Medical Terminology Software Global Market Report 2024

The medical terminology software market size has grown rapidly in recent years. It will grow from $1.11 billion in 2023 to $1.3 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The expansion observed in the historical period can be attributed to several factors, including the disparity and fragmentation in the terminology content of healthcare organizations, a growing focus on minimizing medical errors, increased attention to reducing medical errors, the widespread adoption of electronic health records (EHR), and the rising emphasis on adopting data integrity measures. These factors collectively contributed to the growth of the medical terminology software market during that period.

The medical terminology software market size is expected to see rapid growth in the next few years. It will grow to $2.35 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The anticipated growth in the forecast period can be attributed to various factors, including the increasing need to maintain data integrity, government initiatives promoting the adoption of Healthcare Information Technology (HCIT), programs aimed at fostering HCIT adoption, a growing emphasis on personalized and precision medicine, and increased focus on inventory control and tracking associated with new product launches. Major trends expected in the forecast period include potential reluctance to adopt medical terminology solutions over conventional practices, advancements in natural language processing (NLP), integration with electronic health records (EHR), and the integration of genomic data.

The increasing focus on minimizing medical errors is expected to drive the growth of the medical terminology software market. Minimizing medical errors involves efforts and strategies aimed at reducing and preventing mistakes in healthcare that may lead to patient harm. Medical terminology software plays a crucial role in enhancing accuracy and efficiency in healthcare documentation and communication, ultimately reducing the risk of medical errors. For instance, in 2021, the World Health Organization reported a 17% decrease in medication errors following the adoption of medical terminology software. This underscores the pivotal role of such software in improving patient safety and overall healthcare quality, driving the growth of the medical terminology software market.

Prominent companies in the medical terminology software market are actively developing innovative technologies, including natural language processing (NLP) solutions, to comprehend and respond to human language effectively. Natural Language Processing (NLP) is a branch of computer science and artificial intelligence focused on enabling computers to understand and respond to human language in text or voice data. In March 2023, Kensho Technologies Inc., a US-based artificial intelligence company, introduced Kensho Classify, a new NLP solution. This solution is designed to conceptually understand and classify documents, enabling efficient analysis of text, smart search capabilities, content recommendations, and streamlined research and analysis. Tailored for complex business and finance use cases, Kensho Classify allows users to quickly and efficiently find concepts and topics within documents, eliminating the need for machine learning or technical skills.

In March 2022, Thomas H. Lee Partners L.P., a US-based private equity company, successfully acquired Intelligent Medical Objects (IMO) for $1.5 billion. This strategic acquisition positions THL to expand its presence in the healthcare technology market and capitalize on the growing demand for medical terminology software. Additionally, the acquisition provides THL with opportunities to invest in research and development initiatives and broaden IMO's product offerings to address evolving healthcare needs. Intelligent Medical Objects, the acquired company, is a US-based healthcare data enablement company specializing in providing clinical interface terminology solutions.

Major companies operating in the medical terminology software market report 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.

North America was the largest region in the medical terminology software market in 2023. 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. The countries covered in the medical terminology software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Medical terminology software is a tool designed to assist healthcare professionals and students in learning medical terms through interactive features such as quizzes, flashcards, and games. This software is employed in various settings including healthcare institutions, educational establishments, and by patients aiming to comprehend medical terminology, prefixes, suffixes, and abbreviations. The use of medical terminology software enhances communication and understanding within the medical field.

The primary products and services of medical terminology software are categorized as services and platforms. Medical terminology software services encompass a range of offerings related to the development, deployment, and maintenance of software applications that standardize and manage medical terminology in healthcare settings. These services find applications in various areas such as data aggregation, reimbursement, public health surveillance, data integration, decision support, clinical trials, quality reporting, and clinical guidelines within healthcare providers, healthcare payers, healthcare information technology (IT) vendors, and other end-users.

The medical terminology software market research report is one of a series of new reports that provides medical terminology software market statistics, including medical terminology software industry global market size, regional shares, competitors with a medical terminology software market share, detailed medical terminology software market segments, market trends and opportunities, and any further data you may need to thrive in the medical terminology software industry. This medical terminology software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The medical terminology software market includes revenues earned by entities by electronic health record (EHR) software, medical database software, hospital management software, medical diagnosis software, medical research software. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The medical terminology software market consists of sales of software used for the storage, management, and analysis of medical terminology. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values - that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.


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