The growth in medical terminology software market is driven by 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.
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.
Data aggregation, data integration, decision support, clinical guidelines, reimbursement, quality reporting, clinical trials, and public health surveillance are some of the applications of Medical Terminology Software Market. The quality reporting segment is expected to register the highest growth during the forecast period.
According to the expert analysis 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. Healthcare providers, healthcare payers, healthcare IT vendors are the key end users of global market.
Asia Pacific is expected to witness the highest growth 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.
The global medical terminology software market is consolidated, with a small number of companies continuously trying to mark their presence. They are focused on developing enhanced terminology solutions and diversifying their product portfolios to include every aspect of terminology management.
Read Press Release on Medical Terminology Software Market:
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https://www.marketsandmarkets.com/PressReleases/medical-terminology-software.asp
