Healthcare Medical Devices Biotechnology

Medical Terminology Software Market is Expected to Reach USD 4,563.1 Million by 2031

Apr 2024

Healthcare Medical Devices Biotechnology

As per the report published by Kings Research, the global Medical Terminology Software Market was valued at USD 1,158.5 million in 2023 and is projected to reach USD 4,563.1 million by 2031, growing at a CAGR of 19.01% from 2024 to 2031.

The global medical terminology software market is growing significantly due to the increased adoption of electronic health records (EHRs), telemedicine, and digital health initiatives. This software bridges the communication gap between clinical terminology and everyday language, facilitating accurate documentation, coding, and analysis of patient information. Key factors propelling market growth include regulatory compliance, advancements in healthcare technology such as AI and NLP, and the need for interoperable solutions to streamline healthcare workflows.

The market is characterized by intense competition among key players offering comprehensive platforms and services tailored to different end-users. Emerging trends such as voice recognition integration, blockchain-based data management, and augmented reality applications are reshaping the market landscape, offering enhanced functionalities for clinical decision support, data security, and healthcare education/training.

Key Insights

  • Based on type, the platform segment accounted for the largest market share of 56.35% in 2023
  • Based on end-user, the healthcare payers segment is estimated to register a CAGR of 20.15% between 2024 and 2031
  • Based on application, the quality reporting segment garnered the highest revenue of USD 305.8 million in 2023
  • On the basis of region, Asia-Pacific is anticipated to reach a valuation of USD 1,159.3 million by 2031

WHO Launches ICD-11 Module 2, Integrating Traditional Medical Terminologies into Global Standards

January 2024: The World Health Organization (WHO) launched the ICD-11 Traditional Medicine Module 2, integrating traditional medical terminologies into global healthcare standards. This module includes data and terminology related to Ayurveda, Siddha, and Unani Medicine, indexed as codes in the WHO Disease Classification Series ICD-11. Developed collaboratively by the Ministry of AYUSH, India, and WHO, this initiative strengthens India's healthcare system and enhances research, policy-making, and Ayush insurance coverage. WHO highlighted the linkage between traditional medicine and global standards, while emphasizing the milestone in global healthcare unity. Moreover, the Ministry of AYUSH commended the potential of this move to strengthen India's routine health system and guide future disease control strategies.

Demand for Interoperability to Drive Integration of Medical Terminology Software in Healthcare IT Infrastructure

The increasing complexity of healthcare data and the need for interoperability drive the integration of medical terminology software into existing healthcare IT infrastructure. Healthcare organizations face challenges in managing vast clinical data, ensuring accurate coding, and regulatory compliance. Medical terminology software addresses these challenges by standardizing clinical language, improving data accuracy, and streamlining communication among healthcare professionals. Interoperability facilitates seamless data exchange between different healthcare systems, enabling comprehensive patient care, accurate billing, and improved decision-making. Integration with EHRs, billing systems, and other healthcare applications enhances workflow efficiency, reduces errors, and supports data-driven insights. This integration trend is expected to continue in the forthcoming years as healthcare providers prioritize efficient data management and interoperability in modern healthcare environments.

Leveraging Medical Terminology Software for Enhanced Telehealth to Present Significant Growth Opportunities

The integration of medical terminology software offers a significant opportunity to transform telehealth, remote patient monitoring, and virtual care platforms, thereby improving healthcare accessibility and delivery. Standardizing clinical language and facilitating accurate documentation, this software enhances telehealth consultations and enables real-time data exchange. It further supports remote patient monitoring by structuring data from wearable and IoT devices, promoting proactive interventions, personalized care plans, and improved patient outcomes. This integration streamlines healthcare workflows and advances the effectiveness and reach of virtual healthcare services.

Asia-Pacific to Record a Staggering CAGR of 22.08% Over the Forecast Period

Based on region, the global medical terminology software market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America. The Asia-Pacific is poised to attain a remarkable CAGR of 22.08% over the projection period. This growth is mainly driven by rapid digital transformation in healthcare, increasing investments in healthcare IT infrastructure, and rising adoption of EHRs and telemedicine solutions. Government initiatives promoting healthcare digitization, improving healthcare accessibility in rural areas, and the growing demand for advanced healthcare technologies significantly contribute to market expansion. The region presents lucrative opportunities for market players due to the large population base, rising healthcare expenditure, and the need for efficient healthcare management solutions.

Market Leaders Concentrate on Collaborations and Acquisitions for Sustained Growth

The global medical terminology software market reveals a fragmented landscape, featuring prominent companies including Intelligent Medical Objects (IMO), Clinical Architecture LLC, Apelon, Inc., CareCom A/S, Bitacube, Inc., Primaris Healthcare Solutions, 3M Health Information Systems, Wolters Kluwer Health, B2i Healthcare, HiveWorx, and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their global business footprint and enhance their competitive position.

Get the latest!

Get actionable strategies to empower your business and market domination

  • Deliver Revenue Impact
  • Demand Supply Patterns
  • Market Estimation
  • Real-Time Insights
  • Market Intelligence
  • Lucrative Growth Opportunities
  • Micro & Macro Economic Factors
  • Futuristic Market Solutions
  • Revenue-Driven Results
  • Innovative Thought Leadership