Medical Terminology Software Market to Exceed $2.6 Billion by 2032, Led by North America's EHR Adoption - AMR

PORTLAND, OR, UNITED STATES, October 15, 2024 /EINPresswire.com/ -- The global medical terminology software market was valued at $0.9 billion in 2022 and is expected to reach $2.6 billion by 2032, expanding at a CAGR of 10.9%. Medical terminology software enhances the efficiency of healthcare professionals, providing them with access to a vast database of medical terms, definitions, and abbreviations.

Key Features of Medical Terminology Software:
• Comprehensive database: Includes a wide array of medical terms and abbreviations for ease of use.
• Target users: Primarily used by healthcare professionals, medical researchers, and students.
• Application areas: Efficiently assists in medical documentation, coding, and analysis.

𝐆𝐞𝐭 𝐚 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/request-sample/A10522

Market Drivers
• Adoption of Electronic Health Records (EHRs): EHRs streamline the management of patient information, promoting faster decision-making and enhancing care delivery.
• According to the ONC 2021 report, 96% of general acute care hospitals had adopted EHRs.
• Rising prevalence of noncommunicable diseases (NCDs): The need for medical documentation for NCD patients fuels the market.
• The WHO 2022 factsheet revealed that 17 million people die from NCDs before age 70, 86% from low- and middle-income countries.

Key Challenges
• Data privacy concerns: Handling sensitive patient data comes with privacy risks, which can deter market growth.
• In 2022, the HIPAA Journal reported an average of 1.94 healthcare data breaches involving 500+ records per day.

Growth Opportunities
• AI Integration: Artificial Intelligence is transforming medical terminology software by improving the accuracy of medical coding and clinical documentation.
• AI helps automate tasks such as extracting medical codes from clinical notes, saving time for healthcare providers.

Market Segmentation
1. By Application:
• Clinical trials
• Data aggregation
• Reimbursement
• Quality reporting (largest share in 2022)

2. By End User:
• Healthcare providers (dominated in 2022)
• Healthcare payers
• Others

3. By Region:
• North America: Leading the market with a strong presence of key players like Wolters Kluwer and high adoption of EHRs.
• Asia-Pacific: Fastest-growing region, driven by increased medical tourism, rising adoption of EHR, and favorable government policies such as Malaysia's Lifetime Health Record initiative.

Competitive Landscape
Leading companies in the medical terminology software market include:
• Wolters Kluwer N.V.
• Intelligent Medical Objects Inc.
• Clinical Architecture LLC
• SNOMED International
• 3M

Strategic Collaborations
• In January 2021, Wolters Kluwer Health collaborated with Henry Schein MicroMD to develop a terminology platform for mapping medical abbreviations to standardized terms.
The growing focus on healthcare digitization and the integration of AI technology provide promising avenues for further market growth.

𝐄𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A10522

David Correa
Allied Market Research
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