(PharmaNewsWire.Com, November 18, 2021 ) According to the new market research report "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", published by MarketsandMarkets™, 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 dominates the medical terminology software market, by application
On the basis of application, 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.
North America held the largest share of the medical terminology software market in 2018; this trend is expected to continue during the forecast period
Geographically, the global medical terminology software industry is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. 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.
Key Market Players Prominent players in the medical terminology software market are Wolters Kluwer (Netherlands), Intelligent Medical Objects (US), Apelon (US), Clinical Architecture (US), 3M (US), CareCom (Denmark), Bitac (Spain), B2i Healthcare (Hungary), BT Clinical Computing (Belgium), and HiveWorx (Ireland).
Recent Developments In 2018, Clinical Architecture (US) launched Symedical on FHIR, its latest in Healthcare Content Management. In 2018, CareCom (Denmark) and Tieto (Finland), an IT software and service company, signed a strategic partnership solving the challenge of semantic interoperability for Healthcare IT systems. Under this partnership, the companies intend to strengthen the cooperation and product offering for CareCom’s terminology platform, HealthTerm. In 2016, Wolters Kluwer (Netherlands) announced a partnership with Health Core, Inc., (US), a clinical outcomes research subsidiary of Anthem, Inc. (US), to provide data normalization services to the California Integrated Data Exchange through its health language enterprise terminology management platform.
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