Medical Terminology Software Market Outlook to 2024 - The Rising Focus on Minimizing Medical Errors is a Key Driver of Growth (20.4% CAGR)
DUBLIN, March 28, 2019 /PRNewswire/ -- The "Medical Terminology Software Market by Application (Data Aggregation, Reimbursement, Decision Support, Clinical Trials), Product & Service (Services and Platforms), End User (Healthcare Provider, Payer, IT Vendor) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global 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% from 2019 to 2024.
The growth of 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.
However, the reluctance to use terminology software over conventional practices will pose a major challenge to the growth of the medical terminology software market during the forecast period.
Prominent players in the medical terminology solutions 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).
Quality reporting to register the highest growth during the forecast period
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 quality reporting segment is expected to register the highest growth during the forecast period. Rising government initiatives to implement regulations promoting the adoption of quality reporting is a key factor driving the growth of this segment.
The healthcare providers segment is expected to witness the highest growth due to the increasing need to minimize medical errors
Based on end user, the medical terminology software market is broadly segmented into healthcare providers, healthcare payers, HCIT vendors, and other end users. The healthcare providers segment is expected to register the highest growth during the forecast period. This can be attributed to the increasing demand for minimizing medical errors arising due to the incorrect interpretation of patient data.
APAC to be the fastest-growing region in the medical terminology software market during the forecast period
The Asia Pacific market is projected to register the highest growth rate during the forecast period. Factors such as improving healthcare infrastructure, rising healthcare insurance coverage, and growing medical tourism in the region are driving the growth of the medical terminology software market in the Asia Pacific.
Asian countries such as India, China, Malaysia, and Indonesia are in the early stages of adopting healthcare IT solutions including medical terminology solutions, while countries like Australia, New Zealand, and Singapore are at the forefront.
Key Topics Covered
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Limitations
1.7 Stakeholders
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.2 Market Size Estimation
2.3 Market Breakdown and Data Triangulation
2.4 Assumptions for the Study
3 Executive Summary
4 Premium Insights
4.1 Medical Terminology Solutions: Market Overview
4.2 North America: Medical Terminology Solutions Market, By Product & Service (2018)
4.3 Medical Terminology Solutions Market: Geographic Growth Opportunities
4.4 Regional Mix: Medical Terminology Solutions Market (2019-2024)
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Focus on Minimizing Medical Errors
5.2.1.2 Government Initiatives for HCIT Adoption
5.2.1.3 Disparity & Fragmentation in the Terminology Content of Healthcare Organizations
5.2.2 Opportunities
5.2.2.1 Emerging Markets
5.2.2.2 Increasing Need to Maintain Data Integrity
5.2.3 Challenges
5.2.3.1 Reluctance to Use Terminology Solutions Over Conventional Practices
6 Industry Insights
6.1 Industry Trends
6.1.1 Increasing Preference for Cloud-Based Solutions
6.1.2 Introduction to ICD-11 Guidelines
6.1.3 Growing Trend for Semantic Interoperability
6.2 Revenue Stream Models
6.3 Regulatory Analysis
6.4 Terminology Standards
6.5 Fast Healthcare Interoperability Resources (FHIR)
7 Medical Terminology Solutions Market, By Application
7.1 Introduction
7.2 Data Aggregation
7.2.1 Data Aggregation Accounted for the Largest Segment of the Market
7.3 Reimbursement
7.3.1 Terminology Solutions Play an Important Role in Ensuring Appropriate Reimbursement for Healthcare Services Rendered for Institutional Or Provider Claims
7.4 Public Health Surveillance
7.4.1 Population-Based Analytics Envelops Those Investigations That Benefit the Entire Population, Including Public Health Surveillance
7.5 Data Integration
7.5.1 Terminology Solutions Can Unify, Clean, and Normalize the Data Collected From Multiple Data Sources
7.6 Decision Support
7.6.1 Incorporation of Standardized Terminology in the CDSS Will Help Facilitate the Comparability of Medical Data
7.7 Clinical Trials
7.7.1 Use of Consistent Terminology Within and Between Studies is Critical to Enable an Efficient Clinical Trial Process
7.8 Quality Reporting
7.8.1 Governments Across Various Countries are Implementing A Number of Regulations to Encourage the Adoption of Quality Reporting
7.9 Clinical Guidelines
7.9.1 Development and Implementation of Guidelines is Intended to Organize and Provide the Best Available Evidence to Support Clinical Decision Making
8 Medical Terminology Solutions Market, By Product & Service
8.1 Introduction
8.2 Services
8.2.1 Services Account for the Largest Share of the Medical Terminology Solutions Market
8.3 Platforms
8.3.1 Platforms Provide A Single Source for All Terminology Needs
9 Medical Terminology Solutions Market, By End User
9.1 Introduction
9.2 Healthcare Providers
9.2.1 Healthcare Service Providers
9.2.1.1 Need to Capture and Document Large Amounts of Data in Healthcare Organizations - A Key Driver for Market Growth
9.2.2 Health Information Exchanges
9.2.2.1 Hies Provide Healthcare Professionals and Patients With Electronic Access to therapeutic Data, When and Where they Require It-A Major Factor Driving Growth
9.3 Healthcare Payers
9.3.1 Private Payers
9.3.1.1 Terminology Management Solutions Provide Private Payers With the Data Needed to Leverage Competitive Agreements During Provider Contract Negotiations
9.3.2 Public Payers
9.3.2.1 Increasing Government Initiatives to Improve Healthcare Coverage and Quality of Care are Driving the Adoption of Terminology Solutions Among Public Payers
9.4 Healthcare It Vendors
9.4.1 Medical Terminology Implementation Provides Various Benefits to Healthcare It Vendors
9.5 Other End Users
10 Medical Terminology Solutions Market, By Region
10.1 Introduction
10.2 North America
10.2.1 US
10.2.1.1 US Accounted for the Largest Share of the North American Medical Terminology Solutions Market in 2018
10.2.2 Canada
10.2.2.1 Canada is Projected to Grow at the Highest CAGR During the Forecast Period
10.3 Europe
10.3.1 High Growth in the Implementation of Various eHealth Initiatives Have Led to the Growth of the European Region
10.4 Asia Pacific
10.4.1 Improving Healthcare Infrastructure is Driving the Growth of This Regional Segment
10.5 Latin America
10.5.1 Promoting the Adoption of EHRs By Healthcare Providers has Led to the Demand for Medical Terminology Solutions
10.6 Middle East & Africa
10.6.1 Countries in This Region are Focusing on Increasing their Healthcare Expenditure as A Primary Concern
11 Competitive Landscape
11.1 Overview
11.2 Ranking of Key Players, 2018
11.3 Competitive Scenario
11.3.1 Partnerships and Collaborations
11.3.2 Product Launches
12 Company Profiles
12.1 Wolters Kluwer
12.2 3M
12.3 Intelligent Medical Objects
12.4 Clinical Architecture
12.5 Apelon
12.6 Carecom
12.7 Bitac
12.8 B2i Healthcare
12.9 BT Clinical Computing
12.10 HiveWorx
For more information about this report visit https://www.researchandmarkets.com/research/mjb3t8/medical?w=5
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