satisfaction. Because they all utilize the same medical or healthcare words, they are all eager to help offer the finest healthcare, whether it be a surgical operation, a health condition, or prescription medicine. Knowing the medical language can also assist them in avoiding making coding or billing mistakes that they must contact a patient to resolve. Also, while dealing with Medicare and Medicaid, billing and coding professionals must be comprehensive in all parts of reimbursement operations. Those individuals may make the reimbursement process easy with medical terminology software, which enhances patient satisfaction.

MARKET RESTRAINTS:

Unwillingness to use medical terminology software and solutions for patient databases hinder the growth of the market. Due to a lack of understanding and awareness about the usage of medical terminology software among medical professionals, hospitals are neglecting the use of medical terminology software and other healthcare software solutions to preserve the patient's clinical record. Despite this, the government is taking steps to enhance patient care and data through the widespread use of HCIT technology.

Impact of COVID-19 on the global medical terminology software market:

COVID-19 has shaken the healthcare sector as a whole. Coronavirus had a high prevalence rate during the initial phase of the pandemic. As a result, many people are admitted to hospitals, and some die. Because the symptoms have yet to be discovered, this growing illness generates much data on individuals. This information is then used to provide better therapy and care to a patient. As a result, the need for medical terminology software has risen to gather and manage information consistently and use it to prevent medical mistakes during treatments.

Furthermore, since the world stays hyper-focused on COVID-19 testing, treatment, and, more recently, the anticipated deployment of a vaccine, the standards for near-real-time data gathering have had to deliver constant updates. As a result, when a major health event occurs, such as COVID-19, such word sets must be updated quickly. These changes must then be distributed to any healthcare organizations and systems that are affected downstream. To guarantee that healthcare operations are not disrupted and that healthcare data is captured properly at the point of care, accurate and fast updates are critical.

Additionally, the American Medical Association (AMA) developed a new CPT code in March to make the testing procedure easier for healthcare professionals in the United States. Code 87635 (Coronavirus disease [COVID-19]) for severe acute respiratory syndrome coronavirus 2 (SARS-2-CoV-2) was adopted as the new industry standard CPT code for reporting COVID-19 tests on March 13, 2020. In addition, 6 additional codes relating to COVID-19 vaccination were just released, and they will take effect on January 1, 2021. Since then, they've issued multiple transmittals that have resulted in 14 new COVID-related codes, raising the demand for medical terminology software.

REPORT COVERAGE:

This research report on the global medical terminology software market has been segmented and sub-segmented based on products & services, applications, end-user & regions.

Medical Terminology Software Market – By Products and Services:

• Services
• Platform

Medical Terminology Software Market – By Application:

• Data Aggregation
• Data Integration
• Decision Support
• Clinical Guidelines
• Reimbursement
• Quality Reporting
• Clinical Trials
• Public Health Surveillance

Medical Terminology Software Market – By End-User:

• Healthcare Providers
  • Healthcare Information Exchanges
  • Healthcare Service Providers
• Healthcare Payers
  • Public
  • Private
• Healthcare It Vendors
• Other End Users (Government Agencies, Terminology Developers, and Medical System Integrators)

Medical Terminology Software Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

KEY MARKET PARTICIPANTS:

Some of the promising companies operating in the global medical terminology software market profiled in this report are 3M, B2i Healthcare Pte Ltd, Clinical Architecture, LLC., Informatics, BITAC, Apelon, Inc., Carecom Ltd, HiveWorx, Intelligent Medical Objects, Inc., Wolters Kluwer, BT Clinical Computing, and others.

These players are involved in strategic activities, such as collaborations, new product launches, technological advancements, mergers, and acquisitions.

RECENT MARKET DEVELOPMENTS:

• On 29 April 2021, SNOMED International and the International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human Use (ICH) have released new maps linking the global medical terminologies SNOMED CT and MedDRA. In addition, the European Medicines Agency and the UK's Medicines & Healthcare Products Regulatory Agency collaborated to create two separate mappings (MedDRA to SNOMED CT and SNOMED CT to MedDRA), which were created from commonly used and critical pharmacovigilance MedDRA keywords.
• 5 January 2021, Wolters Kluwer Health has announced that its clinical interface terminology solutions have been integrated with Henry Schein MicroMD's EMR Platform, allowing users to easily map over a million medical abbreviations, typos, incomplete words, and acronyms to a standardized terminology.