Medical Terminology Software Market : Government initiatives for HCIT adoption


Posted June 3, 2021 by rahulg1122

Medical Terminology Software Market by Application (Data Aggregation, Reimbursement, Decision Support, Clinical Trials)
 
The medical terminology software market is projected to reach USD 1,786 million by 2024 from USD 707 million in 2019, at a CAGR of 20.4% during the forecast period. The growth in this market is driven by factors such as the rising focus on minimizing medical errors, government initiatives for HCIT adoption, and disparity and fragmentation in the terminology content of healthcare organizations. The increasing need to maintain data integrity is expected to provide further growth opportunities for market players in the coming years.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=239939409

The data aggregation segment to account for the largest market share in 2018

On the basis of application, the medical terminology software market is segmented into data aggregation, data integration, decision support, clinical guidelines, reimbursement, quality reporting, clinical trials, and public health surveillance. The data aggregation segment accounted for the largest share of the medical terminology software market in 2018. The large share of this segment can be attributed to the growing focus on reducing medical errors and the need to create a consistent and comprehensive data source and improve performance measurement and transparency in patient care.

The services segment is expected to dominate the medical terminology software market during the forecast period of 2019 to 2024

Based on product & service, the medical terminology software market is segmented into services and platforms. The services segment is expected to account for the largest share of the medical terminology software market in 2018. The large share of this segment can be attributed to the increasing demand for the standardization of patient data and the rising need to curb medical errors and the accumulation of large amounts of healthcare data.

North America to dominate the medical terminology software market in 2018

North America is expected to account for the largest share of the medical terminology software market, followed by Europe and the Asia Pacific. The large share of North America is attributed to the high adoption of HCIT technologies, regulatory requirements regarding patient safety, the presence of leading market players in the region, and growing demand for accurate data exchange between healthcare providers and payers to streamline workflows.

Prominent players in the medical terminology software market are Wolters Kluwer (Netherlands), 3M (US), Intelligent Medical Objects (US), Apelon (US), Clinical Architecture (US), CareCom (Denmark), Bitac (Spain), B2i Healthcare (Hungary), BT Clinical Computing (Belgium), and HiveWorx (Ireland).
-- END ---
Share Facebook Twitter
Print Friendly and PDF DisclaimerReport Abuse
Contact Email [email protected]
Issued By Markets and Markets
Country India
Categories Business , Health , Medical
Tags medical terminology software market
Last Updated June 3, 2021