What is the current market size and future outlook for the medical terminology software market?
The medical terminology software market size has grown rapidly in recent years. It will grow from $1.3 billion in 2024 to $1.5 billion in 2025 at a compound annual growth rate (CAGR) of 15.8%. The growth in the historic period can be attributed to disparity & fragmentation in the terminology content of healthcare organizations, rising focus on minimizing medical errors, increasing attention to reduce medical errors, increasing adoption of electronic health records (EHR), and rising adoption of data integrity is driving the market growth.
The medical terminology software market size is expected to see rapid growth in the next few years. It will grow to $2.73 billion in 2029 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to increasing need to maintain data integrity, government initiatives for HCIT adoption, governmental programs to promote the adoption of HCIT, growing emphasis on personalized & precision medicine, and increased inventory control and tracking new product launches. Major trends in the forecast period include reluctance to use medical terminology solutions over conventional practices, developing nations, advancements in natural language processing (NLP), integration with electronic health records (EHR), genomic data integration.
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What are the key drivers behind the rapid expansion of the medical terminology software market?
The rising focus on minimizing medical errors is expected to propel the growth of the medical terminology software market going forward. Minimizing medical errors refers to the efforts and strategies to reduce and prevent mistakes in healthcare that can lead to patient harm. Medical terminology software plays a crucial role in improving healthcare documentation and communication accuracy and efficiency, ultimately reducing the risk of medical errors. For instance, in November 2022, according to the Institute of Global Health Innovation, a UK-based research institute, there are approximately 237 million errors annually in England. Therefore, The rising focus on minimizing medical errors is driving the growth of the medical terminology software market.
What is the segmentation for the medical terminology software market?
The medical terminology software market covered in this report is segmented –
1) By Product And Service: Services, Platforms
2) By Application: Data Aggregation, Reimbursement, Public Health Surveillance, Data Integration, Decision Support, Clinical Trials, Quality Reporting, Clinical Guidelines
3) By End User: Healthcare Providers, Healthcare Payers, Healthcare Information Technology (IT) Vendors, Other End Users
Subsegments,
1) By Services: Consulting Services, Implementation Services, Training And Support Services
2) By Platforms: Cloud-Based Platforms, On-Premises Platforms
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Medical Terminology Software Market Size And Share Report 2025
Who are the most influential companies in the medical terminology software market?
Major companies operating in the medical terminology software market are 3M Health Information Systems, Wolters Kluwer N.V, Cerner Corporation, M*Modal, Nuance Communications Inc., CareCom A/S, Orion Health, First Databank, SemanticBits, Phastar Corporation, Intelligent Medical Objects Inc., Rhapsody, Clinical Architecture LLC, Infermedica, Apelon Inc., HiveWorx Private Ltd., SNOMED International, B2i Healthcare Kft, BITAC Inc, BT Clinical Computing, West Coast Informatics Inc., Health Navigator, Medical Database, Inc., Prismatik, RealTime Medical, Snomed International, Terminologik, TermSolution Gmbh
What are the most influential trends expected to drive the medical terminology software market forward?
Major companies operating in the medical terminology software market are developing innovative technologies, such as natural language processing solutions, to understand and respond to human language. Natural Language Processing (NLP) refers to the branch of computer science and artificial intelligence concerned with giving computers the ability to understand and respond to human language in text or voice data. For instance, in March 2023, Kensho Technologies Inc., a US-based artificial intelligence company, launched a new Natural Language Processing (NLP) solution called Kensho Classify. This solution is designed to conceptually understand and classify documents, enabling analysis of text, smart search, content recommendations, and streamlined research and analysis. It is specifically tuned for complex business and finance use cases, allowing users to find concepts and topics within documents quickly and efficiently without requiring machine learning or technical skills.
What are the major regional insights for the medical terminology software market, and which region holds the top position?
North America was the largest region in the medical terminology software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical terminology software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Medical Terminology Software Market Report 2025 Offer?
The medical terminology software market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Medical terminology software aids healthcare professionals, and students in learning medical terms through interactive quizzes, flashcards, and games. It’s utilized in healthcare settings, educational institutions, and by patients to grasp medical terminology, prefixes, suffixes, and abbreviations, enhancing communication and understanding.
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Medical Terminology Software Market Size And Share Report 2025
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